What’s the difference between the different types of personal loans?

A personal loan is a multi-purpose loan that can be used for several kinds of expenses. While some individuals take a medical loan, others can opt for a wedding loan. Personal loans of different types can be used for flexible needs. It can be used for medical emergencies, home renovations, weddings, higher education, and paying your bills. During the COVID-19 pandemic, individuals were even seen borrowing to make sure that daily utilities were met. An instant personal loan is an all-in-one solution for any kind of financial crisis. There are various names and meanings for it, but the purpose is always flexible, like instant cash in your wallet.

Medical loans

Medical loans are the most popular kind of personal loans in Bangalore or in other cities that can be used for medical purposes. However, the purpose of a medical loan is not limited to medical reasons only. It can be used for anything and everything, apart from medical issues as well. You can use the funds for anything related to medical issues, such as preoperative costs, surgery costs, hospital bills, medicine, and any other medical facility-related costs. The fund can be used for any kind of medical treatment without any limitations. It is an affordable form of loan that you can repay slowly by paying the monthly installment. It is available within a few hours, which makes it easy for you to handle the medical crisis instantly.

Wedding loans

In India, individuals are often seen taking wedding loans, which are nothing but instant personal loans. The wedding loans are taken so that the wedding costs are incurred completely without being in a financial crisis. It is easy to get wedding loans from various banks and non-banking financial companies. Since the fund is completely flexible, it can be used for catering, venue, gifting, outfits, or any miscellaneous expenses that you can think of. Wedding loans are an excellent way to cover the high costs of a wedding.

Travel loans

Instant personal loans taken for travel purposes are commonly known as "travel loans". These travel loans are taken to handle the cost of travelling. You can easily take a travel loan to make sure that you can manage all the expenses while you are away from home. It is not a wise decision to fall into a financial crisis when you are traveling away from home. Therefore, without compromising on your travel plans with friends and family, you can always take a travel loan. Make sure you borrow the amount that you can repay and choose the right loan tenure. There is no need for any collateral or security while you get a travel loan for yourself.

Home renovation loans

Home renovation loans are adaptable loans used to renovate and remodel your home. Not everyone is eligible or capable of handling a home loan and getting their property. Many choose to renovate their homes and give them a new look. It is going to be very easy when you invest in home renovation and get a new design or construct a new room or floor. Home renovation loans are very affordable and flexible to manage any kind of cost, like construction, expansion, repair, remodeling, and painting.

Wrapping up

A personal loan is completely flexible and can be used for any kind of need or emergency. You can always do a personal loan online apply to cover your expenses accordingly.

Financial Analyst at a leading lending firm in India with 15+ years of experienced in providing advice on instant personal loans and home loans in India.