7 Types Of Loans Available With The Banks

7 Types Of Loans Available With The Banks

It is rightly said that finance is the backbone of a business or our personal life, availability of finance can help in the achievement of one’s goals or dreams and paucity of the same can lead to destruction. 

That’s why banks came into the scene in India as early as 1770 to mobilize savings of one to give loans to the ones in need. In simple terms, a loan is a sum of money borrowed with a promise to pay the amount on a future date and pay interest on it at regular intervals. For a long time, taking a loan has been considered a very cumbersome process it was because of loads of paperwork involved and in number of visits to the bank, but with the advent of technology, the whole process has become a lot convenient than before. 

A lot of intermediaries have entered the scene that makes the process of raising loans from their partner banks a lot easier that includes hardly any visits to the bank; they do most of the work on one’s part and without charging any fee. They help in raising a variety of loans, for example- 

  • Personal loan- These are loans given to one individual for no particular purpose unlike motor or car loans, no collateral is needed in the case of a personal loan. 
  • Home loans- Home Loans are the sum of money borrowed for a specific purpose like the construction of a house, home extension, plot loans; etc interest rates are lowest on them. One can easily get a home loan in Neemrana.
  • Business loans- Business loans are offered to businessmen, generally, the interest rates on business loans are less and the repayments have to be made after regular intervals.
  • Mortgage loans- It is the loan to buy some property by mortgaging the property itself
  • Car loan- The name suggests the purpose of the loan. If a person wants to buy a car, then he/she can apply for a car loan.
  • Gold loan- It is a loan against mortgaging the gold. It is very common in India.
  • Education loans or better known as student loans are loans given to students to pay fees of college and the interest on this loan is very low.

One has to fulfil certain conditions to be eligible to take a loan through such intermediaries-

  • Age- At least 23 years old 
  • Less than 65 years old
  • Salary must be in the account
  • Minimum salary 15000 per month 
  • Minimum job experience and stability 6 months

Apart from providing different types of loans these intermediaries also compare the loans from top banks of India thus helping one in making an informed decision. Because of a lot of banks and different interest rates and processing fees charged by them, it is very hard for one to compare each of them on their own. Also, the customer reviews of the loan and credit card services of the company help building one’s trust in the company and services offered.

One can also check their credit report and also calculate the EMI along with the interest using the calculator. All you need to enter is the loan amount, interest rate, and loan tenure. Thus, it makes it easy to take a loanVarious home loan providers in Neemrana provide a loan to the needful persons after complete verification.