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Different Type Of Loans & Its Features

We might not always have the cash we require to try and do certain things or to buy or shop for certain things. In this condition, individuals and businesses/firms/institutions opt for the choice of borrowing money from lenders.

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Different Type Of Loans & Its Features

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  1. Different Type Of Loans & Its Features We might not always have the cash we require to try and do certain things or to buy or shop for certain things. In this condition, individuals and businesses/firms/institutions opt for the choice of borrowing money from lenders. When a lender gives money to a private or entity with a particular guarantee or supported trust that the recipient will repay the borrowed money with certain added benefits, like an charge per unit, the method is termed lending or taking a loan. A loan has three components – principal amount, rate of interest and duration that the loan is availed. Most people prefer borrowing money from a bank or a trusted non-banking financing company (NBFC) as they're guaranteed to the govt policies and are trustworthy. Lending is one amongst the first financial products of any bank or NBFC (Non-Banking Financial Company) offers. -------------------------------Type of Loan----------------------------- On the basis of Security Provided Unsecured Loan An Unsecured Loan is a loan provided solely based on the creditworthiness of the borrower without pledging any collateral as security in the event of default or non-payment of dues. Unsecured loans are also referred to as personal loans and generally provided to borrowers with high credit ratings. For example – Personal Loan, Student Loan, Credit Card Secured Loan A secured loan is a loan in which the borrower pledges some asset as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. For example - Vehicle loans, Mortgage loans, Home Loan

  2. Different Type Of Loans & Its Features On the basis of Purpose Education Loan An education loan is a sum of money borrowed to finance post-secondary education or higher education- related expenses. Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower is in the process of pursuing a degree. Personal Loan A personal loan, as against a poster or bank loan, may be a loan to a personal for his or her own use. This kind of loan is smaller than a mortgage and is usually wont to purchase a car, renovate the house, and buy a vacation, to finance a marriage, to hide funeral costs or handle an unexpected event. The best part about best personal loans near me is that they will be used for any purpose. A number of the uses of a private loan include going for a vacation, renovating one's house, starting a business, paying fees or perhaps for medical emergencies. Thus you do not must read your savings. Vehicle Loan Vehicle loans finance the purchase of two-wheeler and four-wheeler vehicles. Further, the four-wheeled vehicle can be a new one or a used one. Based on the on-road price of the vehicle, the loan amount will be determined by the lender. You may have to get ready with a down payment to get the vehicle as the loan rarely provides 100% financing. The vehicle will be owned by the lender until full repayment is made. Home Loan A home loan is an amount of money that an individual borrows from a bank or NBFC which can be opted to buy a new house/flat/plot or any residential property and even for construction. Home loan Top-up can be availed for renovation, extension, interiors and repairs to an existing home loan. So, fulfill your dream of buying a house in your desired city with Green Wall Finance. Apply for a home loan in Gurgaon to enjoy attractive home loan interest rate, zero processing fee*, easy documentation, door-step services and quick turnaround time. We make the home loan process easy and quick. On the basis of Assests Gold Loan A gold loan is a secured loan wherein the borrower keeps their gold, ranging from 18K to 24K, with a bank or a financial institution as security and avails capital against it. Loan against Property A loan against property (LAP) is a secured loan that is authorize against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.

  3. Different Type Of Loans & Its Features Loan against Property by Green Wall Finance can be availed with maximum finance against the market value of your property at the loan against property interest rate. You can continue to occupy your property while we fund your business, leading to its healthy growth. We guarantee doorstep service for loans for your desired end use. Features of Loan Flexibility and versatility Lower interest rates and higher borrowing limits No collateral requirement Easier to manage Interest rates can be higher than alternatives Fees and penalties can be high Higher payments than credit cards Can increase debt Green Wall Finance is one of the leading loan advisors with a mission to bring simplicity in the way people borrow money.

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