6 Types Of Loans You Need In Your Day To Day Life


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Financial planning and budgeting are necessary skills in order to manage incomes and expenses. However, things may not always go according to plan, and some unannounced expenses may occur. Therefore, one may need to borrow funds to make ends meet. An example of such an expense that is hefty on the pocket is a wedding. In order to protect your finances and help you enjoy your special day, companies have come up with wedding loans. With the increase in the societal trends of making weddings memorable, more and more couples borrow wedding loans. The concept of wedding loans is to assist you in making such expenses in a stress-free manner and provide you with flexible payment options. 

Six Types of Loans that You May Need in Daily Life:

1. Auto Loans:

Auto loans are those loans that allow you to finance your vehicle purchase and help you buy a new vehicle with ease. Everyone loves the smell of the interiors of new cars. So, what are you waiting for?

2. Wedding Loans:

Most parents have visualised what kind of family their kids will marry into and what type of wedding they will have. Weddings are mostly expensive, and the idea is that one does not get to enjoy their marriage more than once. To help supplement this expense, a wedding loan is now a commonly sought option. A wedding loan frees the families from picking up a hefty cheque. Make your dreams a reality with a wedding loan. It provides easy and quick disbursement of funds.

3. Home Loans:

All of us have an idea of what our dream house would look like. To help you achieve this warm and mellow dream, home loans are now an offering that is popular among banks and other financial institutes. Home loans do not offer to pay 100% of the asking price but help you buy your home and give you a detailed payment schedule that will make purchasing a home an easy task. 

4. Medical Loans: 

As the healthcare sector has seen technological advancements, the cost of getting one treated for a health issue is on the rise too. Not all of us have sufficient funds lying around to help us through the costs of treating one’s illness. By the time the insurance gets approved, most hospitals need some amount to be deposited before that. To provide financial assistance to individuals in such dire situations is why medical loans are now being offered. The quick approval seems like a god-sent service to many. 

5. Gold Loans:

Loans against gold are loans wherein an individual gets loans by pledging their gold assets. Gold is a liquid asset and can help gain liquid funds quickly within a short period. Typically, about 80% of the value of the asset is provided as a gold loan upon proper verification by the lender.

6. Student Loans:

With the increase in competition and a rise in inflation, it becomes difficult to pursue higher education without any sort of financial support for most students belonging to the middle-income group. Therefore, student loans are an ideal solution for students in achieving their academic and career dreams.

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