Personal Loan:
- Unsecured loan for personal use.
- No collateral required.
- Can be use for various purposes like medical expenses, travel, weddings, etc.
Home Loan:
- Used to purchase or construct a home.
- Typically has a long repayment tenure.
- Property acts as collateral.
Car Loan:
- Specifically for purchasing a vehicle.
- The vehicle itself serves as collateral.
Education Loan:
- Designed to fund education expenses.
- Can cover tuition fees, accommodation, and other related costs.
- Generally has a moratorium period during the course.
Gold Loan:
- Loan provided against gold as collateral.
- Usually a short-term loan.
Business Loan:
- Designed for business purposes.
- Can be for starting a new business or expanding an existing one.
Loan Against Property (LAP):
- Secured loan where property is mortgaged to avail funds.
- Can be used for various purposes.
Two-Wheeler Loan:
- Specifically for purchasing a two-wheeler.
- The vehicle itself serves as collateral.
Credit Card Loan:
- Short-term loan taken against the credit limit on a credit card.
- Interest rates can be relatively high.
Personal Overdraft:
Allows withdrawal of funds more than the balance available in the account.
Interest is charged only on the overdraft amount used.
Microfinance Loan:
Small loans provided to individuals, especially in rural areas, for income-generating activities.
Fixed Deposit Loan:
Loan against a fixed deposit held with a bank.
Interest rate is usually lower than other types of loans.
Government Subsidized Loans:
Various government schemes provide subsidized loans for specific purposes like housing, education, and entrepreneurship.
Consumer Durable Loan:
Used for purchasing consumer durables like electronics and appliances.
Personal Line of Credit:
Pre-approved credit limit that can be used as per the borrower’s discretion.
It’s important to note that the terms and conditions, interest rates, and eligibility criteria for these loans can vary among different financial institutions. Before opting for a loan, individuals should carefully compare options and choose the one that best suits their needs and financial situation. Get more information