Loans:
A loan is form of debt used by an individual person or an organisation, The Lender usually will be a corporation, Financial Institution, or Government, who lends money to the borrower, In return favour the borrower accepts for set of rules and agreement by the lender, which includes finance charges, Interest, Last due deadline and much more.
Types of Loans:
Personal Loans:
A personal Loan is a fixed amount of money you borrow for your purpose from a bank with some fixed interest percentage and repayment term, which includes debt, Medical Bill, New appliance, trip, consolidation, education loan.
Business Loans:
A Business loan is a loan specifically intended for business purposes, As same as other loans, business loans also involves the creation of debt, which should be returned with certain percentage of interest, There are different types of business loans, Including bank loans, asset-based financing, microloans, invoice financing, cash flow loan, business cash advances.
Home Loans:
A home loan is an amount of money borrowed from a bank by an individual for building/buying a new home/house agreeing to pay interest every month. the person who borrows should provide his/her House documents to the bank as security. Types of Home loans : Home purchase loan, Home improvement loan, Home construction loan, Land purchase loan, Home Extension Loan.
Car Loans:
A car loan is a way of lending money from any financial institution or banks for covering your cost on buying a car. This type of loan is secured against the vehicle you buy, which means, the bank can seize your car at any time if you fail to repay the money / interest.The lending claims ownership until you finish your final payment.
Two wheeler loans:
Two wheeler loans is the most commonly heard loans, people apply for loan to get their dream bike, there are some certain eligibility criteria, the bank sanction the loan based on the pricing of the vehicle, and your age should be 21 to apply for the loan and you should repay the amount before your age exceed 65.
Mortgage loans:
A mortgage loan is a type of secured loan where you can avail money/funds by providing your Immovable assets like house or commercial property, The lender keeps the original document of the property until he repays the debt.
3 Types of Mortgage loans:
- Home Loans
- Commercial property loans
- Loans against properties
Education Loans:
Education is the most important thing in everyone's life, proper education will pull you up in greater positions with respect in this society. Still there are many parents who were unable to pay for their children's education, This is where an education loan plays a vital role by providing an amount of money to cover your children's education career. It covers course fee, hostel accomodation, exam fee etc.
