The lifestyle of urban Indians is rapidly changing. The burgeoning Indian middle class is now the target customers of the major multinationals. With the increase in disposable income in the hands of young India, changes have been noticed in the expenditure pattern. What was the luxury in the nineties, in the 21st century that becomes the necessity? With the increase in sales of brown, white, and grey goods, the consumer appliances sector is also witnessing unprecedented growth. Needs and dreams come as a part of everybody’s life. You want to buy a refrigerator and you have to save for months to get it. You want to go for a holiday vacation, but then you don’t have enough money to reach your dream destination. You might feel the need to utilize all your savings in buying a new house and now there is nothing left for furnishing it. But nowadays financial institutions can fulfill all your needs by providing loans. Personal Loans in India alleviate most of the hassles that come with conventional Accredit Moneylender Singapore – delay in sanctioning and disbursement, lots of paperwork, the necessity of a guarantor, and hypothecation of the asset financed.
A personal loan is an all-purpose loan for one’s own personal use. In fact this kind of loans can be used for any legitimate purposes whatsoever. This type of loan is unique retail loan product offered by a number of banks. In India the personal loans can be of two forms – secured and unsecured. Both secured and unsecured loans are provided by banks to its esteemed customers. The main purpose of such a loan is to meet any kind of need or expenses.
There are various types of personal loans available in India. These are Festival Loans, Marriage Loans, Pension Loans, Consumer Durable Loans, and Personal Computer Loans. Festival loans are a type of personal loan in which a very cheap interest rate is being offered. This cheap personal loan interest rate is very convenient to those people who want to have a small loan which they can repay early but do not want to pay interest at exorbitant rates. This kind of loan is given in the amount of Rs. 5000 to Rs. 50000 and the loan are generally restricted for 12 months. Consumer durables loans are unique loans that attract more customers. Right from Television to Refrigerator to Music players, you can buy anything. The quantum of this kind of loan varies from bank to bank. However, most Banks offer loans in the amount of Rs. 10000 to Rs. 100000. Marriage loans are gaining popularity nowadays in both rural and urban areas. In this kind of loan, the maximum amount depends on a few criteria like repayment capacity of the borrower, security/collateral offered by the customer, age of the borrower, etc. Pension loans is a term loan which is available to pensioners till the age of 70. The maximum amount of pension loan sanctioned is normally 7-10 times the amount of the last pension received. The amount generally varies from individual to individual depending upon his repayment capacity. Finally, with the huge booming of Information Technology in India computers have replaced manual work in every sector. With the growing demands of computers, the concept of Personal Computer loans has come. Under this category of loan, Banks provide a loan up to Rs 100000 for computer hardware and software. On the other side, there are some banks that provide a separate software loan to a maximum of Rs. 20000.