What are the different types of Personal Loan in India?

Personal loans are just one way to get cash when you want to consolidate or refinance debt or pay for a major purchase, emergency expense or another cost. Generally, they have fixed interest rates and are paid back in installments over 12 to 60 months or longer, but they can also come with variable interest rates. Similarly, though personal loans are often unsecured, meaning they don’t require collateral for qualification, you can find secured personal loans, as well.

Here’s a look at the major features of personal loans, as well as the different types of personal loans.

  • Wedding loanIndian weddings can turn out to be quite expensive
  • Home Renovation loan. Give your house a new look with a home renovation loan
  • Travel loan
  • Medical loan
  • Debt consolidation loan
  • Higher education loan
  • Small personal loan