Types Of Loans:- People are facing a lot of difficulties since the Corona pandemic. Small to big businessmen are facing difficulties. In such a situation, taking a loan according to your need is very beneficial and the only option left for you. Different types of banks (ICICI Bank, HDFC Bank, SBI Bank and Axis Bank etc.) offer different types of loans in India. All the loans are explained in detail below. You can take the loan as per your requirement.
If you are taking a loan, then you will have to repay the loan amount to the bank within the loan tenure itself. The interest rates of all banks are also different, and the loan is given for different time periods. Let us first talk about the types of loans.
There are three main types of loans given by banks
1) Short term loan.
2) Medium-term loan.
3) Long term loan.
- Short term loan:- In this, it must have been known by the name itself, the loan is given for a short period is called “(Short term loan”.Such a loan is given when you need it for a short period of time. Due to the short tenure of this loan, its tenure is also short.
2. Medium-term loan:- This loan is a loan given by banks for 3 to 4 years.
You have to repay the loan amount by the end of the loan tenure.
3. Long term loan:- This loan is also known as long term loan due to it being a loan given for a long period.
Which loan is best for you?
If you are thinking of taking a loan, then first of all you should decide what you need a loan for.
Then it is very important to discuss how long you want the loan for.
It is also important to be aware of the interest rates you will have to pay for the loan.
Having a good credit score (which ranges from 700-750) can also prove beneficial for reducing your interest rate.
You decide your loan amount under the amount of money you need.
Be sure to also check which bank is giving you the lowest interest rate loan.
Now let’s talk about Banks Loan
Bank also gives you various types of loans. The details of all the loans are given below.
1) Home Loan
2) Car Loan
3) Gold Loan
4) Education Loan
5) Personal Loan
6) Property Loan
7) Mudra Loan
8) Business Loan
1) Home Loan:- This loan is a loan taken for taking home. A home loan is a secured loan. In this, you do not have to mortgage anything to the bankers. Nowadays everyone has a dream to have his own house.
Who would not want to take a house in the big city, but getting a house is not so easy, we think about what kind of house we want, how much our income is, whether we will be able to repay the loan amount on time or not, taking home loan by thinking all this needed.
Availing a lower interest rate will not only result in lower EMI but also lower interest payments. Home loan interest rates range from 6.65% per annum. Lending institutions generally accept 75% to 90% of the value of the property that is pledge as the loan amount. Which can be easily repaid over a repayment period of 30 – 35 years.
In-home loan, you get a small exemption in an income tax return on paying the principal and interest of your home loan under Section 80C, 24B and 80EEA of the Income Tax Act. Home loan interest rates are 6. 65% p.a. Lending institutions usually But 75% to 90% of the value of the property which is mortgage as the loan amount is accept. Which can be easily repaid over a repayment period of up to 30 – 35 years.
Types Of Loans
2) Car Loan:- Nowadays everyone has a car, but some people are careless while driving. Due to which big accidents keep happening, it is heard in the news every day that today someone’s car collide. Sometimes someone’s car falls into the ditch, sometimes the car catches on fire, causing a lot of damage, but some people are not able to compensate for this loss, it is not necessary that everyone is careless, some people now follow the rules of the car. follow.
All the banks keep on offering different types of flexible schemes for car loans.
There are two main options of interest rates for car loans 1) Fixed 2) Flexible loans
1) In Fixed, the interest rates are decide in advance.
2) Flexible interest rates keep on changing.
3) Gold Loan:- You must have heard that banks give loans on gold also. In this, the purity and weight of gold are check. Then your loan amount is decide on top of this. This loan is a very easily available loan. This is a secured loan.
Bankers deposit your gold in the locker in front of you, when you repay the gold loan amount. Then your gold is return to you. Banked gold loan amount per gram starts from Rs 2200 for 22K and goes up to Rs 2800 for 24K gold.
The Bank interest rate of Gold loans starts from 10.49% and averages up to – 11%.
4) Personal Loan:- Personal loan is call a loan take for your financial needs such as children’s education. Marriage and your personal needs. This is a secured type of loan, there is no need for any kind of guarantee. If your credit score is more than 700 then you will get the loan at a low-interest rate.
5) Business Loan:- If you are thinking of starting a new business but you do not have a sufficient amount of money. Then you can start your own business with the help of a business loan.
You can take this loan from a bank that gives business loans at the low-interest rates.
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