OTHER LOANS

Offering an instant flush of liquidity, a personal loan is one of the most popular types of unsecured loans. However, since a personal loan is an unsecured mode of finance, the interest rates are higher compared to secured loans. A good credit score along with high and stable income ensures you can avail this loan at a competitive rate of interest.

Personal loans can be used for the following purposes:

• Manage all expenses of a family wedding
• Pay for a vacation or an international trip
• Finance your home renovation project
• Household and White Goods loans
• Meet unexpected/ unplanned/ urgent expenses etc.

A Motor loan is given in the form of a two or four-wheeler loan which helps you to buy your dream vehicle. Vehicle loans are offered either on purchase of a new vehicle or a used one. Your credit score, ratio of debt to income, loan tenor, etc., play a crucial role in determining the loan amount and interest rate at which you are eligible to avail the loan. Motor loan is a secured loan which is secured against the vehicle itself, so, you do not have to mortgage your property or other assets to get a motor loan.

Aspiration for higher education from reputed institutions have bolstered the demand for education loans in the country. This loan covers the basic fees of the course along with allied expenses such as the accommodation, exam fee, etc. In this loan, the student is the main borrower while parents, siblings and spouse are co-applicants.
An education loan can be taken for a full-time, part-time or vocational course along with graduation and post-graduation course in the fields of management, engineering and medicine, among others. The loan must repaid by the student once the course is complete.
A unique feature of an education loan is the moratorium period, wherein the student has the option of not paying the EMIs until after 12 months of completing the course or 6 months after he/she starts working, whichever is earlier.