Today, with apps and technology determining how businesses run, lenders have also taken a new approach to providing loans. In addition, millennials and people nowadays don’t prefer waiting for long or saving bit by bit before making a big purchase or a big-ticket expense, unlike earlier generations.
Most new-age lending models target millennials and cater to their demands with fast online loans at a competitive rate, improved customer experience, and streamlined processes. These specially crafted loans are offered in different types, catering to one’s needs. For instance, you can get it all from an advance salary loan to a holiday loan and a wedding loan. So here are some types of specifically crafted loans available for grabs.
- Advance Salary Loans
As the name suggests, advanced salary loans are advanced salaries given to individuals in need. These are fast approved loans, and the money pays off within a few minutes. However, these loans are generally for a short period. The instant credit providers offer loans up to a certain percentage of a borrower’s salary. These loans come with a period of one to twelve months.
- Vacation loans
According to a recent study, millennials usually take around 2 to 5 trips a year. And opt for travel and holiday loans. These instant small loans are generally sanctioned within 24-36 hours of application and cover all the expenses on holiday. Few platforms also offer a 3-month interest-only payment option to their customers—travel and holiday loans provided by most leading institutes.
- Rental loans
Millennials aren’t the only ones moving, but working professionals are moving to new cities for work or for a better place to stay as well. And these places generally come with high-security deposits. These instant lending platforms offer rental deposit loans, catering to such individuals. The interest on a rental loan can pay monthly during the lease agreement. With this instantly accessible loan, individuals do not have to disrupt their savings.
- Wedding loans
Everyone wishes to have a lavish wedding and hence, needs to shell out a massive amount of money. In India, extravagant weddings have also recently raised the idea of wedding décor. However, various lenders have offered finances specific to wedding requirements to make things easier. With this specially crafted loan from a destination wedding to designer clothes, borrowers can opt for it all.
Additionally, some loan providers partner with wedding suppliers to make the process easy for the borrower. But, again, to simplify things for the borrower, few lenders offer this loan with interest-only payments for the first five months.
- High-end two-wheeler loans
Quite recently, India has seen a massive increase in the popularity of owning luxury two-wheelers. Industry experts say this is primarily because of the increasing trend in two-wheeler road trips, which are limited to domestic tours and often go all the way to nearby countries these days. Hence, many digital lending platforms offer premium bike loans if you plan to purchase a high-end bike.