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The Winds of Change for a Personal Loan - Online, Customized & Instant

Author: Rakesh Kumar
by Rakesh Kumar
Posted: Aug 28, 2020

There is a vault of opportunities for millennials and working groups to see their dreams turn into reality without having to wait for the money to fill in their pocket. With a network of lenders and hi-tech NBFCs, diverse types of loans are crafted to meet the demands of the client. Oh yes! Artificial Intelligence and other new-age technologies have made lenders to customize loans for people like a piece of cake. Digital banks and NFBCs have categorized their personal loans on the customer's income and credit score.

New-age PLs and Vanilla term loans

Vanilla, now that's new term for many who have entered the world of loans. Well, Vanilla Term Loans or VTL are the most basic form of personal loans that do not have any special feature. They are a great help during emergencies and unplanned expenses. One can repay such a loan at regular intervals over a pre-schedules period.

Since, today's generation dream of hi-fi lifestyle, cars and bikes, overseas vacation and much more, they are even willing to pay the cost. To meet such needs, lending markets have created paths for personal loan segments. There are customized products to suit every borrower. Personal loans have a minimum income criterion and credit score investigations in terms of your salary.

Below are the various types of personal loans that are designed for specific needs:

Wedding Loan

Such loans do exhibit various expenses that take place for wedding ceremonies. Therefore, such loans go up to 10-15 lakhs, purely depending on the borrower's eligibility. With flexible payments and fantastic interest rates, the burden is light and easy. You might have to pay the interest only for the first five months and then a flow of fixed EMI is to be paid.

Travel Loan

Travel loans are again unsecured loans as they fall under the category of personal loans. Whether domestic or international trips, one can get up to 25 lakhs - that's the maximum loan amount and it again depends on your eligibility. The interest and the loan tenure may differ from lender to lender.

Rental Loans

Who can forget that shifting a house is daunting and equally a money-related issue? The whole issue can put a hole in one’s pocket. Paying for the logistics and one month’s security can be head-spinning and one would certainly need a large amount. The rental loan helps you to rent a place without worrying about the security. The loan amount goes directly into the landlord's account and the interest is paid by the borrower or the tenant for the lease period.

EMI-free loan

A new and innovative loan that allows you to only pay the interest on the total loan amount. The main amount does not change until you make a bullet payment. Once you pay a part of the bullet amount, the entire outstanding balance is reduced and new calculations are made that further reduces your monthly payout.

New-age personal loans are supporting the present generation to fulfill their dreams and hobbies without having to worry about disturbing their finances. Clix Capital is one of the leading lending NBFCs in India that provide customized loan products to suit your specific and unique financial needs. Start off with a free credit score check and approach Clix Capital and start fulfilling your dreams right now!

About the Author

I am Ramesh living in Delhi, working with Finance Sector as Financial Consultant and I write informative blogs about various types of Personal Loan, Home Loan, Car Loan, Investment, Credit Cards & Mutual Funds.

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Author: Rakesh Kumar

Rakesh Kumar

Member since: Aug 16, 2020
Published articles: 2

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