What Are The Different Types Of Bank Loans In India? ,
Bank Se Loan Kaise Le |
What Are The Different Types Of Bank Loans In India?
What are the different types of loans?
A loan or loan is money borrowed from a bank or financial organization for personal reasons such as expanding a business, performing important tasks or buying something. Friends, Sumit Duhan here, and today we are going to talk about how many types of loans banks give in India in this blog article, so let's start. start |
There are three types of loans according to the tenure.
1.) A short-term loan is one that lasts for less than a year.
2.) Medium Term Loans: The tenure of this type of loan ranges from one to three years.
3.) Long term loan: The tenure of this type of loan is more than five years.
How many types of loans are available in India?
1. Personal Loan - PERSONAL LOAN
Personal loan means a loan taken for one's own use; While everyone takes out a loan for himself, a personal loan refers to a loan taken for one's own use, such as paying school tuition for children or treating someone. Whether you are buying a house or giving a valuable gift to someone, each bank has its own interest rate times for personal loans, eg: In today's mode, SBI charges 12.50 per cent to 16.60 per cent for personal loans . If HDFC Bank charges annual interest on the same, then the rate ranges from 10.99 per cent to 20.75 per cent. It is also worth noting that the interest rates of personal loans are higher than other types of loans, despite the fact that the bank offers loans to personal loans. does not ask for further documents while approving the loan; Instead, they only look at your salary and approve the loan. Personal loans are available for up to 5 years. Another option is gold loan.
2.) Gold Lending - GOLD LOAN
Gold loan is a way to get cash against keeping gold in the bank; You have to store it in the locker of the Gold Bank. You get such loans based on the value of the gold held; The bank will pay you up to 80% of the value of the gold. They provide loans; Gold loans are generally accepted only in emergencies, and the interest rates on these loans are much lower than that of personal loans. SBI Bank currently charges 11.15 per cent annual interest on gold loans, while HDFC Bank charges 10% per annum interest on gold loans. The third option is to take a loan against your assets.
3.) Take Loan Against Your Property - LOAN AGAINST SECURITIES
In such a situation, the bank gives you a loan in lieu of your security paper. However, the solution is that if you have already invested in demand shares or other securities, what happens to your security letter is similar to your security letter, in return for which the bank provides you a loan. The fourth loan is a property loan.
4.) PROPERTY LOAN - PROPERTY LOAN
A property loan is a loan that a bank gives to you in return for keeping your property documents safe. You can get it for 15 years, and the loan is usually 40 to 70% of the value of the property. Home loan is the fifth loan.
5.) Home Loan - Home Loan
A home loan is a loan that is used to buy a house; You don't take a loan just to build a house; However, you can combine the bank loan with the cost of building the house. The bank may be able to cover 75% to 85% of the total expenditure. The tenure of the home loan can be anywhere from 5 to 20 years. The sixth is student loans.
6.) STUDENT LOAN - EDUCATION LOAN
Only those students who will be able to repay the loan on time are awarded education loan. Students can repay this loan after the completion of their studies. SBI Bank Education Loan now charges 10.70 per cent interest on loans above Rs 7.50 lakh and 9.95 per cent on loans below Rs 7.50 lakh. Car loan is the sixth loan.
7.) Car Loan - CAR LOAN
Bank letters continue to provide various forms of car-purchase incentives. Like all other loans, it is for a fixed period.
So, friends, now you know how many types of loans Bank India offers; If you liked this article, please like it, share it with your friends, and thank you from the bottom of your heart for taking the time to read it.
