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Different Personal Loan Types You Should be Aware of

Clix October 4, 2021

 

Personal loans are unsecured loans that you take from different types of financial institutes to cover any planned or unplanned expenses. These are usually medium-term loans that have a repayment tenure of only 1-4 years. Most of these loans come with no end-use restrictions, which means you can use them for any personal purpose you want. You borrow the required amount from the lender and repay it along with the interest rate in easy EMIs over your selected repayment term. Most lenders offer competitive personal loan interest rates, and they are best known for online application and instant loan approval.

Since personal loans are unsecured loans, your eligibility largely depends on your credit score and repayment history. Besides that, these loans have simple eligibility conditions and minimal documentation requirements that anyone can fulfil easily. If you are considering applying for a personal loan for your planned or urgent expenses, it’s crucial to know about the different types of personal loans available out there. Some of the most popular types of personal loans are as follows:

Personal Loan for Debt Consolidation

If you are under heavy debt from multiple loans and credit cards, you may consider paying them off with a personal loan for debt consolidation. Doing this will save you from paying exorbitant interest amounts while you try to balance the debt out. Many people consider debt consolidation as an intelligent move because personal loan interest rates are much cheaper than others. Paying off the outstanding debt with a personal loan will make repayment easier, reduce your credit utilisation ratio, and gradually increase your credit score.

Personal Loan for a Wedding

Organising a wedding can be exhausting, not only physically and mentally but also financially. It is a grant event that requires an ample amount of funds through its planning and implementation. If you are planning for an upcoming wedding, you can get financial support from a personal loan for wedding. It can cater to all your wedding-related expenses, including venue, catering, decorations, outfit, jewellery, gifts, photography, and others. Funding your wedding with a personal loan will keep your savings intact and plan your event the way you desire.

Personal Loan for Home Renovation

If you are considering changing your flooring or adding an extra bathroom in your home, then a personal loan for home renovation can give you the needed financial support. This kind of personal loan can give you the money required to provide a makeover to your home. Whether you are planning to add space or upgrade your house with the latest trends, it will only make it a more comfortable place and add to its value.

Personal Loan for Higher Education

If you aspire to go for higher education in an international university, you can finance your course with a personal loan for higher education. Whether you are a salaried employee, self-employed professional, student, or housewife, you can avail this type of loan and get quick access to funds when you need them the most. So, never miss a lucrative opportunity to hone your skills. Higher education will always add to your qualification and help you earn more over time. With a personal loan, you can not only pay your admission fees and tuition fees but also cover other related expenses like visa, accommodation, travel, study material, and more.

Personal Loan for Travel

Whether you are planning for a honeymoon, family vacation, or a friends’ group tour, make your vacation picture-perfect with funds from a personal loan. You can cover all your travel-related costs with the loan amount, including flight tickets, accommodation, sightseeing, adventure activities, visa, shopping, and others. With no financial worries during your vacation, you can make every bit of it a memorable one.

Personal Loan for Medical Emergency

Medical emergencies can happen at any time. If you have faced one, then a personal loan for medical emergency can make funds accessible to you within minutes. With a personal loan, you can cover the cost of not only a medical emergency but also a planned procedure like IVF treatment or cosmetic surgery. There are no restrictions on which hospital you can choose, which procedure you can pay for, or which treatment you get. You can use your personal loan amount for any kind of medical procedure, including diagnosis, treatment, hospitalisation, rehabilitation, therapy, medicines, doctor’s visits, or others.

Features and Benefits of Personal Loans

If you are looking for any of the above types of personal loans, it’s essential to know their features and benefits first.

    • Ample loan amount: Personal loans offer you an ample loan amount sufficient to cover most of your financial expenses.
    • Competitive interest rates: Personal loan interest rates are cheaper than many other types of loans and credit cards.
    • Flexible repayment tenure: With a personal loan, you get the freedom to select your loan tenure with EMIs you can easily afford.
    • Simple eligibility conditions: Most lenders have easy eligibility conditions that anyone can meet easily.
    • Minimal documentation requirements: Lenders have minimal documentation requirements with paperless procedures to ease and accelerate the loan process.
    • Instant loan approval: Since there is no collateral involved, minimal documentation needs, and an easy online procedure, you may get your loan approval in as little as 15 minutes*.

How to Apply for a Personal Loan

If you are looking for any of these types of personal loans, these are the steps to follow:

    • Visit the Clix Capital website
    • Check your credit scoreand ensure that it is more than 725
    • Fill up the personal loan application form
    • Get your personal loan documents verified online, which takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
    • Once you receive your loan approval, accept the loan offer
    • Activate the e-mandate for regular EMI payments on time

Now that you have got a fair idea of the different types of personal loans available out there, apply for one from Clix Capital and get the much-needed financial support without much ado. We offer personal loans of up to Rs. 25 lakhs with competitive interest rates and easy repayment terms.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

*T & C Apply

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