Loan is a financial assistance that provides you instant money for any big or small need. Whether buying a home, studying abroad or meeting an emergency, a loan can be an easy solution. There are mainly two types of loans. The first secured loan (Secured Loan), in which you have to pledge a property, such as a home loan, car loan or gold loan. Second unsecured loan, which does not require mortgage of any property, such as personal loan, education loan and credit card loan. If you want to take a personal loan up to ₹2 lakhs immediately, apply online through Zype in just 6 minutes and get money directly into the bank account without any documental hassle!
Term loan means taking a loan for a fixed period of time and paying the loan amount along with interest within the stipulated period. When you take a loan, banks or NBFCs give you different tenure options, which can range from a few months to a few years. This tenure depends on the type of loan, credit policy of the loan company, loan amount etc. Loan kya hota hai? In simple words, it is a financial assistance, which you can repay in the repayment period chosen as per your convenience
Every type of loan meets different circumstances and needs. The interest rate is determined based on the loan amount, tenure and other factors and different repayment tenure options are given.
The type of loan you take depends on your needs, financial situation, purpose of the loan and ability to repay the money. If you are wondering how many types of tenure loans there are, their answer is three – short term loans, medium term loans and long term loans.
1. Short term loan: The loans covered under this often last for a few months. These can be taken for any purpose, like household expenses, lack of money, etc.
2. Medium term loans: The tenure of the loans included in these is between one to five years. This includes large amount of personal loans, car loans, education loans, etc.
3. Long term loan: Loans that have a repayment period of more than 5 years fall into this category. Like home loan, loan for business, etc.
People choose loans according to their needs, like buying a house, getting higher education, starting a business, etc. According to the purpose of the loan, its credit policy is made, in which the loan limit, interest rate, repayment period, etc. are decided.
It is important to understand all these aspects before taking a loan. You should compare loan offers from different banks and NBFCs, see how much EMI you can easily pay every month, and make sure which loan will be suitable for you as per your need. Start the loan process keeping all these things in mind.
Secured loan is a type of loan in which some mortgage has to be taken to take the loan, like house, land, jewellery, etc. If you do not repay the loan, the loan company has the right to confiscate the goods. Because banks or NBFCs have to bear less risk in such loans, its interest rate is lower than other loans. Let us look at some examples of secured loans:
Gold Loan: In gold loan or gold loan, you can take loan by mortgaging gold jewellery, gold coins, etc. Because it is a type of secured loan, its interest rate is usually lower than that of an unsecured loan. You can also take gold loan by pledging digital gold. To know more about Digital Gold.
Loan against Securities (LAS): This is called security loan. In this you can take loan by pledging securities like shares, mutual funds, bonds, etc. If you do not repay the loan, loan companies can recover it by selling it. Because it is a secure loan, it can be easily availed even with a low credit score.
Loan Against Property (LAP): This is called loan against property in English. In this you can take loan by mortgaging your house, plot, apartment, shop, factory, etc. Usually the bank and NBFC can get up to 70-80% of the value of your property. In this, there is a risk of property confiscation if the loan is not repaid.
Home Loan: With a home loan, you can buy residential property like flat, plot, etc. You can also get the house constructed or renovated with the money from the home loan. With its help, you can get your dream house even if you do not have enough money.
Business Loan: Business loan or business loan is given to help businesses financially. Traders can use this loan amount to start a new business, expand an already running business, buy property or equipment, etc. With the help of business loan, you can make your business successful and achieve your goals.
Unsecured loan is a loan which is given without mortgaging any property. It is given only when the bank or NBFC believes that the borrower is capable of making the payment. Unsecured loan is available faster than secured loan because there is less paperwork in it. The interest rate on unsecured loans is usually higher than that on secured loans because the loan company has to bear more risk in giving it.
Personal Loan: Personal loan is a type of unsecured loan which you can take for any personal work. Such as expenses on occasions like wedding, birthday, home repairs, travel, medical expenses, etc. If you need a personal loan from Zype up to ₹5 lakhs in 6 minutes, you can use this money for any need.
Vehicle Loan: With a vehicle loan, also known as a vehicle loan, you can buy your favorite bike, car, scooter or any other type of vehicle. You can take vehicle loan for both new and old vehicles. Vehicle loans are both secure and unsecured. The monthly installment of the loan should be kept such that you can repay it easily.
One specialty of personal loan is that it is available quickly and easily compared to other loans. You can also take it through the app of bank or NBFC. If you take an instant loan from Zype, you do not need to submit any documents. Once you complete the application process, the loan is approved in less than 60 seconds. Let us know the different types of personal loans:
Education Personal Loan: If you need money to get education, then Education Personal Loan is a great option for you. You can bear the following expenses from this loan amount: living expenses, stationery, tuition fees, buying books, transportation expenses, etc.
Home Renovation Personal Loan: If your house requires some repair or renovation and is short of money, a personal loan can be taken for renovation of the house. With this loan you can bear the expenses of repairs, purchasing new furniture, installing new tiles, etc. Personal loan is also a good option for unexpected home related expenses, as it is available quickly and easily.
Travel Personal Loan: If you have to travel with family or friends and are short of money, a travel personal loan can help you. You can pay for tickets, accommodation, and other travel expenses through an instant loan. After the journey is over, you can repay the loan in easy installments.
Wedding Personal Loan: Marriage is one of the biggest opportunities in any person’s life. If you want to raise money for your dream wedding, a personal loan can prove helpful for you. If you apply for a loan through Zype, the money will be instantly credited to your account. You can use this amount for hotel, catering, gifts, etc. expenses.
Medical Personal Loan: If you have to incur any anticipated or unexpected medical expenses, a personal loan can be an easy and quick way. Many loan applications like Zype provide the facility of instant approval, due to which you do not face any shortage of money.
Now you must have understood what a loan is and what are its different types. Always do complete information and research before taking a loan. Select only those loan applications which have good ratings and reviews. Make sure that your installment is not so much that there is trouble at the time of payment. Not repaying the loan on time has a negative impact on the credit score, which can make it difficult to get a loan in future. If your salary is ₹15,000 or more, apply to Zype immediately and get a loan of up to ₹2 lakhs in 6 minutes.
1.How much loan can be availed on Aadhar card?
If you are wondering how to get a loan, then you can easily take a personal loan through Aadhar card. Usually a loan of ₹50,000 to ₹5 lakhs can be availed on Aadhar Card, depending on your credit score, income and the terms of the lending institution.
2. Can a student get a personal loan in India?
This is a financial assistance for students, through which they can cover the expenses related to studies. Students in India get education loans, but some banks and fintech companies also provide student personal loans without guarantee.
3. Which is the best loan?
It is important to know this, because the best loan depends on your need. If you want a low interest rate then a home loan or gold loan can be the right option, while a personal loan can be the best option for emergency expenses.
4. Which is a loan without interest?
Some government schemes in India, such as Mudra Loan, Kisan Credit Card (KCC) and some microfinance schemes offer loans without interest or at very low interest rates. Additionally, some banks also offer Zero Interest Credit Card EMI.
5. What happens if the loan is not repaid?
If you do not repay the loan, your CIBIL score may fall, the bank may impose penalty charges and legal action may also be taken if you do not pay the EMI continuously. Assets mortgaged in secured loans (Secured Loan) may be forfeited.
6. Where to get loan for ear?
If you want to take a loan to open a shop or start a business, you can take a loan under Business Loan, Mudra Loan, and Stand-up India Scheme. Business loans can also be easily available from banks and NBFCs.
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