In today’s day and age, finding finance for your dream home or your dream car is no big deal. The same is true for purchasing just about anything; be it consumer durables, a vacation or for simply renovating your home. Banks and non-banking financial companies are ready to finance your needs, so long as you know where and how to look for it. All you have to do is simply find out which institutions offer the money at the lowest interest rates and apply. Here are the most common types of bank loans that you can apply for in India.
Home loan: Owing your own home is not only one of the biggest life goals; it is also one of the biggest investments that provide you and your family with financial security. And to procure a home loan, you need access to a large amount of funds. The good thing about a home loan is that you can get flexible repayment periods, along with decent interest rates. Getting a house on loan makes much more sense that investing all your life savings into purchasing/building the house.
Loan against property: Also known as close-ended secured loans, loans against property require the borrower to follow a set payment plan or schedule and the loan must be repaid over a stipulated period. To avail this loan, the borrower must mortgage his property; be it residential, commercial or even industrial. Loan against property is popularly availed by many borrowers since the interest rates on these are comparatively low and a loan can be passed for anywhere from 40% to 70% of the market value of the mortgaged property. Bank Loans against properties are ideally taken to expand business, purchase property, purchase new machinery and for personal expenses like education, home renovation, marriage etc.
Personal loan: A loan procured for personal purposes is regarded as a personal loan. Such a loan is usually taken for small or medium sized, personal expenses which include repayment of debt, wedding expenses, festive expenses, vacation, purchasing electronics and home appliances, paying for unexpected medical conditions and so on. Personal loans are offered to the borrower on the basis of his credibility and his capacity to repay the amount and are typically unsecured. You can also apply for loan online, to avail this loan from several banks like HDFC Bank, Axis Bank, ICICI bank etc.
Business loans: There are times when businesses require funds to expand and purchase new assets. Businesses can get these funds by applying for a business loan from banks and other non-banking financial institutions. A business loan can be taken by a business owner or a self-employed professional and is unsecured in nature. A term loan, a loan for women entrepreneurs and a working capital loan are the three most common types of business loans that can be availed in India.
Home loan: Owing your own home is not only one of the biggest life goals; it is also one of the biggest investments that provide you and your family with financial security. And to procure a home loan, you need access to a large amount of funds. The good thing about a home loan is that you can get flexible repayment periods, along with decent interest rates. Getting a house on loan makes much more sense that investing all your life savings into purchasing/building the house.
Loan against property: Also known as close-ended secured loans, loans against property require the borrower to follow a set payment plan or schedule and the loan must be repaid over a stipulated period. To avail this loan, the borrower must mortgage his property; be it residential, commercial or even industrial. Loan against property is popularly availed by many borrowers since the interest rates on these are comparatively low and a loan can be passed for anywhere from 40% to 70% of the market value of the mortgaged property. Bank Loans against properties are ideally taken to expand business, purchase property, purchase new machinery and for personal expenses like education, home renovation, marriage etc.
Personal loan: A loan procured for personal purposes is regarded as a personal loan. Such a loan is usually taken for small or medium sized, personal expenses which include repayment of debt, wedding expenses, festive expenses, vacation, purchasing electronics and home appliances, paying for unexpected medical conditions and so on. Personal loans are offered to the borrower on the basis of his credibility and his capacity to repay the amount and are typically unsecured. You can also apply for loan online, to avail this loan from several banks like HDFC Bank, Axis Bank, ICICI bank etc.
Business loans: There are times when businesses require funds to expand and purchase new assets. Businesses can get these funds by applying for a business loan from banks and other non-banking financial institutions. A business loan can be taken by a business owner or a self-employed professional and is unsecured in nature. A term loan, a loan for women entrepreneurs and a working capital loan are the three most common types of business loans that can be availed in India.
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