Tailormade Loans in the Market

Life has become an expensive affair, and credit lenders have found ways to lend you money for just about anything you need. No longer are loans available only for the purpose of education, a house or a car. Loans are available in all forms for a wide range of purposes. One of the most important life events are weddings that can cost quite a bit. Medical costs have also skyrocketed, and planned medical expenses can be met with the help of loans. With advancements in technology and the world of medicine, cosmetic surgery, implants, hair, body and skin treatments have become popular. Technology has also turned the world towards consumerism with television sets, computers, laptops, home theaters, gaming consoles running into thousands and lakhs of rupees. Usually when the purpose of the loan is specified, the interest rate comes down significantly compared to a personal loan which is given for unspecified purposes. Let’s take a look at some of the unconventional loans available in the market. 

Weddings
Indian weddings can stretch over many days and can cost much more than what’s saved up for the event. There are a few banks and NBFCs that offer loans to meet these expenses. These loans usually range between Rs.10 lakhs and Rs.50 lakhs, sometimes this can be much more given the borrower’s status and assets. Interest might range between 11% to 17% p.a. based on your credit history and your customer profile. Repayment periods can stretch up to 7 years. Some of the lenders include State Bank of India, Axis Bank, Central Bank, Tata Capital and Bajaj Finserv. 

Medicals
If you have planned medical expenses you can probably get a loan sanctioned easily. For emergency medical costs, you can also avail of loans but with slimmer chances. Lenders like Tata Capital provide loans for cosmetic procedures, ENT, bariatric surgery, ophthalmology and infertility treatment. Loans are available with quantums of Rs.1 lakh to Rs.3 lakh at 13% to 17% p.a. Arogya Finance also provides loans for emergencies and pre planned medical procedures. Arogya Finance offers a cashless card which can be used to cover 75% of the medical expenses. The card comes with a pre-approved limit of Rs.2 lakh. Expenditure on the card will attract interest of 12% to 15% p.a. Explore more details here Personal Loan for Medical Emergency

Consumer Durables
There’s always something better in the market. Consumer durables are dynamic and always advancing as new technology comes into play. Buying appliances and electronic items with the help of a loan is not uncommon now. There are a loans in the market offering 0% interest on selected brands. So consumers can buy what they desire in easy instalments without feeling the burden. Loans are available from NBFCs that include Bajaj Finserv, Capital First and Tata Capital. Interest rates range between 0% to 22% p.a. Depending on your credit profile, you may not incur any processing charges or other fees.

Online Shopping
Loans similar to consumer durable loans are available for online shoppers. There are no processing charges or other fees, and the tenures range between 3 months to 12 months. Bajaj Finserv has tied up with Flipkart to offer 0% interest loans on select brands. SBI customers may also qualify for instant loans on Flipkart with a minimum quantum of Rs.5,000.

Security Deposit for Rented Homes
With the real estate rates escalating in major cities, it’s not always easy to pay the high security deposits that are required by the landlords. An NBFC called Loan Tap offers customers a loan facility that enables them to secure the rented home they desire by providing a scheme to pay the security deposit.

Gold
In India, gold is a coveted metal that many desire to have. Gold is deep-rooted in Indian religion, mythology and society. A number of banks offer schemes for customers to purchase gold in easy instalments. There are also special offers for women borrowers.

The banking world is no longer the same as it was for decades. The banking world is revolutionizing with technological advancements and digitization. Loans are easily available online. The lengthy detailed processes associated with banks has been reduced significantly. And now loans are tailored to suit the needs of individual customers. Gone are the days of saving up to buy what you need or what you want. Loans are available to get it now instead of waiting.