46 Types Of Loans in India Explained in PDF file

Know how many Types of Loans in India Explained in PDF file which are borrowing different types of loans in India.

If you would like to read loan details in Hindi then you may read: भारत में लोन कितने प्रकार के होते हैं?

When a sum of amount is borrowed from any financial institution or banks regarding any purpose known as ‘Loan’. Loan is an operation which Lender lends money to the borrower for their purpose of need.Loan is the borrowed money which is repaid within the period with their charges.

Loan provides financial services to their borrower to support them at the time of unfair economics/finance. As the Loan provides services to the borrower which they charge in form of interest and other fees charges which are added with loan amount.

Loan is an agreement between the two parties , one is loaner and another is borrower.In which borrower asks for money and lender provides by assuring security and trust.Loan is the signed contract in which both parties mutually agree with the terms and conditions for Loan.

Loan is the debt difference is that debt be assured with banks in which security is provided to both parties against the loan terms. Loan is borrowing which is to repay with charges , as this debt is rapy in form of emi’s or installments.

Loan is a way to credit the money with assured vision under the government’s eyes. Loan provides credit facility to their customers in the form of help and improve their condition.Loan is designed to pay off the expenses and needs which is considered for amount of money at the time of poor or limited finance.

Reasons of Loan

  • To build the credit score
  • To pay off the market debts
  • To secure for the money lenders exploitation of borrowings.
  • At the time of poor financial condition.
  • To way for expensive or larger buyings.
  • To pay off sudden and emergencies expenses
  • To increase the finance
  • Set up of new projects , ventures etc. 

Benefits of Loans

  • Lower interest rates with larger amounts.
  • Easy pay off with emi’s or installment
  • Type of support which helps during the unfair finance
  • Flexible and convenient to pay off
  • Time period to repay in future times
  • Fixed additional charges
  • Provide security against the mortgages etc.
  • Accepts any form such as online or offline repay and registration
  • Easy and quick availability of financial information within hours.
  • No chances according to the market or environment , the signed contract remains the same.

Types of Loans

  1. Types of Secured Loans
  2. Types of Unsecured Loans
  3. Types of Short Term Loans
  4. Types of Long Term Loans
  5. Other Types of Loans

Secured Loan

  • Secured Loan in which loan is assured on the basis of security. Secured loan is which when the sum of amount is lent against securities.Secured loan is designed to generate the loan but in exchange of securities or something which has financial value in market.
  • Secured loan is designed if the lender and borrower changes with their contract and their words.Secured loan charges the security according to the market value and then approves the loan amount.
  • Secured Loan is considered for any purpose but they want security for their amount of money due to trust issues or secure them with borrowings. Secured Loan in which borrower gives their assets/mortgage to believe the lender he/she will pay off the loan with interests/services charges within the tenure period.
  • Secured Loan is the project of the borrower till the borrower would not pay their loan within the terms. With the secured loan lender had less chances of default and the borrower increased chances of repay within time or prepay.

Example of Secured Loan

  • Mr.’A’ is the person who wants a loan due to their needs for finance.Mr.’A’ had various assets which had high market value but he doesn’t want to sell their asset but needs finance within large amounts.
  • Mr.’A’ went to the bank , safe from exploitation of money lenders asking for loans. But due to their relation with banks , banks ask for the security which can approve their loan amount demand for.
  • Mr.’A’ provides security to the bank by assuring them of their financial assets and borrowing money against their value.

As the Mr.’A’ provides security and the bank provides a loan is known as ‘Secured Loan’. Within the securities bank had free from fear of defaults and borrowers had responsibility to free their assets from the bank.

Types of Secured Loans

Vehicle Loan

  • Vehicle Loan is a type of loan which is undertaken for the purpose of vehicle. Vehicle Loan is a loan considered for the purchasings of a new vehicle or on an existing vehicle which helps them not to schedule their reason of loan.
  • Vehicle Loan is loan assured for the subject of vehicle only. Vehicle Loan helps in buying expensive vehicles in simple and easy small amounts. Vehicle Loan is loan which undertakes the vehicles papers and provides shared ownership with banks.
  • Vehicle Loan is a loan which provides financial services , charges it by adding their interest and fees with emi’s or installments. Vehicle loan is which the owner of the vehicle had to share their vehicles with the bank in form of security of loan.

Advantages of Vehicle Loan

  • Increase the Budget of Buyings
  • Easy financing of vehicles
  • Secure the future savings for the other needs.
  • Lower charges from other markets
  • Helps in maintenance of vehicles.
  • Helps in building credit scores.

Types of Vehicle Loans

Two wheeler Loan

  • Two wheeler loan is loan which is considered for the buyings of scooty , bike and cycle. Two wheeler Loan is loan for the purchasings of two wheeler vehicles.
  • Two wheeler loans consist for not only purchasings of two wheeler vehicle but on existing vehicle for small or minimum amount of Loan.
  • However , Two wheeler loans start from Rs.20,000/- and limit upto Rs.2 Lakh/-.Two wheeler Loan charged with interest as they provide services of finance subject to vehicle.
  • Two wheeler loans provide loan with road price.Two wheeler Loan increases our budget to purchase for luxuries and expensive vehicles.
  • Two wheeler Loan charges the interest according to the value of two wheeler , if new buyings then according to newness or existing then charges for depreciation , kilometers etc.

Three Wheeler Loan

  • Three wheeler Loan consider for the auto only.Three wheeler loan helps the people to earn for their livelihood. Auto loan is considered with interest rates and other fees charges in the honor or providing sum of money in sudden or according to their need.
  • Auto loan can be assured on existing auto or to pay off the auto expenses such as servicing , repairs etc.Auto Loan is a type of secured loan because the bank assures the finance to purchase the auto but share the legal papers with it.
  • Auto Loan comprises security in case of default , bank with auction of auto can redeem their loan amount and with borrower then it saves their auto from other money lenders exploitation.
  • Auto Loan is listed under the vehicle loan because it is a type of vehicle which is used for visiting places.Auto loan is a loan which has calculated according to auto means if new then different condition , existing auto then depreciation, according to kilometers.

Four Wheeler Loan

  • Four wheeler Loan is known as Car Loan. Car Loan is type of Loan which assure for purchasings of new and expensive crore on existing car. Car Loan is facilitated to own your dream car with small amounts.
  • Four wheeler loan to easy terms the larger vehicles for the purpose of business , travelling or any personal reason.Four wheeler Loan means loan which is secured with paper of car or share ownership of car.
  • Four Wheeler Loan is a type of lending sum of money for the car and repay within the small amount and own your car within period with some affordable charges or interest rates.
  • Four Wheeler Loan provides a loan with a road price, so that buyers can buy their car easily with quick and combined terms.Four wheeler loan provides finance in order to meet the expenses for the car and buying.
  • However , four wheeler loan offers insurance to the wheeler which is added with loan amount. Four wheeler loan is structured with small amounts of instalment payment and free their Four wheeler loan from the shred ownership and bank securities.
  1. Business Loan

