You must have heard about personal loan, home loan, auto loan, education loan, but do you know how many types of loans are there? You will be surprised to know but there are not just one or two types of loans but there are 15 types of loans. This process does not stop only at home, auto, personal, gold and business loans but the bank gives you 15 types of loans. Let us tell you today about these different types of loans and also know how you can take them.
These are 15 types of loans
Business Loan- If you want to start your own business then you can take a self-employed business loan. For this you will have to provide business related documents, such as income tax return, bank statement and other financial documents. It can be used to expand business or start a new business.
Personal Loan- The bank also gives unsecured personal loan without any collateral. The borrower can use it anywhere as per his wish. You get this loan according to your income and credit score.
Collateral Loan- Banks give you loan even if you pledge any kind of collateral i.e. any item. For this, property, FD or gold has to be mortgaged with the bank. You get a loan according to the value of your goods.
Salary Advance Loan- Only working people get salary advance loan. In this, you can take your salary money as advance even before your salary comes. You can use it in case you need money in emergency.
Wedding Loan- You can take a wedding loan from the bank for your wedding. This includes expenses like venue booking, catering, decoration and clothes. This means that instead of worrying about wedding expenses, it would be better to take a wedding loan from the bank.
Medical Loan- It is taken to bear the hospital expenses for treatment or to bear the burden of money required for any operation. This includes hospital expenses, surgery, diagnostic and other medical expenses.
Education Loan- You can take education loan from the bank for studies and living, books and other expenses. School fees are also included in this. It is available for graduate to post graduate and professional courses also. In this, moratorium is also available till the completion of the course and many banks also give subsidy on interest.
Travel Loan- You can also take a loan from the bank to travel the world. For this, banks offer travel loans. This includes flight tickets, accommodation, visa fees and other expenses. For this, banks fix a fixed period of repayment and its interest rates are somewhat higher.
Renovation Loan- If you want to get your house repaired or change the design on Diwali or festival, then home renovation loan can be taken from the bank for this also. This includes changes like modularizing the kitchen or upgrading the bathroom.
Repairing Loan- If you want to buy electronic goods like TV, fridge, AC, smartphone, laptop or home furniture then you can use it. In this, the interest and repayment period depends on the loan amount.
Short Term Loan- A type of short term loan in which small amounts are disbursed. It can be used for emergency expenses. This is also a type of unsecured personal loan, hence the interest rates on this also remain high.
Used Car Loan- Banks offer this type of loan to customers who plan to buy a used car. To buy a second hand car, you can take a used car loan from the bank. The interest rate on this is not very high and the loan amount is decided according to the price and condition of the car.
Gold Loan- You can also take a loan against your gold jewellery. Banks pledge your gold as collateral and provide funds immediately. The loan amount remains about 70 percent of the market price of gold. If you need money urgently then this is a very useful loan.
Credit loan- given to a business or individual. In this, the loan amount is decided in advance i.e. the credit line is already determined. The customer will withdraw as much money as he needs and the interest rates are also decided accordingly. That means banks already create a credit line on the basis of your credit card limit. You can take loan up to the amount fixed in this whenever you want.
Credit Card Loan- If you have a credit card, you can get a loan on it also. The amount of this loan is decided in advance by the bank. That means banks already create a credit line on the basis of your credit card limit. You can take loan up to the amount fixed in this whenever you want.
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