Fulfill Your All Needs With Individual Loans
The lifestyle of urban Indian is rapidly switching. The burgeoning Indian middle class is now the target customers of the major multinationals. With the increase in disposable income in the mitts of youthfull India, switches have been noticed in the expenditure pattern. What was the luxury in the nineties, in the 21st century that becomes the necessity. With the increase of sales of brown, white and grey goods, the consumers appliances sectors is also witnessing an unprecedented growth. Needs and fantasies come as a part of every-body’s life. You want to buy a refrigerator and you have to save for months to get it. You want to go for a holiday vacation, but then you don’t have enough money to reach your fantasy destination. You might feel the need to utilise all your savings in buying a fresh house and now there is nothing left for furnishing it. But nowadays financial institutions can fulfil all your needs by providing loans. Individual 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 individual loan is an all-purpose loan for one’s own private use. In fact this kind of loans can be used for any legitimate purposes whatsoever. This type of loan is unique retail loan product suggested by a number of banks. In India the private 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 individual loans available in India. These are Festival Loans, Marriage Loans, Pension Loans, Consumer Durable Loans and Private Computer Loans. Festival loans are a type of private loan in which a very cheap interest rate is being suggest. This cheap private loans interest rate is very convenient to those people who want to have a puny loan which they can repay early but do not want to pay interest at the exorbitant rates. 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. Right from Television to Refrigerator to Music players, you can buy anything. The quantum of these kind of loans vary from bank to Bank. However, most Banks suggest loans from the amount of Rs. 10000 to Rs. 100000. Marriage loans are gaining popularity nowadays in both rural and urban areas. In this kind of loan the maximum amount depends on a few criteria like repayment capacity of the borrower, security/collateral suggested by the customer, age of the borrower etc. Pension loans is a term loan which is available to pensioners till 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 vary from individual to individual depending upon his repayment capacity. Eventually, with the thick flourishing of Information Technology in India computers have substituted manual work in every sector. With the growing requests of computers the concept of Private Computer loans have come. Under this category of loan, Banks provide a loan up to Rs 100000 for computer hardware and software. On the other side there are some banks which provides a separate software loan to a maximum of Rs. 20000.
There are several banks in India which are much popular among people when it comes to individual loans. Some of these Banks and their suggested individual loan schemes are State Bank of India – Loan For Individual Expenses, ICICI Bank – Available Loan For Private Use, HDFC Bank – HDFC Bank Individual Finance, Bank of India – Starlet Private Scheme, Bank of Baroda – Baroda Private Financial Suggest, Standard Chartered – EMI Refund Program Scheme,IDBI Bank – IDBI Individual Expense Finance, HSBC Bank – Sleek Private Loan Repayment, Development Credit Bank – DCB Individual Vantage Plan and United Bank of India – United Private Schemes.