Business Loan

  • Business loan is a type of loan which is undertaken for the purpose of Business. Business loan is considered loan on only the subject to business. Business loan is type of loan for the set up of business or on existing business.
  • Business Loan is a type of secured loan in the form in which bankassures these securities of business , they are as follows :
    • Invoice financing
    • Against the inventory/assets
  • Business loan is repaid in form of installment or emi’s which is a combination principal amount with interest charges plus gst charges.Business loan only asks for the securities of business but assure loan by calculating the rate of business and their security or assets.
  • Business loan is type of debt on business which to be rapid with tenure period and free tier assets or inventories.Business Loan helps in growth of business or set up for new.Business loan is also offers various facilities of credit such as credit card , insurance , online transfer to convient their business credit transactions.
  • Business Loan on two basis , which are :
    • With income of Business
    • Value among the market which decides for the secured business loan or unsecured means credit history and prestige.
  • Business Loan is alternative to meet expenses of business in form of ficinail service. Business Loan is eligible for any type and variant of business.Business loan is a type of facility offered by banks to their business accounts and their owners.
  • Business loans from credit unions have high chances of providing satisfaction to their Bank , as assure loans on this basis too.Business loan is affordable for every business to settle them in the market.
  • With Business Loan, bank is assure with slogans which motive the owner to ask for the financial support from the bank and repay within their fair conditions of small amount payments, they are as follows :
    • Click your business
    • Banking solutions to Business needs
    • Grow your business 
    • Easy set ups and meet up your business requirement etc.

Types of Business Loan

Small Business Loan

  •  Small Business Loan is a business loan but to those businesses who set up at a small level. Small Business loan is also known as ‘Small Enterprise Loan’.
  • Small Business Loan is a type of funding to small businesses which boost their business and earning and make them able to repay the loan with interest rate.
  • Small Business Loan provides for the new steps, expansion and purchasing. Small Business loan for the micro or tiny units who are limited with their earnings, capital and production.
  • Small Business Loan can be considered on existing small businesses in which the portal for the loan is not communicated with banks.
  • Small Business Loan to build the business financing capable to stand informant of markets and larger business.
  • Small Business Loan is a loan for the business which pays their minimized wants in an effective and efficient manner. 
  • Small Business Loan which minimizes the liability of business expenses and increases the economic/financial sector with known brands among the market.

Benefits of Small Business Loan 

  • Flexible Loan facility 
  • Tenure period according to the budget of Loan
  • Online management such as funds , transactions etc.
  • Requirements of minimum documents
  • Assurance of loan upto 
    • Rs.20 Lakh/- , if go for the unsecured loan 
    • Rs.25 Lakh/- , if you go for the secured Loan.

Larger Business Loan

  • Larger Business loan is considered for the business which is set up at the larger or big scale.Larger business loan is also known as ‘Maximum Business Enterprise Loan and Big Business Loan’.
  • Larger Business Loan to discuss the portal of financial needs with best ideas and offers with borrowings.Larger Business Loan is for the both purpose of enterprise inner and outward environment.
  • Larger Business Loan is a type of credit for expansion, purchasings and support to any strategic management.Larger Business Loan for the business whose production/manufacturing/services at the larger set up and for a period requirement at the time of unfavour conditions or boundation due to accounts material.
  • Larger Business Loan is debt on business in which business is liable for the larger with additions of interest and other fees charges according to loan amount.Larger Business Loan provides option at the larger rates in which their operation would not stop at any cause.

Benefits of Larger Business 

  • Easily access
  • Feature with trust and believes
  • Option of short or long term
  • Additional finance among the Business for their needs.
  • Reasonable fees or additional charges such as interest, processing fees.
  • Helps in increasing profit

Working capital business Loan

  • Working capital Loans are loan assured to increase the capital among the business to pay off their basic and urgent requirements.Working capital loan is helpful at the time of business and asks for the short terms for maximum amounts.
  • Working capital business loans provide flexible bases for short term liquidity.Working capital business loan is addition to capital for the purpose of business such as purchasing, renovating etc.
  • Working capital business Loan is to maintain the adequate cash flow in business. Working capital business Loan to meet the capitals and their related requirements to maintain business among the market and consumer.

Benefits of Working capital Business Loan 

  • Rise to capital.
  • Possibility of consider unsecured loan
  • Quick transfers, withdrawals  and repayments
  • Pre offers 
  • Track capital via online methods
  • Approval within hours , actually 24 hrs.

Business Loan for Women

  • Business Loan for Women means ensuring loan to the business but the ownership is associated with women.Business loan for women to spirit them with new projects or projects of business.
  • Business Loan for the Women is compared good at it charges lower rates and fees in compared to other loans. Business Loan for women boost their business with finance and helps in growth and development.
  • Business Loan for women to provide value to women customers. Business Loan for women to manage their daily functions easily and smoothly at the time of unfair conditions of future profits.

Benefits of Business Loan for women 

  • Maximum amounts
  • Approval within hrs.
  • Quick process.
  • Covenant to repay 
  • Special offers such as cards , insurance etc.
  • Associate with markets and financial institutions.
  • Minimized documentations
  • Determine online or offline basis.

Machinery Loans

  • Machinery Loan is a type of Business Loan which is considered for the purchasings of new machinery for the business.Machinery loan is also considered to pay off the expenses of machinery such as upgrading , servicing etc.
  • Machinery Loan is considered for the existing machinery to pay off the other expense with scheduling the portal for the reason of Loan
  • Machinery loan is a type of secured loan under which machinery is formatted in the form of mortgage and against that sum of loan is considered.

Benefits of Machinery Loan 

  • Easy financing with tools and technologies.
  • Easy approval.
  • Flexible repayment
  • Security 
  • Funding as per the situations.
  • Supports at the time of needs or requirements.

Features of Business Loan 

  • Simple process
  • Business Loan had simple and fast processing , as their motive business should not pause for any single minute.Business loan is assured to run the business properly without any scarcities as per the bank .
  • Business Loan processes only ask for the basic requirements such as some documents and approval process begin and transfer of loan amount within hours.However , process can be considered via offline or online.
  • Flexible period 
  • Business Loan gives flexible terms and conditions for the approval process and repayment , so that business can run properly and provide them monthly installments.
  • Business loans had fixed installments because it doesn’t provide complication of calculation to business with their works and payments.
  • According to the flexibility of Business , banks assure the loan upto Rs.50 Lakh/- , so it can go with their expenses and expansions.
  • Free loan
  • Business loans are considered at the free collerates. Business loan doesn’t require any support of financial assets to the bank in exchange for money.
  • Business Loans are offered in the absence of securities and collertrals. Business loans sanction the amount on percentage as providing service before checking credit score , age/experience and earnings/income sheets/statements.
  1. Home Loan

Types of Home Loan

Different Types of Loans in India Explained
Different Types of Loans in India

Home Construction Loan

  • Home construction loan is a type of home loan which assures the loan for the purpose of construction/build of home.
  • Home construction loan to pay off the expenses related to the construction of home.
  • Home Construction Loan helps in construction of the dream house with support of the banks.
  • Home construction Loan is offered to those ndidials who had land to construct their house.
  • Home construction loan is availability includes:
  • Plot or land should be owned by the borrower.
  • Type of portal in which cost of house construction is roughly estimated.
  • Estimation of construction not cost of plot is included is under take by Bank.
  • Home Construction Loan is a type of loan in which a person shares the ownership of their house with a bank in the form of security , known as secured Loan.
  • Home Construction Loan is a type of loan which asks for the monthly installments and loan assurance under the terms and conditions of the lender.

