There are 11 different types of loans available in India
There are 11 different types of loans available in India Simply put, loans are emergency funds that you take out to meet certain goals, such as buying a bike, car, house, etc.
in terms of EMIs, guaranteed to be repaid within a specified period. Sometimes people also take loans to pay off their debts. There are different types of loans available in India.
You can choose based on your needs. However, most of the people opt for personal loans as they are not aware about the different types of loans in India.
Let’s take a look at them. Loan Types Mortgage Loans, Auto Loans, Salary Loans, Student Loans, Marriage Loans, Home Loans, Business Loans etc are some of the loans which are widely taken.
Each of them is defined for a specific reason and hence, they may differ due to tenure, interest rate and payouts.
Personal loan An individual applies for a personal loan to meet certain personal needs, such as paying off past debts, buying luxuries, or traveling to an international destination.
The interest rate of the loan is 10% to 14% higher than other types of loans. Home Loan Everyone dreams of buying their own home. But it is not possible for a common man to buy a house with money alone.
Hence, banks offer home loans which will help people for the property they want.
There are different types of home loans, such as: Loan to buy Home loan Loan to buy land to renovate your house.
