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Apply NowPersonal loans offer flexibility and convenience. You can choose your personal loan amount and tenure with a personal loan from IDFC FIRST Bank.
Many individuals avail of personal loans to manage their finances. It is popular because it offers a mix of flexibility and convenience. This article will review various types of personal loans offered by banks in India and their eligibility criteria. We shall also look at the importance of loan EMI calculators—a new-age tool—in the loan application procedure.
Before looking at the types of personal loans offered by banks, let us see the broad category of loans banks offer.
A borrower can avail of dynamic credit limits by opting for a consumer durable loan. It helps finance the purchase of household appliances.
A home loan helps a borrower finance the purchase of a new property or house. Before applying for a home loan, it is imperative to consult a home loan EMI calculator.
A loan against property (LAP) is a type of secured loan that a bank sanctions against an asset pledged as collateral.
People can also avail themselves of a loan to purchase a new car. An online car loan EMI calculator can help you decide what car you can afford.
A two-wheeler loan works like a car loan, except it helps you finance the purchase of a two-wheeler instead of a car.
Personal loans are popular because you can use them for any purpose. Whether planning a vacation, marriage, home renovation or meeting an emergency financial need, a personal loan is always handy. The best thing is, you can use a Personal Loan EMI Calculator, easily available online, to efficiently plan your finances and calculate the EMI.
A personal loan is an unsecured loan disbursed by a bank or financial institution to individuals with an urgent financial requirement. Individuals can take personal loans to consolidate their debt, make large purchases such as household appliances, finance a vehicle, cover the expenses incurred by a family wedding, finance a vacation, and emergency expenses.
Certain basic eligibility criteria must be met to apply for a personal loan. While these criteria generally remain the same for all banks, a few other conditions are added by different banks to deem a borrower eligible for a personal loan. There are different criteria for salaried and self-employed individuals to qualify for a personal loan with IDFC FIRST Bank.
For salaried individuals
For self-employed individuals
The major types of personal loans offered by banks in India are.
Since a wedding is a significant event in India, families can avail themselves of a personal loan ranging between ₹ 1000 and ₹ 25 lakh.
People who travel often take personal loans to fund their domestic and international trips.
Since renovating a house is expensive, many families in India take a personal loan.
Retired individuals can take personal loans as pensioners, called ''pension loans''. This loan can be availed by government, defence, or family pensioners up to 76 years of age.
Education loans are taken by lakhs of students in India to finance their studies in India and abroad.
Generally, while applying for a personal loan with a bank or an NBFC, you will need to produce the following documents.
If you wish to benefit from the various features offered by IDFC FIRST Bank's personal loans, you need to furnish the following documents, in addition to the documents listed above:
Besides the types of loans listed above, there are a lot of other loans that banks offer. Check out IDFC FIRST Bank's loan calculators before applying.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.