Benefits of Home Construction Loan 

  • Assure loan on basis of construction cost
  • Helps in increasing financing for construction of good and expensive house
  • Easy payments of construction expenses 
  • Support the sudden requirements such as leakage etc.
  • Convenient terms for the construction or to build a house.

Land Purchase Loan

  • Land purchase loan is a loan which considers for the purchasing of land or plot for the Home.
  • Land purchase can be listed under the secured loan when asking for the security of payment , in which the borrower had to share their legal paper of land/plot with the bank.
  • Land purchase loan is considered to invest an amount of borrowings for the purchasing of land.Hence , Land purchase loan is a deal to increase the property or to commit investment in land.
  • Land purchase loan is a loan considered for the buying land , not to construct a building or home on it , in case of construction you can go for ‘Home construction Loan’ before repaying the Land Loan.
  • Land purchase loan helps in afford the land and own with easy terms of small amounts.
  • Land purchase loans assure the amount of loan on purchasing upto 80% to 85% calculated as per market value.
  • Land Purchase loan is considered when the borrower wants to build their own house , in which he/she first searches for the land and their supports , with end of contract , he/she goes with the construction of home.

Benefits of Land purchase Loan 

  • Serve according to market value
  • Chances of high financing , in case of popular area
  • Limited with the land
  • Provide security 
  • Flexi rates and repays terms.

Home Purchase Loan

  • Home Purchase loan is a home loan which is considered to purchase the home from the dealer or any other.
  • Home Purchase Loan is considered for the two purpose :
  • As it helps in buying property/land/plot for home
  • Helps in construction of House
  • Home Purchase Loan provides the loan amount by calculating the rate of land or home as per the market value upto 80% to 85% only.
  • Home purchase Loan is a loan which is debt on home in which the lender lends money with sharing of home piece , means their paper or legal documents in which the owner loses their ownership till the repayment.
  • Home Purchase Loan is a type of loan which charges for their services in form of interest rates , these interest rates may be flexible , fixed or hybrid as per the terms of both parties.
  • Home purchase loan is a type of agreement between the borrower and bank in which to assure money for the home purchasings in any manner , but to buy a home for them and their family.

Benefits of Home purchase Loan 

  • Associated to buy home in any manner of land or construction.
  • Flexi charges and terms.
  • Quick approval.
  • Helps in increasing residential property.
  • Increasing in finance for the home in small amounts.
  • Loan redeem according to the value in market.

Home Extension Loan

  • Home extension Loan is loan provided by bank under the list of home loan for the purpose to extend the area of house for more conveying and free space.
  • Home extension Loan is a loan applied by those individuals who want to add more area with their home due to their families , renting etc.
  • Home Extension Loan is considered on the existing house only.Home Extension Loan subject with the current house to cover more area for it , to make it larger for the personal needs.
  • However , Home Extension loans provide on the calculation of the area and assure loans equal or lower to them in form of charging their service.
  • Home Extension Loan can apply for loan , in form  :
  • Buying of near by plot or area
  • Or construction of an area with the house.
  • Home Extension Loan can be included with home improvements because with extension in maximum cases also improvements of house are also considered with it.

Benefits of Home Extension Loans

  • Helps to cover the area which is required by house for their convenience
  • Easy and smooth process
  • Amount as per the requirement
  • No limitation on the extensions
  • Associate for paying of expenses required for the expansion

Home Improvement Loan

  • Home improvement Loan is home loan provided to improve the home with facilities and innovation.Home improvement loan can also be said for ‘Repairs and renovation of Home Loan’.
  • Home improvement loan is calculated on two basis :
    • Area of home
    • Cost portal as per the renovation and repairs.
  • Home Improvement Loan is considered to those individuals who can’t afford the expenses of improvements/renovation due to home losses, their status and capabilities are strong.
  • Home Improvement Loan is a loan in which individuals can afford their house’s new infrastructure with a base of existing or current home.
  • Home Improvement Loan helps in developing or increasing the funds for the new look to home and make it strong which can shed us for more years.
  • Home Improvement loans are constructed for those situations in which houses lose their roots from the land due to poor  or unfair conditions of paints , leakages , brake in the flooring etc.
  • Home Improvement Loan supports the individual to redecorate with new and modern fashions and styles to their house in which they can go for new memories and relations.However , home improvements give a new look to the house in easy payments.

Benefits of Home Improvement Loan 

  • Not to go for the new purchasings
  • Secure from other loans rates whose purpose is different from your reasons of Loan
  • Support individual to live in new place
  • Creation of new house in easy and less payment
  • Reudes extra expenses such as particular part servicing , selling etc.

NRI Homes Loans

  • NRI Home Loans are provided to those individuals who are nonresidential of India but want to construct or purchase a home to shed their head.
  • NRI Home Loans are provided to the individuals who can’t afford their home in India due to financial problems.
  • NRI Home Loan is constituted for the NRI who had interest to buy home in India for their livings or purpose of earning finance by commending rent or sale.
  • NRI Home Loan assured to NRI on the basis of these terms :
    • When they define the purpose of home
    • Schedule the cost for the Home
    • Area of home
  • NRI Home Loan is similar to loan for home loan but stands for quite additional terms due to non residency.
  • NRI Home Loan assures the loan by considering all the necessary charges of home loan and addition of new residency of India with specific terms.

Benefits of NRI Home Loan 

  • Support every individual.
  • Helps in unfair economics.
  • Easy finance with expenses of home in India , because they are unknown with it.
  • Basic and level process.
  • Online or offline availability.
  • Secured loan.

Joint Home Loan

  • Joint Home Loan is a type of home Loan in which loan is assured by the two or more borrowers/individuals.
  • Joint Home Loan is a loan in which a loan is undertaken with co applicants such as parents , friends , siblings or any known individual.
  • Joint Home Loan in which the two or more borrowers are liable to pay the one loaner with their mutual agreement.Joint home loan can also be said as ‘Partnership Home Loan’.
  • Joint Home Loan is a loan which is signed in which liability and debts are shared with a joint individual.Joint Home Loan is repaid with the principal amount and interest rates under the section of 80C and 24 (b).
  • Joint Home Loan is also sanctioned amount from the loan , these cases are as follows :
    • In case of 80 C , maximum exemption of Rs.1.5 Lakh.
    • In case of 24 (b) , sanctioned upto Rs.2 Lakh/-.

Benefits of Joint Home Loan 

  • Burden of loan is divided
  • Sharing in charges which value in lower and affordable rates.
  • Flexible contract and approvals.
  • Give rise to the credit score
  • Builds new relationships
  • Joint loan which redeem chances of high financing.

Home Loan is also known as ‘Housing Loan’. Home loan is secured loan because the lender lends money with security of home to the borrower.Home is considered as mortgage in which home is based as mortgage and borrow money on that.

Home Loan is for the construction of home/renovation and repairs or for the personal purpose which is hidden from the Bank.Home loan doesn’t matter with any terms but it simply lends money on basis of house only.

Home Loan is a type of loan which the bank assures loan amount on the type of home means their locality , area , condition etc. Home Loan can be considered in the Loan against the property.

Home Loan is type of debt on home. With the Home Loan, it is sharing of house with banks because we had assures subject to home.Home loan is a loan in which person dream their fact of own house with small amounts.

