The lifestyle of urban India is rapidly changing. The burgeoning Indian middle class is now the target customers of the major multinationals. With the increase in disposable income in the hands of young Indians, changes have been noticed in the expenditure pattern. What was a luxury in the nineties, in the 21st century that becomes the necessity? With the increase of 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 India alleviate most of the hassles that come with conventional loans – delay in sanctioning and disbursement, lots of paper work, necessity of a guarantor and hypothecation of the asset financed.
A personal loan is an all-purpose loan for one’s own personal use. In fact this kind of loans can be used for any legitimate purposes whatsoever. This type of loan is unique retail loan product offered by a number of banks. In India the personal loans can be of two forms: secured and unsecured. Both secured and unsecured loans are provided by banks to its esteemed customers. The main purpose of such a loan is to meet any kind of need or expenses.
There are various types of personal loans available in India. These are Pension Loans, Marriage Loans, Festival Loans, Consumer Durable Loans and Personal Computer Loans. Festival loans are a type of personal loan in which a very cheap interest rate is being offer. This cheap personal loans interest rate is 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.see this information https://www.everyday-loans.co.uk
This kind of loan is given from the amount of Rs. 5000 to Rs. 50000 and the loan is generally restricted for 12 months. Consumer durables loans are the unique loans which attracts more customers. From the latest television to a energy-efficient refrigerator and stylish music players, you can buy anything. The quantum of these kinds of loans varies from bank to bank. However, most banks offer loans from the amount of Rs. 10000 to Rs. 100000.
With this kind of loan, the maximum amount depends on a few criteria like repayment capacity of the borrower, security/collateral offered by the customer, age of the borrower etc. Pension loans are a term loan which is available to pensioners until the age of 70. The maximum amount of pension loan sanctioned is normally 7-10 times of the amount of last pension received. The amount is generally varied from individual to individual depending upon his repayment capacity.visit site at https://www.ft.com/content/0d434316-aa7d-11e6-ba7d-76378e4fef24 for more info.
Finally, with the huge booming of Information Technology in India, computers have replaced manual work in every sector. With the growing demands of computers the concept of personal computer loans has come. Under this category of loan, banks provide personal loans up to Rs 100000 for computer hardware and software. On the other side, there are some banks which provide a separate software loan to a maximum of Rs. 20000.