A personal loan is an installment loan that provides funds borrowers can use for any purpose, unlike an auto loan or a mortgage, which are reserved solely for the purchase of certain property that is then used as collateral for the loan. ... Personal loans are available from banks, credit unions and online lenders.
An entrepreneur or businessman has various fund requirements for running business operations. A business loan can be taken for adding stock, payment of dues, tax payments, expansion needs, the addition of new machinery, creating new infrastructure, the introduction of new technology etc. Business loan caters particularly to self-employed people where the loan is granted based on business standing i.e. its assets and liabilities, turnover, bank statements and stability proofs.
Home loans are loans that are taken for the purpose of buying a house property. Home loans are secured loans. That means the house purchased through loan acts as collateral or security to the loan. In return for lending you the money to purchase the home, you promise the bank to pay the money back over a time period at a certain rate of interest on the loan amount. The home loan can also include property taxes and home insurance.
Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral. The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold.
A Flexible Loan (sometimes called a flexi loan) permits you to increase or decrease the amount borrowed, or to vary the repayments. In some cases they may allow you to miss the occasional payment, as set out in the Credit Agreement.
A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
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Composite loans are not pure land loan. Banks offer home loans, land loans, construction loans and a land+construction loan. The land+construction loan is called a composite loan. When you apply for a composite loan, you will need to inform the bank about your plans to construct.
A commercial and industrial loan is a loan to a business rather than a loan to an individual consumer. These short-term loans may have an interest rate based on the LIBOR rate or prime rate and are secured by collateral owned by the business requesting the loan.
To Know About Your Loan Eligibility