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Different Types of personal loans

Money is really important for everyone to live a proper life.  Everyone has a desire of fulfilling personal needs but affording for that is not always possible. But with the help of affordable loans South Africa, you can fulfill your’s as well as your family’s desire. They provide you a loan for personal reasons. There is no need to sacrifice your dreams as the personal loan giving companies will help you in fulfilling all your dreams.

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Here are different types of personal loans:

Consumer Durable Loans

If you are thinking of purchasing a consumer durable products like television, music system, washing machine, etc, then this consumer durable loan is the perfect option for you. The banks or financial institutions are giving these kinds of loans just to attract more and more people towards their bank.

In this category of loan, you are given a loan from 11,000 to 1,00,000. But there are also several banks which provide you more than this amount.

Festive Loans

This loan is best suited for the people who need money during the festival time to fulfill their personal and family’s desire. These loans are mainly provided in festive seasons at a discounted rate. These types of loan are in demand among the people who need a very small amount of loan.

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In this category of loan, you are given a minimum amount of 5,000 and maximum to 55,000.

Marriage Loans

This category of loan is highly in demand among the people of urban and rural areas. This loan is assigned to you by considering various factors like age of the applicant, security, repayment capacity, etc.

According to the prevailing market rate, the rate of interest of marriage loan is finalized at the time of loan disbursement.

Pension Loans

There are several banks available nowadays who have started a pension plan for the old aged people. This loan is beneficial for the people who have got retired from their job.

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Thus, the personal loan is of several types and will benefit you in several ways. You can also visit this website to know more about the loans.