Types of Loan Available in India
Nowadays you can apply for different kind of loans according to your need. Loans like Home Loan, Education Loan and Car Loan etc. these all Loans comes under the category of secured loans. That means these all are mortgage loans which require security. Apart from these loan Personal Loans are come under the category of Unsecured Loans. That means you can easily apply Personal Loan and can use it for any purpose. For More: https://blog.bajajfinserv.in/different-types-of-loans-available-in-india/
Nowadays you can apply for different kind of loans according to your need. Loans like Home Loan, Education Loan and Car Loan etc. these all Loans comes under the category of secured loans. That means these all are mortgage loans which require security. Apart from these loan Personal Loans are come under the category of Unsecured Loans. That means you can easily apply Personal Loan and can use it for any purpose. For More: https://blog.bajajfinserv.in/different-types-of-loans-available-in-india/
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Aloanforeveryneed<br />
Here are the types <strong>of</strong> loans you can get<br />
<strong>Types</strong> <strong>of</strong> loans <strong>of</strong>fered by f<strong>in</strong>ancial <strong>in</strong>stitutions<br />
1. Home loans<br />
Everyone wishes to own a house. However, not everyone can<br />
afford it. A home loan helps you buy your dream house. It is a<br />
loan <strong>of</strong>fered to buy or construct a house. The different types <strong>of</strong><br />
home loans are:<br />
–Landpurchaseloan<br />
–Homepurchaseloan<br />
–Homeconstructionloan<br />
–Homeconversionloan<br />
–Homeimprovementloan<br />
2. Personal loans<br />
Apersonalloanisforthattraveltoanexoticlocation.<br />
It is a loan <strong>of</strong>fered to meet the personal needs <strong>of</strong> <strong>in</strong>dividuals<br />
The different types <strong>of</strong> personal loans are:<br />
–<strong>Loan</strong>fortravel<br />
–<strong>Loan</strong>forwedd<strong>in</strong>g<br />
–<strong>Loan</strong>formedicalemergency<br />
3. Education loan<br />
Study<strong>in</strong>g <strong>in</strong> a reputed <strong>in</strong>stitution is not a distant dream<br />
You can now move a step closer to your dream university<br />
An educational loan gives you the money required to pay your<br />
fees.<br />
You can repay the loan yourself, once you get a job
4. Pr<strong>of</strong>essional loan<br />
Different pr<strong>of</strong>essions have different needs.<br />
Apr<strong>of</strong>essionalloanisaloantailor-madefordifferent<br />
pr<strong>of</strong>essionals<br />
It funds you for the expansion and growth <strong>of</strong> your bus<strong>in</strong>ess<br />
The different types <strong>of</strong> pr<strong>of</strong>essional loans are:<br />
–Eng<strong>in</strong>eerloan<br />
–Doctorloan<br />
–Charteredaccountantloan<br />
5. Car or two-wheeler loan<br />
Study<strong>in</strong>g <strong>in</strong> a reputed <strong>in</strong>stitution is not a distant dream<br />
You can now move a step closer to your dream university<br />
An educational loan gives you the money required to pay your<br />
fees<br />
You can repay the loan yourself, once you get a job<br />
6. Bus<strong>in</strong>ess loan<br />
Every bus<strong>in</strong>ess needs money<br />
Abus<strong>in</strong>essloanisaloangivenforbus<strong>in</strong>esspurposes.<br />
It takes care <strong>of</strong> the work<strong>in</strong>g capital requirement <strong>of</strong> your<br />
bus<strong>in</strong>ess<br />
7. Gold loan<br />
In times <strong>of</strong> a money crunch, your gold can come to your rescue<br />
Agoldloanisatype<strong>of</strong>securedloan<br />
The lender gives you money aga<strong>in</strong>st the security <strong>of</strong> your gold<br />
If you are unable to repay the loan, your lender has the right<br />
to reta<strong>in</strong> your gold
8. <strong>Loan</strong> aga<strong>in</strong>st Fixed Deposit (FD)<br />
FD<br />
Such a facility makes your FD liquid<br />
You can take a short-term loan aga<strong>in</strong>st your FD without<br />
break<strong>in</strong>g it<br />
Most <strong>of</strong> the lenders allow you to withdraw up to 90% <strong>of</strong> your<br />
FD amount<br />
The <strong>in</strong>terest that you pay is usually a percent higher than your<br />
FD <strong>in</strong>terest rate<br />
9. <strong>Loan</strong> aga<strong>in</strong>st f<strong>in</strong>ancial securities<br />
You can also raise funds by pledg<strong>in</strong>g your f<strong>in</strong>ancial securities<br />
Securities for this purpose <strong>in</strong>clude share, <strong>in</strong>surance policies,<br />
mutual funds, bonds, etc.<br />
Such loans are a type <strong>of</strong> bus<strong>in</strong>ess loans<br />
10. <strong>Loan</strong> aga<strong>in</strong>st property<br />
<strong>Loan</strong> aga<strong>in</strong>st property is a type <strong>of</strong> mortgage loan.<br />
You can avail a loan aga<strong>in</strong>st the security <strong>of</strong> the follow<strong>in</strong>g:<br />
–Residentialproperty<br />
–Commercialproperty<br />
–Vacantplot
Quick Glance<br />
Type <strong>of</strong> loan Purpose Ma<strong>in</strong><br />
requirement<br />
Maximum loan<br />
amount<br />
Home <strong>Loan</strong><br />
Purchase or<br />
construction <strong>of</strong> a<br />
house<br />
Home as collateral<br />
Rs.15,00,00,000<br />
Personal loan Personal needs Pro<strong>of</strong> <strong>of</strong> <strong>in</strong>come Rs.25,00,000<br />
Pr<strong>of</strong>essional loan Pr<strong>of</strong>essional needs Pro<strong>of</strong> <strong>of</strong> <strong>in</strong>come Rs.30,00,000-<br />
35,00,000 depend<strong>in</strong>g<br />
on your pr<strong>of</strong>ession<br />
Education loan Higher studies Pro<strong>of</strong> <strong>of</strong> Marks Rs.25,00,000<br />
Vehicle loan Purchase <strong>of</strong> vehicles Vehicle as collateral Based on the car price<br />
Bus<strong>in</strong>ess loan<br />
Bus<strong>in</strong>ess growth and<br />
expansion<br />
Pro<strong>of</strong> <strong>of</strong> bus<strong>in</strong>ess<br />
Rs.30,00,000<br />
<strong>Loan</strong> aga<strong>in</strong>st FD Any Fixed deposit with the<br />
lender<br />
60/70% <strong>of</strong> your FD<br />
depend<strong>in</strong>g on the type<br />
<strong>of</strong> FD<br />
Gold loan Any Gold as collateral Rs.25,00,000<br />
<strong>Loan</strong> aga<strong>in</strong>st f<strong>in</strong>ancial<br />
securities<br />
Any<br />
F<strong>in</strong>ancial securities as<br />
collateral<br />
Rs.10,00,00,000<br />
<strong>Loan</strong> aga<strong>in</strong>st property Any Property as collateral L<strong>in</strong>ked to property<br />
market value<br />
To know more about loan <strong>of</strong>fer<strong>in</strong>gs from Bajaj F<strong>in</strong>serv, click here<br />
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