The lifestyle of urban India is rapidly changing. The flourishing Indian middle class is now the main customers of the major multinationals. With the expansion of disposable income in the hands of young Indians, changes have been observed in the expenditure pattern. What was a 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’s appliances sectors are also witnessing an 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 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 to furnish it. Nowadays, however, financial institutions can fulfill all your needs by providing loans. Personal Loans in overcomes the problems that come with conventional loans – delay in sanctioning, a lot of paperwork, a necessity of a guarantor and hyphenation of the asset financed.
A personal loan is a multi-purpose loan which is used for one’s own personal use. This kind of loan is offered by many banks and can be used for many purposes. A Personal loan is of two types: Secured and Unsecured. Both secured and unsecured loans are provided by banks to serve its esteemed customers. The main purpose of such a loan is to meet any kind of need or expenses.
Various types of personal loans are Pension Loans, Marriage Loans, Festival Loans, Consumer Durable Loans and Personal Computer Loans. Personal loans are also offered with a low -interest rate such as Festival loans. This Low Interest personal loans are 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 the exorbitant rates.
The Personal loan is given from the range 5 Lakhs to 50 Lakhs and it is restricted for 1 – 5 Years. Loans such as consumer durables are the loans which attract more customers. From the latest television to an energy-efficient refrigerator and stylish music players, you can buy anything. The amount differs from one bank to another. However, most banks offer loans from the amount of Rs. 10000 to Rs. 1000000. The loan amount depends on the condition like repayment capacity of the borrower, security/collateral offered by the customer, age of the borrower etc. Even Pension loan is also offered by the bank to pensioners until the age of 70.
With the increase of Information Technology in India, computers have replaced manual work in every field. With the increasing demands of computers, personal computer loans have come into existence. Under this category of low interest personal loans, banks provide personal loans up to Rs 100000 for computer hardware and software. There are some banks which offer a separate software loan to a maximum of Rs. 20000.
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