Different Types of Personal Loans in India (InfoGraphic)

Personal loans are amongst the most popular forms of financing. One can use the personal loan product to fund any kind of requirement - be it to fulfill a dream or aspiration, or to meet an emergency. Here are some of the most popular types of personal loans.

1. Wedding Loan:

As the term suggests, a wedding loan is used to finance the expense of a wedding. The loan can be taken by the groom, bride, or any of the family members and can be customised as per the individual’s need.

2. Travel Loan:

For those people who love holidaying and traveling to far away places, a travel loan can help them out. The loan covers expenses like transportation, hotel accommodation, insurance, and other bills during the trip.

3. Home Renovation Loan:

If there is an urgent or unplanned requirement for home renovation or repair, a home renovation loan can help you manage the expenses, which otherwise would have put unnecessary strain on your finances.

4. Pension Loan:

One who is retired and draws a monthly pension can avail of a personal loan against the security of their pension. However, the regular eligibility criteria would not apply here. Please note that this type of loan may not be offered by SMFG India Credit. 

5. Higher Studies Loan:

You can avail of a personal loan to fund your upskilling course or to fund your child’s education expenses. The loan can be availed for funding the tuition fee of your child or any major expenses related to study. Personal loan for education or higher studies is not to be confused with the traditional education loans which are usually provided to students by certain lenders. At SMFG India Credit, we offer personal loans for education, and applicants need to match the personal loan requirements in terms of employment, income, credit score, etc. as per SMFG India Credit’s policy.

6. Medical Emergency Loan:

This type of loan is availed to meet the expenses for sudden emergency medical treatments. Medical Emergency Loan covers all types of medical expenses incurred during the treatment and recovery of the patient.

7. Consumer Durable Loan:

Consumer durable loans are small ticket size loans taken to fund purchases of consumer durables or appliances like a fridge, computer, mobile, washing machine, TV, etc. The loan can be availed for purchasing any white goods product.

8. Doctor Loan:

The loan is taken by doctors to meet the expenses like purchase of advanced medical equipment, upgrading and renovating the clinic, hiring staff, or opening a new clinic. Doctors loan can be availed by the doctors to fund any personal requirement. Depending on their eligibility, doctors may get personal loans upto INR 30 lakhs*.