Benefits of Home Loan

  1. Rise in fund
  2. Diligence for repayment to free the ownership from Bank
  3. Reduce gst rates , tax and interest rates
  4. Covenant buyings
  5. Flexible repayments and tenures period
  6. Kick off renting houses
  7. Rise to the property Numbers
  8. Support finance in sudden 
  1. Loan against property
  • Loan against the property to mortgage the piece of the property for the sum of money.The reason of loan against the property as the loaner doesn’t want to their sale or redeem their value from their assets by transferring ownership.
  • Loan against the property in which the owner shares their ownership with the bank.Loan against property is a type of secured loan in which both parties are secured related to the sum of money.
  • Loan against property considering buying property or on existing loan. In the Loan against property borrower provide the papers of the property to the loaner to trust on them.Loan against property is type of liability :
  1. According to Lender , at the time of repayment he/she is liable to pay their property back as in form the borrower considers at the time of lending.
  2. According to Borrower , as he/she borrower money for them and return back with their services charges due to their completion of need.
  • Loan against the property offers a loan amount upto Rs.10 crore/- with the covenant tenure period.Loan against property to secure the property to liquidate for the small period of finance.

Benefits of Loan against property

  • Interest rates comparatively low with other loans
  • Special relation between the loaner and borrower of liability and security
  • More changes of high loan amount
  • Charges and interest according to property
  • Flexible repayment , with a particular amount we can redeem the flexible part of property.
  • Provides maximum tenure period , so borrower had no burden
  • Consider to any person with any group of age
  • Ownership of property remains
  1. Loan Against securities
  • Loan against securities means loan against the value of money in the form of asset.Loan against securities means ensuring loan by changing the securities.
  • Loan against securities means to borrow money against intangible assets but tangible money if sold.Loan against securities means to provide security :
    1. Mutual funds
    2. Insurance
    3. Shares 
    4. Bonds
    5. Units
    6. IPOs
    7. ESOP’s
    8. FMP’s
  • Loan against securities type of secured loan in which borrower mortgage their securities of company.However,  loan against securities not to liquidate the assets and use in efficient form.
  • Loan against securities is considered by the lender to trust for their loan money and borrower to save their intangible assets and believe the lender he/she would return their loan with their interest and other fees charges.

Benefits of Loan against securities

  • Use of shares , bonds without liquidate them
  • Provide security to the lender/loaner
  • Lower charges and interest rates.
  • Chance of recruiting high amounts as per the value of assets among the market.
  • Any age group member can apply because the loan wants securities not earning or any termed individual.
  • Helps in building goods credit assurance
  • Online access
  • Many options for the securities , not limited with particular security.
  1. Loan against consumer finance
  •  Loan against consumer finance means consumers had to agree for mortgaging their things for the purpose of loan or sharing ownership with them.Loan against the consumer finance is the loan on security which is more than your loan amount.
  • Loan against the consumer finance is designed for the small needs such as from mobile to air conditioner , furniture to small  machines.Loan against consumer finance assure borrowings from Rs.10,000/- upto Rs.15Lakh/-.
  • Loan against the consumer finance means to assure finance to fulfill the basic needs/necessities.Loan is chances the security for the sum of money.However , Loan against the consumer finan is also known as ‘consumer durable loan’.

Benefits of Loan against consumer finance

  • Provide durability with the borrowings and their repayment.
  • Fulfill the hidden major needs     
  • Increase in power of buyings
  • Helps to pay off the requirements in quick
  • Easy and covenant down payments
  • Facility of online or offline 

Advantages of Secured Loan

  • Lower risk 
  • Easy availability
  • Payable charges and interest rates
  • Increase the chances of high or larger finance
  • Flexible according to our requirement
  • Provide security
  • Helps in building credit score
  • Better relation between parties of trust , beliefs etc.

Features of Secured Loan

  • Repayment Option 
  • Loan is borrowed under the assuring ownership to the lender of assets or providing them collateral security. In case of default or late payment loan will be charged from them and we had to bear any type of pressure or debt to pay for the loan.
  • Covenant loan
  • Secured loan is said for covenant because it provides loan as per asset and term of amount asking for.Convenient loan can be also said as ‘Customized loan’ in which we can construct our terms or with specific needs.
  • Improves score
  • As it helps in building a good credit score because with security borrowers become trustable and liable to believe for the repayment.As it has given proof of repayment of loan via security and moragings.
  • Availability 
  • Secured Loan available the higher loan chances because the asset value is high value among the market.
  • With this , secured loan is available to any person whether earning or not because with the secured loan it asks for security not for other statements.
  • Process
  • Loan is a type of process in which banks analyse and calculate for the amount of Loan which takes time.But with secured Loan approved quickly because it changes in which lender changes the sum of money with borrower financial assets.Secured loan process is easy and quick.
  • Confidence 
  • With a secured lender , it provides confidence to the lender for the repayment of loan within the terms.With the mortgaging/security/legal papers it spirit up the Borrower to repay the sum of the amount. With the repay in builds good credit score and confidence to apply for unsecured or personal loan

Unsecured Loan

  • Unsecured loan is a type of loan which is opposite to the secured loan.Unsecured loan which is considered on the basis of trust and belief .However , unsecured loans are also known as ‘Personal or Signature Loan’.
  • Unsecured Loan is also known as ‘Unsecured Debt’.Unsecured loan has no underlying against exchanges for the loan.Unsecured Loan is totally opposite to the secured loan.
  • Unsecured loans are considered without support of assets/securities but only basis of borrower credit worthiness , relation with bank and income statement.Unsecured Loan is type of loan in which charges interest rates and other charges in honor of the services without securities in easy and quick format.
  • Unsecured Loan is not protected by anyone , it is a contract between the borrower and lender only.Unsecured loan can be considered for any purpose.
  • Unsecured loan is a type of risk loan in which the borrower had risk of their reputation among the market and loaner risk of default and insolvency.
  • Unsecured Loan in case of an insolvent person would require the guarantor who had good financial terms , so in case of default their guarantor would be able to pay the default or debt of their partner.
  • Unsecured Loan is a type of finance commitment to the person who had a position to repay the amounts with interest rates to their loaner within the terms and conditions. Banks in minimum cases provide unsecured loans to their long year customers.

Types of Unsecured Loan

  • Consolidation Loan 
  • Consolidation loan is a loan over the existing loan.Actually , consolidation loan is consider to pay the preexisting debt or bill of credit card
  • Consolidation loan means the combination of all existing loan/debt into one program/format.Consolidation loan is also known as ‘Debt consolidation Loan’.
  • Consolidation loans help in paying all the credit from financial institutions instantly.Consolidation loan on basis of loan and portal of using consolidation amounts.

Benefits of consolidation Loan 

  • Lower emi upto 45%
  • Instant approval within 24 hrs.
  • Loan assurance upto Rs.25 Lakh /-.
  • Online or offline process and transaction , even for repayment.
  • Availability of offers during pre approval times
  • Flexible periods and processes.

Term Loan

  • Term Loan is similar to the personal Loan. Term Loan is a loan in which the borrower receives the amount of loan in lump sum value.With this Borrower is liable to the bank for the prepayment of loan at the time when the loan is fully paid or utilized by the borrower.
  • Term Loan is a loan which has the option of long term investment or purchasing fixed assets without any security matters.However , these loans are offered at the fixed rates with terms and conditions.

