Loans in India are easily avaialable More Information on Auto Loans in India!

Types of Personal Loans Available:

1. Consumer Durable Loans:

Banks are impending with unique types of loans to attract more and more customers. Right from music system to Refrigerator, to washing machine, you can purchase anything that you want. The requirement for such loans observers a sharp rise throughout the festive season. Zero percent interest loans schemes are popular during this season. This loan is though available only through nationalized banks.

The quantum of loan varies from bank to bank. On the other hand, most of the banks offer loans between Rs 10,000 and Rs 100,000. For Example, Punjab National Bank provides up to 90% of the cost of the item, subject to an utmost of Rs 100,000.

The smallest amount of the loan provided is Rs 5,000. Syndicate Bank provides up to 80% of the invoice value of the goods purchased or 10 months gross salary, any is less, subject to a highest of Rs 200,000.

The highest limit is Rs 100,000 for pensioners.

Then there is UTI Bank, where the smallest amount is Rs 25,000 and the highest is Rs 200,000, offered it does not go beyond 85 per cent of the price of the item.

List of Some of Banks Offering Consumer Durable Loans:

• Federal Bank - Loan For Consumer Goods
• Bank of Baroda - Baroda Consumer Loans
• United Bank of India - Loan For Household Items
• HSBC Bank - Purchasing Consumer Durables
• Andhra Bank - Purchase of New Consumer Durables
• State Bank of Mysore - Happy Consumer Loan
• Allahabad Bank - AllBank Saral Loan Scheme
• Bharat Overseas Bank - Shakti Consumer Loan

2. Festival Loans:

Leading Banks in both public and private sectors cash on the festive season by offering loans at cheaper or discounted rate. There is a surge in consumer spending during festivals. Banks attract more customers by offering lower rates of interest. Festival loans are however, a variant of personal loans. It is extremely convenient for people who want a small loan, can repay early but do not want to pay interest at the exorbitant rates levied by most banks. Festival loans are given for amounts as low as Rs 5,000 and the maximum amount is limited to Rs 50,000. Festival loans are generally restricted to 12 months. Repayment can be done by Equated Monthly Installments or EMI. The loan size is smaller and the repayment period is shorter than that for personal loans. Rates of interest charged will be as per Bank's policy on the date of disbursement of loan. Rate of Interest is discounted during the festive season. Thus it is lower than the normal days. Borrowers can fill a form at the bank and apply for the loan. The processing fee is also lower than personal and other loans. Banks generally charge Rs.100 as processing fee irrespective of the quantum of loan

List of Some of Banks Offering Festival Loans:

• Bank of Baroda - Financial Assistance For Festival
• State Bank of India - Loan For Festival

3. Marriage Loans

Weddings are a time for family jubilation. No stone is left unturned to make wedding functions complete success. Marriage loans are gaining popularity in both rural as well as urban areas. Such a loan can also be availed under the personal loans category.
Maximum Amount of Marriage Loans Provided:
The maximum amount of loan varies form customer to customer, depending on a number of factors like, security/collateral offered by the customer, repayment capacity of the borrower, age of the borrower. Repayment can be done through monthly/quarterly/half yearly installments or under Equated Monthly Installments or EMI.

4. Pension Loans

Banks are intriguing care of reasonable independence of retired persons. This is through offering the exclusive pension loan- A term loan to get together your personal everyday expenditure. The loan is available to pensioners till the age of 70.
Highest Amount of Pension Loans:
The utmost amount of loan endorsed is generally 7 to 10 times the quantity of last pension conventional. The amount can differ from individual to individual depending on his/her repayment capacity. Refund is normally done by EMI or Equated Monthly Installments. The refund period can differ from 1-3 years.

List of Some of Banks Offering Pension Loans:

• Bank of Baroda - Baroda Loan to Defence Pensioners
• UCO Bank - UCO Pensioner
• State Bank of India - Loan to Pensioners
• United Bank of India - United Schemes for Pensioners
• Central Bank of India - Pensioners Privileges

List of Some of Banks Offering Personal Loans:

• State Bank of India - Loan For Personal Expenses
• ICICI Bank - Available Loan For Personal Use
• HDFC Bank - HDFC Bank Personal Finance
• Bank of India - Star Personal Scheme
• IDBI Bank - IDBI Personal Expense Finance
• Bank of Baroda - Baroda Personal Financial Offer
• Standard Chartered - EMI Refund Program Scheme
• HSBC Bank - Smooth Personal Loan Repayment
• Development Credit Bank - DCB Personal Vantage Plan
• United Bank of India - United Personal Schemes