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. 

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