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What is loan • How many types of loan • Best Loan Service Provider • Personal Loan

what is loan • How many types of loans • How many types of loans are available in India

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What is Loan in ENGLISH - Hello friends how are you I hope you are fine. Friends, many times we need a lot of money to do any work or to start a new business. And when we do not have money, we think of taking a loan. In this, we must know that what is this loan and how many types of loans are there as well as how many types of loans are provided by the banks of India or financial institutions. To know all these information, definitely read this article till the end.



What is loan ?

Friends, to buy anything or to do some important work or to increase business or to do any personal work. The financial help or money taken from the bank or from any financial institution is called loan or loan. In return, the customer bank or the finance company has to pay back the entire loan amount along with interest in the form of EMI. We call all these processes taking loans.



what are the types of loans ?

Friends, loans are of different types in different countries. But most of the loans are of 8 types. And all the banks of the country and the banks of India or all the financial institutions provide all types of loans given below.


  There are three types of loans according to the time period.

    1. Short term loan - in which the repayment time is less than 1 year.

    2. Medium term loan - in which the repayment time is between 1 to 3 years.

    3. Long term loan - in which the repayment time is more than 3 years.



1. Personal loan

Personal loan means loan taken for self, although everyone takes loan for himself but personal loan means to take loan for his personal work eg:- To pay the school fees of the children, to get someone treated, to give an expensive gift to someone, or to get the household items. Each bank has its own rate of interest for personal loan. And it is also important to know that the interest rate of personal loan is higher as compared to other loans. By the way, banks do not ask for many documents while giving you a personal loan, just look at your salary and issue the loan. You can get a personal loan for up to 5 years.


2. Gold loan

The process of taking cash in lieu of keeping gold in the bank is called gold loan. In this, you have to keep the gold in the bank's locker, then you get the loan. You get this type of loan on the quality and price of the goal you have deposited. By the way, it has been seen that banks give you loans up to 80% of the value of gold. Gold loans are usually taken by people to meet their needs in case of emergency. The interest rate charged in gold loan is much lower as compared to personal loan.



3. Loan against security

In this, the bank gives the loan by keeping your security paper. But the question arises that what are these security papers, if you have already invested in your Diamond Share, Mutual Fund, Insurance scheme, then this is your security paper. In return, the bank gives you a loan. These papers have value. If you are unable to repay the loan i.e. incapable, then the bank collects your security paper and sells it in the market. By the way, you can also mortgage these security papers in the bank, in return, the bank gives you the facility of overdraft on the basis of these papers. Overdraft means getting the facility to withdraw more money than the amount that is in your account. Even if you have zero balance in your account, you can still withdraw money from your account. This is called an overdraft.


4. Property loan

In this, the bank mortgages the property papers and then gives the loan. If you want to take a property loan, then you have to mortgage any of your property papers with the bank, in return, the bank gives a loan according to the value of your property. Usually, the loan is available from 40% to 60% of the value of the property. And it can be available for a maximum of 15 years.


5. Home loan

The loan taken for buying a house is called a home loan. You do not take a loan only for the construction of the house, but you can take a loan from the bank by adding the cost of building the house, registration of the house, stamp duty, etc. The bank can give loan from 75% to 85% of the total amount of your expenditure, you have to do the jugaad of the peso yourself to build a house. Suppose you have taken a loan for a plot whose value is 6 lakhs, then you will give only 30% of 600000 i.e. 180000 rupees to the bank and you will keep paying the rest gradually. The time period for repayment of home loan can range from 5 years to 20 years. In addition to the interest, the terms of the home loan also include certain fees. Such as:- Processing fees, administrative charges, legal fees, assessment fees, etc.


6. Education Loan

Destiny of every student does not have to come in merit, who can study in the institute as per his wish. If someone wants to study at Oxford University, then he may face money problem. The fees there are so much that even thinking of going there to study is a very difficult task, in such a situation a student can apply for an education loan from the bank. The bank ensures the repayment of the education loan before giving it. It has been observed that loans are given only to those students who have the ability to repay it. Banks check the ability of students in two ways. First - the income of his parents is seen, second - the student taking the loan will be able to work or will not be able to work after studying from which university he is going to. The bank approves the loan only after seeing what is the ratio of campus selection there. After the completion of studies, the student can make the repayment. A grantor is also required to take an education loan. The guarantee can be a parent or a relative of the borrower.



7. Car Loan

Banks often offer various schemes in the form of loans to buy a car. Like other loans, these loans are given at fixed or floating rates for different periods of time. Fixed rate means fixed interest rate When you are taking a loan, then the interest rate that is applicable at that time, the same interest rate remains applicable till the entire loan is repaid. The floating rate is the interest rate that can change over time, it can be more or less. And accordingly the interest rate of your loan also keeps on increasing or decreasing. Before giving you the loan, the bank asks whether you want to take a loan at fixed rate or want to take loan at floating rate. In a car loan, until the loan is fully repaid, the ownership rights of the car rests with the lending bank. To take a car loan, you may have to submit your salary slip and income tax return slip for the last 2 or 3 years in the bank. Apart from this, you also have to submit some ID proof and address proof. The interest rate for new cars and the interest rate for old taxes are different.


8. Corporate loan

When the bank provides loan to big players like :- narendra modi, vijay mallya, ambani, tata birla, then it is called corporate loan. According to the current rules, banks can give loans up to 25% of their core capital to any one big company.



Friends, I hope you liked this post. And what is this loan and what are the types of loans. You will get all the information about all these. If this post is useful to you, then do share it with your friends and family. Thanks!

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