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Different Types Of Loans

Nowadays, online loans are also available easily. Also, there are three important components of a loan such as rate of interest, borrowed or principal amount and duration or tenure for which the specific loan is availed. <br>

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Different Types Of Loans

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  1. Different Types Of Loans Loans mean lending of money from one individual or entity to the others. Nowadays, online loansare also available easily. Also, there are three important components of a loan such as rate of interest, borrowed or principal amount and duration or tenure for which the specific loan is availed. So, it is considered to be one of the primary financial products offered by any NBFC (Non- Banking Financial Company) or bank. Loan Categories The loans are generally categorized as unsecured or secured. Specifically, the loans which are backed by the security or collateral in the form of assets such as gold, property, PF and fixed deposits are referred to as secured loans.

  2. On the other hand, in case the NBFC or bank agrees to provide loans without any security, then, it becomes unsecured loans. So, it is totally based on the personal track records and CIBIL score. Not only that, the loans are again classified on the basis of the repayment period i.e. term loans or revolving loans. Revolving loan refers to that loan that can be spent, repaid and then, spent again. One of its examples is a credit card. On the other hand, the term loans are those which are specifically paid off in EMI or equal monthly installments and that too over a pre-agreed period. Types Of Loans

  3. Some of the common types of loans availed by the people include: •Gold Loan •Business Loan •Personal Loan •Education Loan •Car Loan •Home Loan Benefits And Features of Loans •Financial Flexibility : The loans specifically allows you to meet a financial expense or requirement that you incur in life. So, you will get a certain degree of financial freedom whenever you opt for a loan. •Easily Get Required Amount : The specific amount that you require as a loan can be disbursed to you easily on the basis of your financial history as well as income. •Easy Availability : Almost all loan types are quickly approved in a short time of 48 hours. But, the loan is dependent on the income history of the borrower and the collateral to be attached. •Tax Benefits : In accordance with the Income Tax Act of 1961, almost all loan types offer tax benefits that you can avail. Final Words So, all of these types of loan offers a tenure of 12 to 60 months or sometimes even more. But, again, the loan tenure depends on the amount and bank.

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