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Personal Loan Types
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Features and Details of the Loan
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Banks and NBFCs that Offer the Loan
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Loans For Unemployed
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This loan is given to individuals who do not draw any income.
Interest rate is generally high.
Collateral may be needed or excluded.
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Government loan plans, TATA Capital, Max Finance, etc.
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Personal Loan for Business Start-up
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This loan is provided to small and medium enterprises and start-ups.
Interest rate is zero for first 15 months, after which the average rate of interest is from 7.9% to 19.9%.
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ICICI Bank, Standard Chartered, TATA Capital, SIDBI (small industries development bank of India), Oriental Bank, IFCI (India finance corporation of India), Bank of Baroda, Kotak Mahindra, etc.
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Small Cash Loan or Payday Loan/Same-day Loan
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This is a short term loan provided to only salaried individuals.
The loan is to meet instant cash needs. Approval is given within minutes.
Loan disbursal is done within few hours to 24 hours of loan approval. Interest rate is as low as 0.1% per day.
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Loanbaba.com
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Low CIBIL Score Personal Loan
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This loan is given to people with low credit score or low CIBIL score.
The interest rate is generally high.
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Getting personal loan on low CIBIL score is not easy, however, some banks and NBFCs may offer funds if they find other eligibility criteria of the borrower, sufficient enough to give the funds.
The financial institution may then offer a secured personal loan by keeping a collateral or security.
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Unsecured Loans for Women
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There are some special loan schemes for female entrepreneurs.
Some of the loan schemes are Dena Shakti Scheme by Dena Bank, Udyogini Scheme by Punjab & Sind Bank, Mahila Udyam Nidhi Scheme by SIDBI etc.,
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Punjab and Sind Bank, Dena Bank, Citibank, ICICI Bank, Kotak Mahindra, IndusInd Bank, TATA Capital, Bank of Baroda, Fullerton, etc.
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Govt. Loans for Small Scale Businesses
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This loan is provided to small scale businesses.
As these are launched by the government of India, the interest rates charges are usually low.
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State Bank of India, Bank of Baroda, Andhra Bank, Government loan schemes such as SIDBI, SIDCO, NSIC (National small industries corporation limits, WASME (World association for small and medium enterprises), NABARD (National bank for agriculture and rural development, etc.
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Loan for Corporate
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The loan is given for active businesses and industrial houses.
Secured and unsecured loan is offered.
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HSBC, Bank of Baroda, Citibank, Kotak Mahindra, ICICI Bank, Standard Chartered, Allahabad Bank, IndusInd, Tata Capital, HDFC, etc.
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Marriage Loan
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The loan is to fund wedding expenses.
Loan amount between Rs. 5 lakhs and Rs. 20 lakhs.
Interest rate from 10.99% to 34%.
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Bank of Baroda, HDFC, SBI, PNB, ICICI, Axis Bank, Tata Capital, Citibank, Kotak Mahindra, IDBI etc.
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Medical Loan
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To pay for medical costs such as hospitalization, surgery etc.
Loan amount can go up to Rs. 25 lakhs.
Unsecured form of lending.
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TATA Capital, State Bank of India, Arogya Finance etc.
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Home Improvement Loan
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This loan is provided to fund house furnishing, renovation, or repair, etc.
The rate of interest is fixed and ranges between 9% and 12.5% per year.
There is a possibility of 100% cover, while some offer up to 90% of the home improvement expenses.
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Canara Bank, HDFC, ICICI, PNB, DHFL, Bank of Baroda, etc.
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