The finance sector is one of the most important sectors that contribute to the Indian economy. Finance plays an essential role in the economic growth and development of a nation. The finance sector includes banks, NBFCs, insurance companies and microfinance institutions (MFIs).
There are various kinds of online loans available in the market. However, there are certain types of loans that are being used by more people. One of them is online personal loans. An online personal loan is one of the most popular types of loans that are offered online. These types of loans are offered to people who wish to borrow money. Some of the people use this kind of loan for buying a house or for buying a car.
Another reason why people use this kind of loan is for college or university education. People who can’t get the required money for their education use this kind of loan. However, you should know that this kind of loan is very expensive. It will require you to pay a hefty amount of interest.
Today, it has become the biggest source of job opportunities for young adults. This is one of the reasons why young people are looking forward to getting a loan for their education. In today’s time, when the government has given a boost to online shopping, the internet based loan is one of the popular ways of online loans.
Banks, NBFCs, insurance companies and MFIs are the most popular sectors that offer you an online loan. They provide easy access to financial services. All you need to do is to fill a form online and then you are done. These online loans are very easy to avail and you can get a loan without having to travel to a bank.
There are various types of loans that you can apply for online. Here we are discussing the 4 most popular online loans.
Personal Loan:
This is one of the most popular loans. A personal loan is given to the individuals who have a good credit history. The loan amount can be up to Rs 50 lakh.
Personal loans are offered to the individuals who have a minimum age of 18 years. You can apply for this loan after verifying your income, assets, residence and repayment capacity.
Home Loan:
This is the second most popular type of loans. It is also called a home loan. It is one of the most popular loans as it offers a lower interest rate as compared to other types of loans.
The loan amount can be up to Rs 25 lakh and the interest rate is between 8.5% and 14.75%. The home loan is available to the people who have a minimum age of 18 years. You can apply for this loan after verifying your income, assets, residence and repayment capacity.
Car Loan:
This is the third most popular type of loans. A car loan is given to the people who have a good credit history. The loan amount can be up to Rs 2 lakh.
You need to provide the proof of your income and assets for this loan. The interest rate for the car loan is between 9% and 15%. The car loan is available to the people who have a minimum age of 21 years.
Credit Card:
If you are not a borrower then you don’t know about this loan. This is a very simple loan which is used by the borrowers to repay their debt. The interest rate for the credit card loan is between 12% and 25%. The maximum loan amount for the credit card loan is Rs 1 crore.
Conclusion:
In today’s time, there are numerous online lenders who offer loans for the young adults. It is important to understand the process of applying for an online loan before taking a loan.
