How personal loan helps in different ways for an individial
Personal loans are simply those retail loans which are provided for the purpose of fulfillment of personal needs and expenses of individuals (prospective loan borrowers). The personal loans in India are primarily provided under five major categories. Although the loan amount and the rate of interest vary from bank to bank, but the purposes of providing these loans are the same. Apart from the personal purposes, if someone possess the desire to establish his own business then also the Indian banks always welcome by providing the business start-up loans. Here, we will discuss about these kinds of loans.
Pension Loans:
There are several banks in India which take care of the old aged people as well. That’s why the people who have retired from their jobs will also be able to avail personal loans . This type of loan is called a Pension loan. Under this kind of loan, the banks provide the maximum amount which is up to 7 to 10 times of the amount which was received as the last pension.
Personal Computer Loans:
In this age of Information technology revolution, having an owned computer almost becomes a necessity. There are a few Indian banks which offer loans that fulfill that desires of people. Under this category of loan, up to Rs.1,00,000 of amount can be borrowed. Banks also provide separate loan for purchasing of software and that can be provided up to an amount of Rs.20,000. The rate of interest is being charged according to prime lending rate and there are some banks who charge extra 2% on the loan amount.
