Different Types of Bank Loans in India 2024

 1) Personal Loans- 

Most banks offer Personal Loan Interest Rates 2024 to their customers. The funds can be used for any outlay like paying a bill or buying a new television. Generally, these loans are unsecured. The lender or the bank needs certain copies like proof of assets, proof of income, etc. Before endorsing the personal loan payment.


The borrower must have enough support or spend to repay the loan. In the case of intimate loans, the application is 1 or 2 pages in length. The borrower gets to know about the rejection or acceptance of the loan within a couple of days.





2) Credit Card Loans:- 

When you use a credit card, you must understand you will have to repay for all the purchases by the end of the billing cycle. Credit cards are working almost everywhere. Maybe you are travelling abroad. 


Paying for buys with it is one of the most suitable ways. It has become a favourite & widespread loan type for everyone. 



3) Home loans:-

When you want to buy your own house & Home Loans are the perfect solution. It offers you financial support and helps you to buy a house for yourself or loved ones.


These loans normally come with longer terms (20 years to 30 years). The rates offered by some of the top banks in India with their home loans start at 8.30%.



4) Two-Wheeler Loans:

A two-wheeler is pretty vital in today's world. Maybe you are going for a long ride or a busy road in a city - bikes, and scooters help you to commute with comfort;


A two-wheeler loan is effortless to apply for. The funds you borrow under this loan type benefit you to purchase a two-wheeler. But if you do not pay the instalments on time & clear your debt, the insurer will take your two-wheeler to recover the loan funds.


5) Small Business Loans:

Small Business Loans are loans that are provided to small-scale and medium-scale businesses to meet various business requirements. 


The eligibility criteria for small business loans vary from lender to lender, but the common ones are the age of the business owner, the number of years the business has been active, income tax returns, & bank statement of the last year's turnover that has been audited by a Chartered Accountant (CA);


6) Payday Loans:

Payday loans are also called salary loans. These are unsecured loans that require the patron to be employed with a stable income. They usually have high-interest rates.


 This is based on the applicant's acclaim profile, age, and income. Documents required would be salary statements and other proof of income.


7) Education loans:-

An education loan is available specifically to finance educational needs towards school or college. Depending on the lender, it will obscure the basic fees of the course, the exam fees, accommodation fees, and other miscellaneous charges. The student is the borrower with any other close comparative standing to the co-applicant, such as a parent, grandparent, partner, or sibling. 

Comments

Post a Comment

Popular posts from this blog

What is Income Tax Return (ITR): Know your ITR Status Manual

Image
Income Tax Return (ITR) is a document that is filled out by the taxpayers of India in order to provide the details of the Income Tax Department. Income tax returns need to be filed by entities and employers that receive over the set threshold of the government for exemption. This facilitates the operations of checking transactions and enables the government to monitor and collect taxes more efficiently. Importance of Filing ITR:  - Legal Compliance: The submission of ITR is legal requirement in India for individuals and entities; who have certain threshold income. - Financial Record: This acts like an identification card for income and tax, which may be vital when it comes to granting of loans, visas, and so many other financial activities. - Claim Refunds: Even to get a refund in case of excess tax on the employees’ side as per the provisions of Section 192 of the I.T. Act for every financial year, they prefer filing an ITR. - Carry Forward Losses: In ITR filing, one has the ability t
Read more

Car Loan Apply Full Process Details

Image
Thinking to buy a car loan? Well, buying a car loan is a quite big milestone for the people out there but don’t worry financenu is here with a guide on the full process of car loan to give you ease. Understanding the process will help you to get the best price for your car loan and you will also have a smooth process.   Let’s delve into this article and understand the whole process. Basics Get your basics clear first. That what car loan basically is. Go through the criteria which has been set up by the loan provider. Do you set up in the criteria or not.  Always determine the amount which you need to borrow for your car loan.   Eligibility Before applying for car loan you need to know that do you come in the eligibility criteria or not. Applying for car loan you should be above the age of 21 and the maximum limit is 65.   Documentation You need quite few documents for the approval of your car loan and they include your Identity proof such as aadhar card or voting c
Read more

Health Insurance and Mental Health Coverage: What to Expect in 2024

Image
It is therefore important for anyone in need of the services of health insurance plans to fully understand what the insurance covers especially in the area of mental health. Covering mental health by insurance has never been more vital in the future year of 2024. There is nothing much one can think of as far as expectations are concerned and here is why. The provision of mental health coverage Increasing demand for mental health care Mental health is a valuable component of  , health insurance and mental coverage  health insurance and mental coverage helps people live a better life. The role of mental health coverage in supporting people’s lives Mental health coverage; is an essential aspect of Healthcare; the importance of mental health coverage Advantages of having mental health cover   Mental and Physical health are interrelated, and their importance cannot be overemphasized. The reality of today’s world proves that conditions like depression, anxiety, and stress impact everyone an
Read more