Benefits of Term Loan 

  • Offerings to all , no eligible conditions.
  • Suitable for maximum or long period
  • Provides loan as per our needs , according to our means.
  • Support purchasings 
  • Repayment options with monthly basis.
  • Fixed , so that both parties are known/familiar with the loan.

Revolving Loan

  • Revolving loan provides maximum sum of money with absence of securities.Revolving loan is a type of loan which is limited upto their assurance of loan , means loan is considered to 1 year only.
  • Revolving loan who had credit limit according to the terms of borrower.However , the Borrower had the option of partly or prepayment , but can’t exceed the limit with option of credit card or overdraft.
  • In revolving loans at the time of tenure period , borrowers had to pay the principal amount with interest charges against their services.
  • As the revolving loan provides comfort to the borrower to meet the cash flow fluctuations and capital needs.Revolving loan is not to pay an amount loan is fixed it has the option for rigid payments.

Benefits of Revolving loan 

  • Offer variable rates/fees.
  • Flexible repayments options
  • Chance of high financing
  • Particular with terms of contract
  • Provides benefits such as credit cards etc.
  • Not fixed , convert according to the environment.

Features of Unsecured Loan

  • Covenant amount
  • Unsecured Loan is a type of loan which assre on the basis of promise , as with a convenient amount unsecured loan is provided for a short term period or limited from 3 years to 5years.
  • Unsecured Loans charge quite a normal interest rate and assure loan according to credit score and financial terms with the bank and in the market.
  • Term of Payment
  • Unsecured loan assure for the short or limited term period due to absence of security or assurance in form of financial value.
  • Terms of payment as loan to the borrower within quick approval to their bank account but repayment would be fixed in the former of emi’s within tenure period may be online or offline basis.
  • Absence of security
  • As the unsecured Loan is a type of loan in which assurance of words and contract matters.In unsecured Loan borrower had not to provide any security or collateral to their loaner.
  • With this , the borrower had no fear of losing their securities/assets/mortgage. While the loaner in case of default write off for their bad debts which had bad impression on borrower credit score and terms of finance.
  • Multi uses
  • Unsecured Loan is a type of multipurpose loan because as it doesn’t need any security or collateral to assure loan we can go for another loan too for high loan amounts.
  • However , another loan can be used to remove the debts , pay off in sudden emergencies or requirements.Unsecured loan provides multiple fiance services.
  • Interest rates
  • As the unsecured Loan which is considered without any security. With this , the Bank charges quite more interest rates and other fees because of the absence of colleratral and lends money with quick approval.
  • As they Charge high interest rates because risk or insecurity is associated with Loan which is a type of charge on their services can be said.

Short term Loan

  • Short term Loan is type of loan which is considered for the short period or for the minimum period.Short term loan for the purpose of short needs.Short term loan is type of loan which redeems for the short needs and pay offs.
  • Short term Loan is designed to undertake the short wants and borrowings. Short term loan is a temporary loan which tenure period is short or soon. Short term loan doesn’t regard for the reapy in future but within days.
  • Short term Loan is a type of credit which is borrowed for a minimum period. Short term loan charges their fees and rates according to the value of loan and period. Short term loan asks for the small amounts only.
  • Short term Loan is totally opposite to the long term loan. Short term loan doesn’t wait for the additions of interest but sum of money in sudden.Small term loan is usually asked by the small set ups to meet their need in sudden and emergencies.
  • Short term loan for any purs of personal or business at the small level.Short term loan is option for the creditors who are not eligible with other loans.Short term loan who fifing temporarily way to solve their financial problem or stand within the small period of scarcity of values.
  • Short term loan is designed to facilitate the credit for an hour or one year from Rs.10,000/- to Rs.10 Lakh/-.Short term loan helps to short or lower with charges and other fees of loan.Short term Loan is also known as ‘Short term debt’.
  • Short term loan is minimum lending of money to the borrower for minimum period. Short term loan does not ask for the portal of loan as it assures for within hours or year only which doesn’t each and every details.
  • Short term loan is suitable to every loaner and borrower because the relationship and repayment reback soon with monthly statements.Short term loan is alternate to short /low problems of finance 

Types of Short term Loan

Installments loans 

  • Installment loans are types of ‘Online Loan’. This is a process in which registration and approved details online are assured by banks with mutual consent.
  • Installments loan asks for the basic details. However , the installment loan will be approved on the basis of installment within small amounts as this is a type of short term loan for short wants.

Benefits of Cash advances

  • Saves time and work 
  • Support in quick reimrents.
  • Approval on basic terms.
  • No analysis or kyc’s.
  • Transfer in assured limit
  • Flexible to use and repay

Merchant cash advances

  • Merchant cash advances is a type of cash advance which is similar to the terms and process of loan. However, the sum of money is borrowed by the borrower from the lender but needed amounts only.
  • Borrowers use the loan with assurance of lender payment and repayment within tenure period.When the Borrower purchases for value, the lender sanctioned a percentage of purchasing until repays or paid the loan.

Benefits of Merchant cash advances

  • Advances
  • Not other charges and rates , only percentage from purchase or sale value.
  • No chances of contract
  • To fulfill the needs in sudden
  • Secure other fiance as fd’s/insurance/savings accounts for short period
  • Operation similar to loan , no new process.

Credit lines

  • Credit lines are quite similar to credit cards.In the credit lines credit is limited upto amount in which individual or business can redeem amount as per the need of credit which is assure of loan amount
  • Credit lines are also known as ‘Line of credit’. However, credit lines are paid similar in form of monthly installment.Credit lines offer the facility of credit card which is covenant to transactions of loan amount.

Benefits of Credit lines

  • Usage is simple and quick
  • Connect with the digitalization
  • Lower ratio of annual rates charges
  • Help in Sudden or emergencies 
  • Line as per the amount of loan and relation of customer
  • Reduce the credit needs
  • Set of financial services

Day loans

  • Day loans are also known as ‘Payday loans’. Day loans generally considered in emergencies for short term needs.Day loans are calculated by adding principal amount , interest rate of day or days.
  • Day loan is lends money to the borrower for day and continues their behaviors of lending money after the repayment of day loan.

Benefits of Day loans

  • Convenient to use
  • Low charges and rates as per the day amounting
  • Secures from high money lenders for their terms for one day
  • Easy to obtain
  • Quick transfer and repayment clear debts ,liability etc.
  • No other party rather than borrower and lender.

Financing

Short term loans are considered by business by using their accounts of receiving in spite of Invoices which are to be unpaid by the customers.As the Bank loan amount on basis of invoice which is pending till the present.

