Types Of Loans That You Can Take Depending On Your Needs
Loans are not as far-reaching and inaccessible as they used to be a decade ago. You don’t have to stand in long queues and bury yourself in paperwork anymore. With the help of digitisation, getting a loan has become easy and convenient. Accessing loans can become seamless and hassle-free with the use of a bank loan app. With various financial management and loan apps, availing loans for purposes like supporting a business, funding startups, buying homes, purchasing commodities, and so on. The major categories of loans that you can avail basis your requirement and eligibility criteria are as follows:
We have access to loan EMI options in shopping apps to buy now and pay later. Personal loans are provided based on your credibility, income, and assets. There is no security when it comes to personal loans. In some specific cases, the bank may require some guarantees to approve it. Therefore, they have the highest interest among all other loan types in general.
If you plan on buying a house, you can take out a home loan. Banks typically have their own NBA FC arm or separate companies that provide loans. You need to apply for a loan and buy that property. The banks will mortgage that property until the loan gets paid. Most of these loans are long-term. You can enjoy lower interest rates because your credit score determines your interest rates. When you have a good credit score, you can get a loan at reasonable interest rates.
If you wish to purchase a car, you could consider applying to your bank to get instant loans. A car is one of the most notable investments we make, so various banks offer car loans depending on the eligibility criteria. The loan application will likely be approved quickly, and you might even get a lower interest rate associated with the loan if you have a good credit score.
Loan against Property-
Suppose you have a property that you own that now you require some funds to buy another property or for personal purposes. In this case, you can mortgage your assets to the bank and take a loan against the property. In addition, there are top-up loans available to you as well. You can estimate the sum you are eligible for by using a loan calculator app.
If you want to pursue your education at a reputed college, you might need to apply for an education loan. The banks consider various factors including, your family income, your plans of reimbursement, your academic performance, etc. Getting approval also depends on the credibility of the educational institution that you wish to attend.
Apart from these major categories, you can also get a business loan, two-wheeler loan, payday loans, cash advances, home renovation loan, agriculture loan, home renovation loan, gold loan, loan against a credit card, durable consumer loans, among others.