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Personal Loan Categories

Depending on the amount and repayment period, called tenure, personal loans can be divided into 3 different categories. You can avail for a loan based on the type of requirement:

Long-term loan: These loans are given for a tenure between 12 to 60 or sometimes even 72 months with amount ranging between Rs. 1,00,000 to Rs. 30,00,000. They help meet your large requirements and have lower interest rates due to the high amounts.

Short-term loan: These loans are given for a tenure between 3 to 12 months with amounts ranging between Rs. 20,000 to Rs. 1,00,000. They are perfect to help you with small requirements and interest rates charged are slightly higher given the shorter tenure.

Salary Advance loan: An advance is just an ultra-short-term loan given for periods between a few days and upto 3 months. The loan amount is generally used as bridge between salaries to meet expenses and attract high interest rates.

Cashkumar P2P Lending

Cashkumar through its RBI licensed, NBFC P2P lending platform brings together borrowers and lenders to transact in quick personal loans. The model allows a lot of people who have been financially excluded to participate in the credit system. People with money get access to a new asset class and can invest by lending small amounts to multiple borrowers. Cashkumar undertakes the credit analysis of the applicants and approves borrowers based on multiple traditional & alternate data points. As compared to banks, P2P lending allows people from all segments to apply and avail a loan with a quick, online process.

Why do you need a ₹ 30,000 Personal Loan?

A ₹ 50000 Personal Loan can be taken for a variety of purposes and requirements. Some of these include:

• Travel: Going out and exploring the world is not a privilege anymore but a necessity for most of you tired of a busy life. Funds are not a constraint anymore as personal loans can be taken for a luxurious vacation as well as quick P2P loans for short holidays
• Home Improvement: These help for reasons as wide ranging from getting a fresh coat of paint for the house to small repairs or remodelling and buying household equipment. It is easy to get a couple of lakhs to a few thousands via P2P Lenders, any number of Banks or NBFCs
• Marriage: It is known that weddings or marriages can cost a lot and it is not easy to arrange for such funds always. Extended parties or travel can also cost additional funds which can be met by applying for a personal loan
• Debt Consolidation: Most of you would have opted for borrowing money in life to meet a requirement or transact through credit cards. Debt consolidation loans help bring all obligations together under a single loan. Short-term loans also provide a great way to pay off high-cost credit card obligations.
• Balance Transfer: Banks and NBFCs offer a chance to transfer high interest loans to their institutions at a lower interest due to improved financial or work situation. These balance transfers provide respite by reducing interest rate or the tenure of the loan.
• Rent deposit: Increasingly young people are travelling to find employment in metro cities where rent deposits can be quite high. It is normal for deposits to be charged in the range of Rs. 1,00,000 for a single house. Given such profile are new to credit, P2P loan providers are the best option to approach and get a loan sanctioned
• Medical: Life is never predictable, and you might come across accidents and emergencies from time to time. Personal loans which are unsecure in nature are a good option for people facing such emergencies. It is easy to get a few lakhs for serious treatments to a few thousands for cosmetic procedures.