Every person in India borrows money at some parts of his/her life. It has become normal in financial planning. The loans are supposed to be taken to serve many purposes and address many individual or business requirements. When a person is purchasing a house, considering a new firm, cost of education, or when handling a medical situation a loan is very critical in terms of financial input.

Loan can as well be taken against money, car or gold depending on the need and eligibility. Each financial institution or bank lends with various terms and conditions which have to be keenly understood before taking a loan. Taking loans used to be a tough job earlier since there was too much paper work and the conditions were very rigid but today, taking loans has elicited a new mode of convenience and speed through the online system.

No one ought to get a loan without evaluating his or her financial position, the ability to repay and the prospects of earning the income in future. Using a proper loan at the correct time can make things easy and bearable.

Home Loan

Home loan is for people who want their own home. You can take out a loan for a plot, flat or house. The bank keeps the house papers with you. The house is in the name of the bank until the loan is completed. You can easily pay the amount in EMI. Home loan is for 10 to 25 years. If the rate is low, it becomes easier to buy a house.

Inherent in the loan

A personal loan is available for any need. You neither need any assets nor money. The bank only looks at your salary or score. This loan is useful for everything like marriage, medicine, and travel. Most people apply online. Approval is quick. It has fixed EMI. The loan rate depends on the bank.

Business Loan

A business loan boosts your business. Whether new or old, this loan is useful. The bank looks at your plan and income. Investing money in business brings profit. Buying goods is easy after getting a loan. It is perfect for small firms or shops. If the plan is clear, the loan is available quickly.

Gold loan

Taking a gold loan is the easiest way. You give gold to the bank and take money. Gold stays in a bank locker. When you repay the loan, you get the gold back. This loan is for 1 to 3 years. The markup is low and the process is fast. The more gold, the bigger the debt. Borrowing is quick and easy.

Car loan

Taking a car loan has become a common thing now. Everyone wants to own their own car. The bank gives you the money in exchange for the vehicle papers. The vehicle is in the name of the bank until the loan is completed. EMI is fixed every month. Getting a loan is easy if the score is good. Car loan is available for both new and old models.

Education loan

Borrowing has become easier through education loans. Both students and parents can apply for the loan. The bank wants proof of the school name and fees. The loan is paid after the loan is paid off. It is used locally and abroad. If the degree is strong, the approval is quick. The markup is low and the terms are flexible.

Agricultural credit

Borrowing is essential for farmers. Seeds, water, fertilizers are all bought with money. These loans are given by both the government and banks. You can repay the loan after the harvest. Taking a loan is not very difficult. The rate is lower and you get more time. Getting money at the right time is beneficial for farmers.
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Credit card loan

A credit card loan is a quick loan that is given based on your credit limit. There is no paperwork involved and approval is instant. Most people use this loan during an emergency. The EMI is fixed and the repayment period is short.

Loan Against Property

If you own a property, you can get a loan against it. The interest rate in this loan is lower than the personal loan. You can borrow against residential or commercial property. The loan amount depends on the value of the property.

Two wheeler loan

This loan is given to buy a motorcycle or scooter. EMI is low and approval is quick. This is a good option for students and job starters. The loan covers full or half the cost.

Consumer durable loan

Consumer durable loan is available for purchase of items like TV, Refrigerator, AC, Washing Machine. EMI is easy and processing is fast. Most electronics stores provide such loan options. No cost EMI is also available.

Mudra Loan (for Small Business)

The government has launched the Mudra loan scheme for small business units. It has three categories – child, youth and youth. The loan is available without collateral. It is perfect for a startup or small business.

Emergency Loan

Emergency loans are given when money is needed for an urgent medical or personal need. The bank fast tracks this loan. Interest may be high but funds are available immediately.

Think before you borrow

Taking a loan should be done after much consideration. EMI plans should be prepared in advance. Choosing the right bank is important. If the documents are clean, then the loan is received quickly. One should only take as much money as is required. Taking on a large loan can cause problems later.

Each person must assess his own circumstances. It is important to understand the rates, fees and terms. Life can be easy if you avail these loans in the right way. A loan is a tool that helps in tough times. Every loan has its benefits if used properly.