Different Types of Loans

Introduction

In this article I will be writing about the different types of loans available in India. I am not going to explain every type in detail, but I will give you brief idea about the loan and when the type of loans can be applied.

Home Loans

loansHome Loans are given for the property like houses or apartments bought in your name. This type of loans are very common in the salaried employees to buy the house.  The eligible limit for the home loans will be based on the financial strength of the app0licant. Nowadays all the banks are tightening the loan restriction because of economy crisis.

One advantage with the home loans is tax savings. You can read more about the tax benefits on home loans. Also you can read the list of articles on home loans.

Auto Loans

home-loans2Personal car loans are loans which you obtain in your own name for the purpose of purchasing a car. They cannot be used for other expenses, or for other purchases. They must be spent on a car, which the lender then uses as collateral to secure the loan. They are repaid to the lender monthly, or at some other period agreed upon by both parties. Personal car loans are the responsibility of the individual who signed for the loan, and not their company or business.

Personal Loans

Personal loans are tricky – you never can quite make out whether it is absolutely necessary or if it is just a luxury you will be paying back for the next few years. That new computer, or that credit card outstanding, or the house refurnishing…the need for personal loans is never ending. This site helps to get online cash advance through online application.

Summary

In this article I have written about the different types  loans and the purpose of the loans. It is only the basic details about the loans. In the future articles I will be writing about the specific loan types. Happy Reading!!!

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10 Responses to “Different Types of Loans”

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  10. Akash Says:

    Types of Loans

    Following are some of the popular loan schemes offered by banks:

    1. Housing Loans: Finance is provided for purchase of a new House. Loan is also given for the purchase of land and constructions of house on the same. The rates of interest to be charged depends on two factors firstly the amount of loan and secondly the time period for which the loan is required. The rate of interest may be fixed or fluctuating. In case of fixed rate of interest the interest rate remain the fixed throughout the period of loan inspite of the fact that the current rate of interest may be different the rate at which the loan was obtained. In case of fluctuating rate of interest the rate of interest changes according to the current rate in the market.
    2. Personal Loan : Finance is provided to meet out all personal needs like renovating the house, purchasing a computer, marriage or medical expenses etc.
    3. Travel Loan : Finance is provided to meet out the travel cost of the customers either domestic or for international visits.
    4. Car Loan/Vehicle Loan : Finance is provided for purchase of car or other vehicles either for personal or business purposes.
    5. Education Loan : Finance is provided to meet out the education cost of children of the customers.
    6. Festival Loans : Finance is also given to meet out the festival expenses.

    Reply

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