What is Loan
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“Loan” means borrowing. are you also taking loan? then keep this thing in mind. this is a loan process which a person takes for his personal work. this loan process is taken from a person or a bank. we do not have to keep any security for this type of loan, so it’s called an unsecure loan. We do not have keep any of our belonging to take this loan on taking a loan it is repaid in EMI base on financial opportunity and payment capacity people use personal loans for their personal work such as medical expenses, education expenses, travel marriage or purchasing anything.
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Types of Loan
Are you also taking a learn? Then keep this thing in mind. In the process of taking alone you get many types of loan. people take loan according to their needs and requirement such as personal loan, business loan, education loan, medical loan, home loan, car loan, gold loan, security loan, these are some types of loans. people take part of it according to their need.
- Personal Loan: – There are other types of personal loans as well instant personal loan, pre-approval personal loan, short term personal loan, consumer durable loan, personal loan balance transfer, top of personal loan, merger personal loan, higher education loan, all these are types of personal loan. let’s know more about these in detail: – 👇
- Instant personal loan: – This is a process of providing instant loan which is given to the person for his sudden need. instant personal loan is available in less time and with less documents. you get instant personal loan from any bank or non-banking financial company. this company offer you instant personal loan in less time and its amount it is to transfer to your bank account quickly. some banks or institutions offer this facility of instant personal loan selected people having good credit profile and some banks try to provide this service to other people through online. instant personal loan is not used for risky work, it is used for marriage, travel, education, house or medical emergency.
- Pre- approved personal loan: – Pre- approve personal loan is also a loan which you get immediately. and in a short time, its process is also very simple and quick. for these also you do not have to give many documents and the loan amount is also transfer to your bank account immediately. you can get more information about this by visiting the official site of the bank.
- Short term personal loan: – This loan is also given to you to fulfil your immediate emergency needs. this also take less time and less paperwork. on this loan you have to pay interest on the principle advance amount and the time to repay. the loan is also less you can apply for short term personal loan online. its process is done online only. so, the loan amount is also received the time to repay the short-term. personal loan is at least 12 months or even a less. during this time only you have to repay the loan amount most of the bank institutions offer this loan to some selected people with good credit profile.
- Consumer durable loan: – Consumer durable loan is a type of personal loan and it’s given to you for household use. meaning if you want to buy any household item then you can take this loan. for that this loan is given to you for household equipment, electronics items, kitchen item, at extra. in this loan you are given, and amount of rupees 10,000 to 15 lakhs and you are given time to repay this loan up to 36 months. the interest on this loan is 0% or no EMI. this loan is also available in less time and with less documents.
- Personal loan balance transfer: – Using this method you can transfer your balance from one bank to another. the new Bank then offer you a lower rate of interest on your balance amount. through this process you can reduce your loan and get more funds from the new bank. for more information and process of personal loan balance transfer you have to contact your bank from where you can get more information. you can contact your bank to ask about how to transfer your balance amount to a new bank the documents required for it all its terms and conditions.
- Top up personal loan: – This is a type of loan in which you can take another loan on your existing personal loan or home loan. if you have maintained a good credit profile with your bank and are paying your EMI properly then you can easily get this loan on the basis by this. you can increase your loan balance and get more fund at the new interest rate.
- Marriage loan: – This loan comes under the process of personal loan. which people take from the bank for their marriage expensive. the process of repaying this loan is also like a personal loan.
- Higher education loan: – If you are thinking of getting higher education and you are worried about the amount for its expenses then this higher education loan is taken. education loan is taken to meet the expenses incurred for study. the interest rate of these loan is also the same as that personal loan.
- Business Loan: – You can a will business loan to fulfill of your business expenses. The interest rate of the loan is same as that personal loan. you can contact your bank for more information in process.
- Medical Loan: – You can take a medical loan to meet your hospital expensive and medical expensive. you can use a medical loan to cover all your hospital expenses and treatments.
- Car loan: – If you are thinking of buying your own car and you are worried about the money for it then you can take a car loan from the bank for it. car loan is a secure loan process which you can take to buy your car.
- Gold Loan: – gold loan is a loan that you can avail if you want to get a gold necklace. gold loan is a secured type of loan through which you can buy gold.
- Security Loan: – You can take this loan for your financial investment.
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How to apply for a loan?
If you wish to take any type of loan you can apply online through your bank website or you can contact the bank in get all information from there and then applies for the loan offline by going to the bank. while taking a loan or applying for it you have to do all the information such as why you want to take of loan, you take it interest rate, loan amount all the things how to be told the bank after that you can apply for a loan by keeping them in mind as per the rules and regulation of the bank.
What is the interest rate on the loan?
If you take any kind of loan, it interests rates it taken as the interest of the bank loan. interest rates are mostly quoted on a yearly basis, which is called annual interest rate.
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