When it comes to accumulating funds for an emergency, nothing is better than Personal Loans. Because of its characteristics, it can be availed easily and in a short period of time. Also, the procedure is quite simple. Easy application process, quick approval, and bare minimum documentation make it a favourite among the lenders.

Now it might be favourite among lenders but do you know how many types of personal loans there are? Here we are going to tell you about the different types of personal loans.

Festival loans: If in a short period of time you need to take care of your festive expenses. The loan amount for these loans is quite small; it is enough so that lack of funds does not dampen the festive spirit for you. There is a borrowing limit to these loans and have low-interest rate and the processing fee charged is a bare minimum.

Wedding Loans: Personal loans for a Wedding as the name suggests are for wedding purposes. These loans ensure that there is no shortage of funds during the wedding. During a wedding, there are major expenses in the form of hotel bookings, purchase of jewellery and caterer’s fee. This is where wedding loans help. What you need to remember is that the interest rate for wedding loans is usually high during the wedding peak season and is low during the off season.

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Holiday Loans: If you are planning on a holiday trip without straining your pocket, then a holiday loan is the best foot forward. Now people might say that credit cards can also be used, but do you know that you have to a pay a high interest on credit cards, whereas, when it comes to holiday loans, the funds are immediately available with a low-interest rate. What you need to remember is that the loan amount will depend on your creditworthiness and also the place where you are going for a holiday.

Home Renovation: This type of loan will help you with funds for repairing and renovation of your house. So if you had been planning a major home improvement project, then you should go for a Home Renovation loan. It won’t put a strain on your wallet and at the same time, your house will also get repaired.

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