It is not easy to any normal individual to buy the things from their own money for the purpose of expansion of the business or lifestyle and therefore people pursue to search for different options of loan available in the market so that they can have the amount of money they need from the market and then further pay it off in a installment manner or with interest once the have the money. As whenever you need to buy a home, start a new business venture or buy other lifestyle related things it is not necessary for the person that they have the money at that time to do the same and that is the reason various banks give different types of loan options as per the convenience of the person.
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Different types of loan available in the market:-
- Home loans: If you are planning to buy a new home and lacking on the budget to buy the same. Then you have the option to get the missing money through a home loan and in this you can go to any bank regulated in India wherein you feel that the interest charge rate and other prospectus of the loan matches the criteria you are looking forward for and get the loan sanctioned for yourself. The home loan can further be paid into a manner of monthly installment which comes with addition to the interest rate the bank is charging.
- Secured loan: Usually you can reach a bank for such loans and these loans are usually given against a security or a property which has been mortgaged by the bank till the time the clearance of loan amount is not done. The loan can again be paid in a manner of installment.
- Unsecured loan: This loans are usually take by acquaintance, a person in known or friends or family and they are been mostly given on interest where a person do not have option to pay monthly installment which is in addition with loan amount and rather have to pay interest every month and the amount thereof as per suitability. This loan is not secured and the person taking and giving both are at risk.
There are many other types of loans which can be taken by banks such as gold loan, vehicle loan, business loan, project financing and so on.