Benefits of financing 

  • Associated with finance
  • Quick redemption
  • Rise in good credits score
  • No limits 
  • Quick availability
  • Basic requirements

Features of Short term Loan 

  • Quick to approve
  • As the Short term loan is for a short period or minimum time.With this , banks approve these loans quickly to enjoy the benefits of interest rates and to associate their customer more with them.
  • Time managing
  • Short term loans had the feature of online approval , in which process from registration to tenure period would be considered online which saves our time or consumer for less. Within the present condition is best to make distance and afford finance
  • Easy to afford
  • Short term loans are easy to afford as compared to other loans because in which they check for, analyses for, process for , agree for and sign but for the short term period they only check income and account of person assure loan.
  • Lower rates and fees
  • Short term loan doesn’t charge for any process, operational and margin values in which loan amount is paid with sum and percentage of transactions.As the borrowings for the short term period charges for the less rates and fees.
  • Requirements
  • Short term loan doesn’t not regard for any documents, eligibility, conditions, portal of loans.It only requires the meaning of individual and repay within the short period of one year or one day as per the lending.
  • Addition
  • Short term loan provides additional facilities of credit card in which the borrower can easily for their purchasings and pay off.With this, it provides services at the door or in quick way according to type of short term loan.

Long term Loan

  • Long term Loan is a type of loan which is considered for the long or maximum tenure period. Long term period loan subjected with long repayment surety. As the Long terms Loan is a type of loan which charges for their financial services in the form of interest rates.
  • Long term Loan is also known as ‘long term Debt’ which had long term liability on the borrower.Usually , Long term Loan are the loans which are repaid more than 3 years.Long term loan are designed in such as in which borrower can see that their long finance need and Lender in form emi’s assurance for the repayment.
  • Long terms loan provides credit facility and charge for the lower rates.Long term loan is lending money for the period of years to pay off the situation of covenant finance to borrower.Long terms Loan is assured to reduce the trouble of the borrower for the repaying within limited and short period.
  • Long term Loan assure for the long projects. Long terms Loan provides benefits to their borrower to use their sum of money for years time.Long term Loan is projected in manner , so that every requirement for the finance for the groups of people should be completed and assured in effective manner.
  • Basically, Long Term Loan refers to those loans whose maturity period is more or maximum as compared to other loans. Long term Loan offers Loan from 3 years upto 25 years. Loan term loan provides the benefits to the both parties:
  • According to Lender, he can enjoy more interest rates, which adds more money to their sum.
  • According to Borrower, he can use the sum of money for the more period which provides them good financial support.

Types of Long term Loan

Home Loan

  • Home Loan is an appropriate loan for the long term. Home Loan is assured with a sum of Rs.1 Lakh upto Rs.3 crore , which takes time to repay within the limited period.Home Loan is assured for the long term , so that borrower can build their shed where he/she and their family lives happily and comfortable.
  • Home Loan is assured in large or high amounts because the construction of land to form shape takes time. However , the repayment of Home Loan within the period of 3 years or upto 20 years , in minimum cases upto 30 years.
  • Motive of Home Loan to provide home in easy finance and reduce the share ownership of banks with them. As the Home Loan is a type of facility to afford the house and meet the expenses of the house.Home loan provides long term which borrowers with their small and flexible amounts buy or renovate their house.
  • Home loan regards for the reasonable pricing of house.Home loan provide credit for the purpose of the house and fact your dream house.Home Loan is comprises with various slogans such as ‘apni jagah banao, Abh apne sapno ka ghar #HO SAKTA Hai, Home solution etc. which motivate the customer to make their house with all facilities and own their name with flexible amounts and easy rates.

Benefits of Home Loan

  • Provides lower charges on their financial or sum of amounts.
  • Easy and quick processing of loan
  • No burden of come up repayment
  • Long tenure period
  • Affordable houses at minimum pay off
  • Convenient to buy or expenses of home
  • Quick transfer
  • Support the finance
  • Secure the other savings for sudden or emergencies
  • Ask according to needs within crore value’s.

 Education Loan

  • Education loan is a type of Long term debt as the loan is considered for the education purpose, in which courses lead with the years of 3 to 5 years. Education loan is loan taken for long term till that student access to job.
  • Education Loan covers all the expenses related to education such as tuition fees, university fees, education tour, hostel and food fees etc. Education loan is considered to the students to carry their career and gain the opportunity of earning/income.
  • Education Loan is also known as student loan, as the student loan is free from all the charges and interest rates and provides a maximum tenure period in which student had not to fear of loans and their charges, he/she goes with proper and good educational courses and their opportunities.
  • Education Loan is are usually long for the courses of medical and engineering. Education loan is a type of loan which doesn’t ask for any security and process but it regards to study and repay within the period.
  • Education Loan offers the national and international course, so that students can forward with the carre and India development.Educational Loan is based on student capabilities and courses assurance. Education loan is type of debt but when student start with earning and however the charges, process of repay will start from that time.

Benefits of Education Loan

  • No charges till the meaning capabilities.
  • Quick approval with basic terms and conditions.
  • Support to the education 
  • Helps the student go for the best courses.
  • Support financially and with options of career.
  • Fees and interest rate according to courses.
  • Motivate to become an earning person.
  • Build credit score at the small age
  • Easy to transfer and approve ,whether national or international.
  • Affordable emi’s or small installments.
  • Provide stage to the student.

Small Business Loan

  • Small Business Loan is considered to the individual and Business. Small Business Loan is a type of Business Loan but who set up at the small scale.Small Business Loan is considered for the long terms which helps in their growth and to the lender enjoy the benefit of interest rate.
  • Small Business Loan is generally considered for the expansion and buyings of articles such as inventory, vehicles, area for small Business.Small Business Loan is considered on existing business used finance with their purpose.
  • Small Business Loan is considered for the new set up of the business which begin with limited capital and want financial support to consider in effective and efficient set upland earning.However, the small business loan is considered to any sector whether private or public.
  • Small Business Loan tenure period is according to the loan asked by the business. However, the charges and interest rate will apply accordingly. Small Business Loan is provided with a minimum of 3 years and maximum upto 10 years.Small Business loan provides credit and also other credit  facilities such as credit card etc.
  • Small Business Loan consider for the repayment in monthly installment form, in which small business can afford loan and loaner gets their repayment within the period. Small Business Loan is referred with tiny units who are exploited by moneylenders with their terms and conditions.

Benefits of Small Business Loan 

  • Easy and Basic process.
  • Quick to transfer and use.
  • Lower the charges with extra benefits.
  • Increase in capitals.
  • Availability of small business resources
  • Gives opportunity to small business
  • Better and competitive market
  • Innovation of new or additions

Vehicle Loan

  • Vehicle Loan is a type of Loan for the purpose of vehicle .Vehicle Loan is considered from an amount of Rs.50,000/- and maximum upto Rs.50 Lakh/-. Vehicle Loan is assured with tenure and charges as per vehicle.
  • Vehicle Loan offers the loan for the vehicle such as two wheeler, three wheeler and four wheeler.Vehicle Loan boost the purchasings to purchase luxuries and advance vehicle.Vehicle loan is considered on vehicles in which banks share the ratio of ownership with the bank.
  • However , the vehicle is assured with the owner but in case of default , the bank will use their ownership and stand for the auction of vehicle.Vehicle Loan is a type of debt on a vehicle which is repaid within the maximum period.
  • With the vehicle loan , banks provide proper service means amount of loan on road price.Vehicle Loan helps in increasing finance among the needs and pay off the expenses according to demand.Vehicle Loan also offers insurance which it agrees then adds to loan amount.
  • Vehicle Loan is a type of development which develops the standard and purchasing power of an individual. Vehicle loan is affordable which can be considered for any business or individual.Vehicle Loan provides sufficient facility of loan to provide happiness and comfortability to their customer.

