What is Loan~how many types of loan
A loan is to buy something, to do something, to increase Business, or to BANK for a personal work or to get financial help from a Financial Institute. In return, they return the entire loan money with interest as EMI to the bank or a Financial company
So, in today's article, we are going to talk about how many types of loans Bank or any Financial Institute provide in India. Let's know
How many types of loan
According to Time period, there are three types of loan.
- Short Term Loan - The time to repay the money is less than 1 yr.
- Medium Term Loan - The time to repay the money is between 1-5 yr.
- Long Term Loan - A time of return of money is more than 5 yr is called long term loan.
How many types of Loan do Banks and financial Institute provide in India?
1. Personal Loan-
There is a "person loan" or a non-bailable loan, a loan taken for themselves, so people take a loan for themselves. But a personal loan means that you will take a loan for your personal work. For example, the child has to pay his school fees, someone has to be treated, then he has to take some household items, every Bank of a personal loan has his own interest rate. For example, for SBI Bank personal loans now, 12.50% to 16.60% and HDFC 10. It is charging interest from 99 to 20.75%. It is important to know that personal loans are higher than other loans on interest
2.Gold Loan -
Gold loans are a process that takes you Cash in exchange for keeping gold in the bank. Gold has to Loan be kept in the locker of the bank. Banks give you loans up to 80 per cent of gold. Gold loans are usually taken to meet the emergency care. The interest rate on gold loans is much lower than that of personal loans. Today, SBI is charging interest on "GOLD LOAN" up to 11 per cent while HDFC Bank is charging interest at 10 per cent
3.property loan-
What is a property loan? That the one who pledges your property papers and pays is the property loan. It can be available for a maximum of 15 years. Usually, the price of the property is 40 to 60 percent.
4.Home Loan -
The loan taken to buy a house is a home loan. You not only take a loan to build a house, but you can take a loan from the bank by adding the cost of construction of the house by adding stamp duty and expenses of the house. The bank can lend between 70% and 85% of your total amount of expenses. You have to gamble the rest of the money yourself to build a house. Suppose you take a loan for your plot, it costs 6 lakhs. You will give 30% of just six lakhs, that is, 1 lakh 80 thousand rupees to the bank, and you will slowly pay the rest. The time period for repayment of home loan can be from 5 years to 20 years. Home loan terms include a few per cent apart from interest. Such as processing fee, Administrative Charge, Leagal fee, assessment fees, etc.
4. Vehicle or Car Loan
Bank officers continue to offer various schemes as loans to buy cars. These loans are given at fixed (fixed) or floating (floating) rates for different times like other loans. Fixed rate means Fixed Interest Rate. The interest rate that applies when you are taking a loan. The interest rate remains in force till the entire loan is repaid. Floating rate (floating rate) is floating intrest rate rate. According to those who change from time to time, your loan interest is more or less. Banks ask you before giving you a loan. At what rate do you want to take a loan? Until the loan is fully paid. Till then, the ownership rights over the car belong to the bank. You may be able to submit your salary slip and income tax return for the last 2 or 3 years in the bank. In addition, you also have to submit an ID proof. The interest rate on new cars and is different from the intrest rate of other used cars.
We're sure you'll have releted questions from the loan Importance of loan, Advantages of loan, Example of loan, Personal loan, What is loan management, What is bank loan, What is Loan in Hindi, Types of loan, What are the 4 types of loans? must have got the answer. If you still have any loan related questions, comment and tell us. Thank you very much for giving your precious time.
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