Need quick finance to manage short-term financial stress? Get a personal loan!
Being unsecured loans, they don’t require you to pledge collateral. They also have faster loan processing times and are disbursed immediately. And the best part, no matter what your financial needs are, there might be a personal loan that covers them!
Looking for the types of personal loans you can apply for? Here’s a comprehensive list to help you out.
1. Wedding loans
These are personal loans for the sole reason of financing your wedding expenses. Whether you need funds for jewellery, wedding planning, booking a venue, etc., a personal loan for short term, like a wedding loan, fits the bill just right.
2. Home improvement loans
There’s no doubt that home renovations can raise the value of your home, especially if you’re planning on reselling. If so, a home improvement loan is a short-term solution to help you during this period.
Like other personal loans, these usually have relaxed personal loan eligibilitycriteria, making it easier to secure them.
3. Travel loans
How often have you waited for enough savings to plan a trip? A travel loan takes care of all your vacation expenses, so a trip or two are never far out of your reach. Besides, these personal loans have tenures extending up to six years, which allows for comfortable repayments as well.
Additional Read: Difference between Short and Long-term Personal Loans
4. Medical loans
There’s no telling when unexpected medical expenses can pop up. But whenever they arise, you can opt for a medical loan. These loans cover a range of medical expenditures, including medical insurance, medication, or complicated procedures comfortably, and are available at affordable personal loan interest rates.
5. Short-term personal loans
If you’re looking for a personal loan option to specifically help you for a short period, go for a short-term loan. These loans also have short tenures of up to 24 months, easy eligibility conditions, minimal documentation, and quick disbursal times.
What’s more, if you have a low credit score, you can get a co-signer or guarantor to qualify.
6. Overdraft loans
An overdraft loan is a kind of short-term personal loan. It allows you to withdraw funds from an existing savings account whenever you need and pay interest only on the utilized amount. However, the account comes with a pre-specified withdrawal limit. This is a viable loan option if you’re looking to save funds on the loan interest.
Now, depending on your personal need, you can decide on the loan type, tenure, and lender of choice. Besides, you can even apply for short term personal loans online, following quick and easy application and verification procedures.
Additional Read: EPF Advance v/s Short-Term Personal Loan
Looking for a loan?
At Tata Capital, we offer a range of multipurpose personal loans at zero-part prepayment charges and competitive interest rates. So, if you’re looking for a trusted lender to avail of a personal loan, we’re here to help!
If you want to craft a budget before applying, you can also use our personal loan EMI calculator.