Currently the business world has been seized by the millennials, apps and tech. The market has also taken up new methods to provide loans. Nowadays, millenials seize on every opportunity to make bigger investments. All credit goes to the digital lending platforms and NBFCs like LoanTap, Bajaj Finance, EarlySalary, PaySense, MoneyTap, and Qbera, who offers immediate easy and faster loans to the borrowers.
These modern lenders primarily lure millenials, and fulfill the borrower’s demands with immediate cash, competitive rates, enhanced customer experience, and streamlined mechanisms. Firms already began providing uniquely crafted special types of loans fulfilling one’s demands, right from holiday loan to advance salary loan to wedding loan, one can have what he wants. If you want to take a loan, check out these unique 5 types of loans for the current generation, and the Financial Express has reported the same as the following;
Advance Salary Loan
Digital payment applications like PaySense, MoneyTap, LoanTap, EarlySalary, Qbera and many more provide loans to persons in need of finance or short-term expenses. Advanced salary loans, as the name says, are like advance salaries provided to persons within few minutes for a short period. These immediate credit lenders provide loans till a certain percentage of one’s basic pay. These lenders have a period within 1-12 months. Individuals who are rejected by the banks due to poor credit score or zero credit score can also take loan from these channels. These quick credit channels also offer loans to people, who have a low credit score of 600 or who are new to credit and have zero score.
Wedding Loan
Every Indian wedding are extravagantly lavish, and for that a huge amount of money is invested. However, presently lavish weddings in India have been made easier by the financing companies, as numerous lenders are providing finances as per the wedding requirements. These companies have made it easier to book a destination wedding, and buying designer clothes. Some companies even collaborate with various service providers, making the loan providing process easier. Moreover, some institutes also offer wedding loans with interest-only payment for the initial 5 months.
High-end bike loan
Most digital lending platforms have started premium bike loans, which individuals can opt for if they are planning to purchase a high-end bike.
The current generation is going gaga over owning luxury bikes these days. Nowadays, the youth are seen taking road trips by luxury two-wheeler. Owning a two wheeler has now become smoother as most online payment portals and applications are now offering premium bike loans, which persons can take if they are thinking to buy a luxury bike.
Holiday Loan
The youth of the present love to travel, so for them the financing firms are offering holiday and travelling loans, which are provided between 24 and 36 hours from the time of applying. The loans will cover all expenses like travel, food, hotel and others. Few platforms also provide till 3-month interest only payment option to its customers.
Rental loan
Persons moving to a new city or are looking for a better accommodation, desperately seek this kind of loans, which generally requires high-security deposit. To fulfill the demands of such individuals, the lending platforms provide rental deposit loans. This type of smoothly accessible loan, one need not reduce their savings. The interest can also be paid monthly for the period of the lease agreement.
(With agency inputs)