Benefits of Vehicle Loan 

  • Addition to amount for good and expensive buyings
  • Easy availability of vehicles.
  • Financing terms and conditions are basic and affordable.
  • Loan as per vehicle 
  • Add in credit history
  • Helps in need of vehicle and unfair economics
  • Guide to buy vehicle
  • Offers other facilities of credit card , insurance etc.

Personal Loan

  • Personal Loan is a type of loan which can cover any factor of personal purpose such as wedding, business units, vehicle, housing, travelling etc. Personal Loan is designed for those individuals who don’t know the reason for their loan but ask for financial help.
  • Personal Loan provides ease and convenience to their customer though they can me that their personal expense in easy terms.Personal loan is a type of debt which asks for the security or sometimes not , based on personality and relationship of the customer.
  • Personal Loan wants to cover all the expenses and needs of a person at the level of personal. Personal loan is a type of facility provided by the bank to become financially capable at the time of an unfair situation.
  • Personal Loan is a customized loan in which a person can customize their terms and contract , loan amount and services etc. Personal loan is a type of debt on the borrower but to repay in easy and long periods.
  • Personal Loan is considered according to capability of person, related to income/earning.Personal Loan tenure period is between the 3 years to 10 years.Personal loan is to assure the amount of loan according to person fame and easy emi’s.

Benefits of Personal Loan 

  • Varstalite in nature
  • Not assurance of collateral or security
  • Rate of interest is affordable and convenient
  • Not to schedule any portal for the purpose of loan
  • Helps in growth of good credit score
  • Documents and other conditions are basic /listed in small 
  • Easy to repay 
  • Quick transfer
  • Easy contracts and fast approval.

Features of Long term Loan

  • Increase in Loan amount 
  • With the Long term loan , we can redeem high amounts of loan with lower charges in easy terms and conditions.
  • Option for Payment
  • With the Long term Loan , we had the option of flexible repayment and prepayment , in case of better condition we can pay the loan in advance and free from future liability.
  • Benefits
  • With Long term , we are liable for the various benefits from the income tax, gst charges , additional government charges. We can enjoy facilities such as insurance , maximum tenure period etc.
  • Requirement 
  • Long term loan doesn’t require any type of security, mortateg value , paper against the loan.Only the requirement of monthly payment and trusted behaving with sum of amounts.
  • Security 
  • Lenders have security of loan as before the loan approval they go with their documents which provides them satisfaction. Borrower had security with cataract that the bank will not change the terms of loan.

Other Types of Loan

Festival Loan

  • Festival loan is listed under the Personal loan.Festival loan is considered to celebrate the festival in grand form.Festival loan is offered during the festive times only.
  • Festival season had a line revolving in which loans are assured to meet the expenses of festivals such as gifts, parties, purchasing and celebration.Festival Loan offers at the rates which bring happiness and small repayments.
  • Festival loan is a type of unsecured loan because as it is for the short term period and no option to ask for the securities matters.Festival loan like waiver with other loans.

Benefits of Festival Loan 

  • For the festival purpose
  • No extra demands
  • Provides credit with cards, net banking offers.
  • Easy of financing for the festivals purchasing
  • No extra charges and lower interest rates and other fees.
  • No complicated process and approval.

Top up loan

  • Top loan is a type of unsecured loan where the borrower had the option to lend more money on their loan with existing terms of loan.With the top up loan borrower had not to provide additional securities to the bank.
  • Top up loan is also known as ‘Overdraft Loan’. Top up loan is not particularly listed , for an example Mr.’S’ is with personal loan , he can redeem more value/finance on that loan, top up loan is associated with every loan.
  • Top up loan is considered with any type of loan means existing loan or pre-existing loan.Top up loan can be said as ,’taken over sum or on existing Loan’.
  • Top up loan is with extra service charges for it , as in this loan we have to pay more than one emi’s or repayments in a single transaction.

Benefits of Top up 

  • Suitable with every loan
  • No additions with existing or predetermined loan
  • Flexible facility 
  • Two in one , means no extra calculations , payment in single emi’s.
  •  Helps in case of extra requirements or in sudden’s.
  • Fast with arrivals.

Wedding Loan

  • Wedding loan is considered for the grand and larger party for the weddings rituals.With the wedding loan people can’t assure security against it , if then the loan is known as Loan giant securities.
  • Wedding loan is assured on the basis of individual capabilities and credit score.Wedding loan , however listed under the person loan in which the person words matter and no requirement of securities/assets.
  • Wedding Loan is considered to be applicable when they are able to bear the cost of the loan with varied and modest expenses. However the wedding loan is unsecured as the applicant is able to provide them a portal of wedding not securities change for sum of money.

Benefits of Wedding Loan 

  • Helps in organising effective and efficient wedding
  • Affordable charges and interest rates according to wedding plans
  • Flexible repayments
  • Particular with specific conditions and requirements.
  • Bear the cost according to wedding
  • Not to commend any loan by mortgaging things

Vacation Loan

  • Vacation Loan is a type of loan which is undertaken for the purpose of vacation. However, Vacation means a Holiday.
  • Vacation Loan is a type of personal loan which is considered to enjoy the trip in form of small payments.
  • Vacation Loan type of facility under which an individual is able to visit any trip through world wide.
  • Vacation Loan is considered to meet the expenses of trip suc tickets booking , hotel booking , food etc.
  • Vacation loans aim to provide financial service at the time of trip to manage their trip happily and successfully.
  • Vacation loan is a type of facility under which a customer is able to take a loan for their personal need of vacation , he/she has not to take another loan whose interest and other charges are high.

Benefits of Vacation Loan 

  • Charges and interest rates according to the trip 
  • Approval within the basic terms and conditions.
  • Affordable
  • Provide finance to go for best portals of vacation
  • No other party required , borrower and loaner remains in contract only.
  • Other facilities of credit card etc. which make the transactions of trips easy and simple with the offers of cashback , discount etc.
  • Helps in building credit score.

Bridge Loan

  • Bridge loan is a type of loan which is undertaken to accomplish the projects of bridge , as his loan is affordable by the government only.
  • Bridge loan is short term assured for the maximum one year.Bridge loan is required for the specific period to pay off the expense of bridge such as constructions of boundaries etc.
  • Bridge loan is a loan which is liable to bridge for this sum of money , in case the default bridge is undertaken by the bank to recover the amount.
  • Bridge loan is the loan which assures the sum of money  according to the project of the bridge and area cover by bridge.

Benefits of Bridge Loan 

  • Helps in building effective bridge
  • Pay off the quick requirement
  • Reasonable charges and fees.
  • Provide security
  • Easy and sammoth process which regards for quick approval.
  • Other facilities of financing , pre approval etc.
  • Flexible period of repay
  • Availability of online.

Agricultural Loan

  • Agricultural loan is undertaken for the purpose of agricultural.Agricultural loan is loan to provide financial support to the agricultural sector under which they employment and solve their issues related to fiance
  • Need of agricultural loans arises , as in India around 50% of people in the agricultural sector are employed , others have to search for work due to debt , unfair fields etc.
  • Agricultural loan helps the primary sector to overcome the problem of finance and work in a field which is able to repay the loan with principal and interest rate amount with the profits.
  • Agricultural loan can be secured loan under which the person had to mortgage their land or tools of agriculture for the sum of money and share the ownership till the rapyement.
  • Agricultural loan helps in paying off the expenses of agriculture such as purchasing of tools , servicing existing tools , boundaries of the area, buying organic seeds etc.
  • Agricultural loan is listed under the business loan because the loan is assured to initiate for the sector development and covenant.

