Loans

What is loan? Different types of loans in india

adminComment(0)

There are many types of loans available in India. However, most people choose loan as of having totally dependent on the variety of assets they have, which they can mortgage to avail loans at a lower interest rate. But many of them only prefrerring only one kind of loan.One of the reasons behind this choosing is the lack of knowledge about different types of loans available in India.

By definition, a loan is specified amount of money that you can borrow from the lender (usually banks) with an assurance of returning it back within the agreed period. The lender on different types of loans levies a specified rate of interest. The borrower repays the borrowed amount along with the interest in instalments as per the agreement between the two parties.

Main types of loans

  • Housing loan
  • Education loan
  • Car loan
  • Vehicle loan
  • Personal loan
  • Gold loan
  • Agricultural loan
  • Business loan

Other type of loans

Cash credit loan
Loans against insurence policy
Loan against mutual funds or shares
Loans against bank fixed deposits

admin

Related Articles
Loans

How personal loan is different from other loans

admin

A personal loan can be secured against something of value, such as a vehicle or home, allowing the lender to seize your asset to recover its losses if you don’t repay the loan. and at the same time a personal loan can be unsecured loan also that means no property or asset can be kept as colleteral […]
Loans

What is business loan? Eligibility of business loan?

admin

Business loan,As the name suggests it is loan or financial structre mainly designed for entity of business and One of the major benefits of Business loans is that they are usually unsecured with no need for collateral or guarantors and most banks offer pre-payment facility with basic charges. one more important benefit is that if […]
Loans

What is basic procedure for applying loan?

admin

Loan approval will be different from one bank to another but applying loan will be almost same for all kinds of banks or financial institutionsNow let us see what are steps involved in applying loan Step 1:- For any kind of loan first step will be application form,this application should be genuine and authenticated Step […]

Leave a Reply

Your email address will not be published. Required fields are marked *