What is the Loan | Type Of Loan | Loan Full Information In English

What is the loan
In the Coming days, you must have heard people mentioning about taking loan or loan to fulfill one or the other need. Where in earlier times people used to take loans from big moneylenders or lala people to meet their needs, in today’s era banks and many government and private finance companies have done this. Made the job very easy. For this, they have to apply for a loan in the bank or any finance company and on the approval of the application, they get the loan amount, which they get in monthly installments. To be returned with interest. Let us know in detail in disclosure.in what is a loan after all. When a company or person takes a loan from a bank or private finance agency to meet any of his personal needs, which he has to repay with some interest to the lender within the stipulated time frame. If so, then we call it loan or loan. By the way, there are many types of loans available for different works, such as if someone wants to build a house, then he should take a home loan and if a person needs a loan to fulfill his personal needs, then There is a personal loan for him. Similarly, if a person takes a loan for the higher education of his child, then this type of loan is called Education Loan.

Type Of Loan

1.Personal Loan

The loan given by the bank to meet the personal needs of a person is called Personal Loan. Generally this loan comes under the category of unsecured loan. The interest rate in this loan is higher than other loans. Most of the banks allow their customers to take personal loan. For this, they check the civil score of the person and his income etc. With the loan money taken in this way, a person can also use for his personal needs like wedding expenses, to go somewhere or to buy something for himself. Generally taking a personal loan is very easy, just the loan record of the person should be good and there should not be any loan running on it.

2. Home Loan
In this fast-paced life of the metropolis, today everyone wants their own small home. For people who want to buy or build their own house but do not have enough money to buy their house. Such people can make their dream of home come true by taking home loan. To such customers who are willing to take a home loan, the bank gives a loan, considering the value of the property and the condition of their loan repayment. Which these customers have to pay with interest in twenty thirty years, since the time of repayment of the loan is very long, so the consumers do not have any problem in repaying it, they take it comfortably in Monthly Installments. Keep repaying the home loan.

3. Education Loan
It is the dream of every parent that they can give a better future to their child. Whose worry starts after the child finishes high school. When a parent wants to make their children a doctor, engineer or some kind of professional degree course and the parents do not have enough money for their education, in such a situation, the child’s Parents are very worried. In such a situation, raising money for the education of the child for the parents is no less than chewing iron gram. In such a situation, many government and non-government banks give loans to the parents of children for the education of children, which is called education loan. With this loan, children pay their education fees and when the child joins the job after completing his studies, then the same student can pay that education loan in monthly installments to the bank pays.

4. Car Loan
The second biggest dream of every Indian after owning a home is that of a car. Everyone wants that they go somewhere with their family, for which they must have at least one car. Car for middle class families is no less than a dream even today. Neither did people have lump sum money to buy a car, nor would they be able to buy the car of their dreams. But banks have made this difficulty of the people very easy. Usually, all government and non-government banks provide loans for buying a car for job professionals and those doing their business, this is called car loan. For this, any person who is willing to buy a car can buy a car according to his mind by taking a car loan from the bank. The interesting thing is that banks charge very little interest on car loans.

5. Bussiness Loan
In a developing country like India where unemployment is a big problem. Even after having a good education, many youths keep roaming idle due to lack of suitable job. To improve this situation, the Government of India has started many schemes. Like Jawahar Rozgar Yojana, Pradhan Mantri Mudra Yojna and there are many other such schemes in which any unemployed person can start their small or big business from fifty thousand to 10 lakhs can take loan. So business loan is that in which we can start any business or any of our employment by taking loan from bank. To take a business loan, first you have to prepare your plan well. When you apply for this type of loan in a bank, the first thing that the bankers know about your business plan is when they are completely satisfied that your plan If it is good then let us know about the cost estimation of your business.

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