There are several types of Personal loan in Lucknow according to different factors to take into account. A global way of classifying them is according to their purpose that we can group them into loans aimed at business projects or activities or projects for personal purposes, which are called personal loans.
They are called personal loans since the entity does not usually have a special guarantee for the recovery of the loan amount. They have as generic guarantee the present and future assets of the debtor.
Within these personal loans, there is also a wide range of them depending on the purpose that the individual wants to give them, then we will tell you some of them.
strong>Types of personal loans
strong>Personal Study Loan: These are intended to cover the expenses associated with higher education for a certain person. Within these personal loans, we can classify them into four categories: tuition, postgraduate loans, study abroad loans, and scholarship loans. The term established in this type of loan can range from 6 months to 10 years.
strong>Personal auto or car credit: These are usually those that are used for the purchase of vehicles. The repayment term of this type of loan is usually around 5 and 8 years. Regarding profitability, it will depend on the entity that facilitates said loan, but it is usually around 12%.
strong>Home reform personal loan: Depending on the magnitude, the reforms carried out in the home can involve a significant outlay and where there is not always sufficient liquidity to do so.
Therefore, these types of personal loans have appeared to carry out some reform in an individual's habitual residence. The repayment term of these loans ranges between 5 and 8 years, and the interest rates are between 5.25% and 7.75%.
strong>Personal payroll advance loan: This is a loan of a certain amount of money normally provided by a bank to proceed to pay their payroll without delays and take precedence over unforeseen events that may appear.
strong>Personal consumer credit: It is a type of personal loan that we see later in many aspects of the consumption of goods. It is a loan offered by establishments and stores where they allow you to acquire a certain asset and pay it in successive instalments.
A common example of this type of loan is the case of mobile phones or other technological instruments such as televisions, computers, etc. These types of loans do not usually have any interest associated with them. You can get the best affordable Personal loan in Lucknow.
strong>What characteristics do personal credits have?
The interest is usually fixed, thus removing the uncertainty of variation.
strong>The flexibility in personal loans usually is greater as certain entities allow you to change the loan conditions over time.
strong>Commissions: In these personal loans, and opening commission and a feasibility study commission are usually charged.