Loans and various types

Posted by Trishya Sharma on January 23rd, 2020

Loans are like the devil. 

They can take many shapes and sizes. Here are just some of the common loan types you have to be aware of: 

Marriage loan: Marriage loans are just a form of Instant personal loan that are specifically loaned for the express purpose of a wedding. Marriage loans take in to account the multiple expenses that an individual has to settle over the course of a wedding. In India, you can take out a marriage loan in the range of INR 1,00,000 to 10,00,000. Marriage loans don’t come with a fixed payment scheme, you can set your own intervals. Marriage loan can be quite easily re-payed. You will just need to pay the interest for the first five months then settle on an EMI to back the rest of the loan. 

● The rates of marriage loans are lower than a standard personal loan. 

● You have a flexible payment option available with a wedding loan. 

Holiday & Travel Loan: as the name implies travel loans are loans granted specifically for travel purposes. All major money lenders offer travel loans and they are one of the major assets of the loans industry. Holiday loans range from INR 50,000 to INR 5,00,000. Travel loans have no fixed interest rate and the interest rate will be varied as the lender. Travel loans usually require you to pay the interest in the first three months and settle on an EMI for the rest of the loan. 

● Offers a flexible payment option. 

● The market usually dictates the interest rate. 

● Plenty of lenders offer Travel loans. 

Credit Card Takeover Loan: In this global age, everyone has a credit card and that is where the Credit Card Takeover Loan comes into play. These types of loans are made for people who are buried under mountains of credit card debts. These types of loans generally help with the settling of a credit card debt and since these types of personal loans are specifically targetted toward card cards debt holders; the interest is lower. The loan amount ranges from INR 50,000 to 2,00,000, depending on your situation. The interest need to paid every month and the principal amount needs to be paid back in the lump sum amount. 

● Credit Card Takeover Loans interest rates are flexible. 

● A good option, if one is looking for debt consolidation. 

Rental Deposit Loan: Who hasn’t shifted into a rental house. It is a huge pain and cost you a lot. Renting a new home can cost you some serious. Many people have had to sacrifice their perfect house because they don’t have the cash. This is precisely the sort of scenario for which the Rental Deposit loan exists. It allows you to rent a place without having to worry about the security or the financial burden. The loan is paid directly to the landlord, and you(the tenant) are required to pay the interest amount for the duration of the rental lease. The Tenant is also required by law to pay back the principal amount at the end of the tenure. 

● Rental Deposit Loan is for those people who don’t want to lose the perfect House just because they don’t have the money. 

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