Benefits of Agricultural Loan 

  • Highlight the issues of agriculture.
  • Helps in providing finance for the purpose of agriculture particularly
  • Solve the issues/problems related to agricultural with support
  • Helps in recurring more ideas for the agriculture are and work which helps effective working
  • Offers according to need means purchasing vehicles such as tractors which provide easy finance.
  • Less documentation and paperwork , quick approval.
  • Flexible charges and interest rate.
  • Covenant tenure period.

Pension Loan

  • Pension Loan is loan assured to those individuals who are retired or drawing their pension.
  • Pension loan in honor to meet the expenses of retired persons such as medical emergencies.
  • However , the pension loan is assured under the relationship of a retired person with a bank and credit score.
  • Pension loans provide funds to the retired person to help them financially for their personal purpose.
  • As the Pension Loan provides support in case of unfair conditions of finance and doesn’t ask for any security as the bank had believed in the person.
  • Pension loans provide other benefits as the person has a relationship with the government , in case of default government will pay off.
  • Pension Loan is a loan which facilitates the retired person to demand for the sum of money and repay within the fair environment with interest rate only.

Benefits of Pension Loan 

  • Offers only to retired individuals only.
  • Support in quick requirements.
  • No additional terms and conditions
  • Lower interest rates
  • Minimum work and easy approval.
  • Flexible financial service
  • Covenant tenure period and repayments.

Different Types Of Bank Loans in India

Promises make debt, and debt makes promises.”

Loan is a money that is given to a person by any friend,family member, institution or bank that is supposed to be repaid in the future with the addition of investments.

There are different kinds of loans. Various banks provide various kinds of loans. Here we have written all the types of loans, the eligibility for loans, banks for giving those loans and all the other information that you need to know.

Types of Bank Loans

There are various types of loans. Here we have a list of those loans.

Personal loan

Personal loans are given for personal financial reasons such as for marriage, buying something, etc. Before approving the personal loan amount the bank asks you some documents such as proof of assets, proof on income, etc. Read More About Personal Loan here.

Credit cards loan

Credit cards are making a new koan trend and are accepted almost everywhere. This type of loan is given and then you will have to repay for all the purchases you make at the end of the billing cycle. It also needs some documents before applying for it. Read about Farmer Credit cards loan.

Home loans

If you are wishing for having your own house then this loan is best for you. This loan is given with a 20 to 30 years of tenure. You need to have a good credit score before applying for this loan. Documents such as Aadhar card, blank check with owner’s signature, and address proof, etc are required before giving this loan. Read Which Type of Home Loan is Best in India?

Car loans

Everyone wants to have their own car, after all it’s a feeling of great joy and happiness. A car loan is given when you want to have your car and it helps you to do so. Some documentations are required for it such as aadhar card, passport sized photos, etc. Read: Which is the best car loan in India?

Two wheeler loans

A two wheelers loan is good for today’s era, because there is so much traffic in cities and having bikes and scooters will help in going through this problem. To get a two wheeler loan first you have to fill a form and submit the documentations required for it. If you will not repay the amount of the loan then your two wheeler will be taken to recover the loan amount.

Small business loans

If you are thinking of starting a new small business and need financial help,then you should go for this loan. The small business loans are provided to small scale and medium scale businesses to meet various business requirements. These loans are used for buying equipment, buying inventory, paying the salaries of employees, marketing expenses, paying off business debts, meeting administrative expenses, or even to open a new branch or take up a franchise. Also Read:- Types of Business Loans in India

Paydays loans

This is also known as the salary loan. This loan is given to the persons who want to give salary to the employees and these loans have high interest rates. The documents required for these loans are income proof and salary statement.

Home renovation loans

If you want to renovate your home and need money for that. These loans are good for that purpose. These loans are availed to deal with the expenses required for the repair of furniture, coloring of the house, purchasing new furniture, etc. This loan has to be repaid on time.

Agriculture loan

Farmers are the pride of our nation and they complete all our food demands. They have to face many problems in their daily lives. These loans provide them money to face and get out of those problems. These loans can be used for buying seeds, establishing water pumps, buying vehicles for farming and other works related to agriculture and farming. This loan is given to raising working capital for crop cultivation or to buy agricultural equipment. Read full Agriculture loan detail.

Gold Loan

In an emergency when you urgently need money in cash then you can mortgage your gold jewellery and get cash in return of that. The gold loans are only given for gold not any other element like silver, copper, etc. This loan will help you in your bad times and you can take your gold back when you repay the loan amount. Read Full Information about Gold Loan

Loan against credit card

Loan against credit is not like the other loans. In these loans you can get a loan without any other documentation. You only have to submit your credit card details and it is a pre-planned loan. The loan amount will be recovered by time with your credit card.

Education Loan

Education loan is given to you when you want a loan for education or fee submission, etc. The education loan includes all the expenses of education such as fees, books, and other miscellaneous charges. These loans are given for every type of course. These loans cover vocational courses as well as undergraduate and postgraduate courses. The documentations like address proof, aadhar card, income proof, etc are required for applying for these loans. Read about Education Loan.

Consumer durable loan

The consumer durable loans are given for buying electronic appliances such as television, mobiles, refrigerator, air conditioners, etc. Loan amounts range from Rs.5,000 to Rs.5 lakhs. These loans require some documents like aadhar card, income proof, etc. Mostly these are 0% interest loans.

The best Different Types of Short Term Loans information is here.

  1. Types of Mortgage Loan in India
  2. Types of Overdraft Loan
  3. How can I apply for Mudra loan?
  4. MSME Loan for New Business
  5. Startup Loan for New Business in India

STEPS OF APPLYING FOR A LOAN

  • Select the loan for which you want to apply.
  • Get the application form and fill it and fill all the details asked in the form.
  •   Select the amount that you want from the lender.
  • Select the repayment tenure in which you will return the complete loan amount.
  • Attach the necessary documents and the documents required or asked by you.
  • Submit the form and wait for the confirmation of the loan.

There are many documents required for getting a loan. Here we have listed the documents required before getting a loan.

  • Residential proof that could be the electricity bill, or voter card or rashaan card or telephone bill, etc.
  • Identification proof such as Voters Card, Aadhaar Card, Drivers License, Employers Card, etc.
  • Latest bank statement.
  • Passport (not necessary).
  • Property documents.
  • Age proof.
  • Photograph.
  • Documents of the witness.
  • Licence copy.

BANKS PROVIDING LOANS AFTER LOCK DOWN

HDFC BankStandard Chartered Bank
Bajaj FinservFullerton India Bank
Kotak Mahindra BankIndusInd Bank
ICICI BankPNB Bank
SBIAxis Bank
TATA CapitalReliance Consumer Finance
Deutsche BankHDB Financial Service

We hope, this will help you to choose a loan. Thanks for visiting our site.

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For More information regarding loan and bank services, you linked with our official website ‘www.loanjankari.com’. Hope you get all the necessary information about the loans and their types. Stay safe and updated, Thank You!

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