Loan is one of the key sign of success for the Indian middle class to grow faster. There is a continuous increase of the income for the average Indian family which desires to own a house, educate a child or any other personal needs. For example, in recent years, some of them take home loan to purchase a house which has led the price of the property to such a height. It is true that not only for small cities but also for big cities across India. The rise in the price makes it difficult for middle class people to purchase a house through their savings. With so much prospective home buyers have different options to explore a home loan from either from banks or NBFCs.
Home Loan -
An amount of money borrowed from a financial institution or bank to purchase a house which consists of an adjustable or fixed interest rate and payment terms.
Car Loan -
A car loan is a personal loan which allows the potential buyer to pay for the vehicle through their monthly payments instead of having to pay the full price all at once. To enable for an unsecured loan, the borrower should have a very high credit score and also concern a higher interest rate on the loan as well.
Business Loan -
A business loan is a loan especially proposed for the purposes of the business. As with all the loans, it involves the creation of a debt, which will be compensated with the added interest.
Loan Against Shares -
A loan against shares enables you to borrow funds against the listed securities such as shares, mutual funds, insurance and bonds to meet the current financial needs. To choose this loan, you require instant liquidity for your personal/business needs and are sure to pay the loan back in few months.
Loan Against Property -
A loan against property (LAP) is indeed what the name implies a loan given or distributed against the debt of property. The loan is given as a certain percentage of the market value of the property, generally around 40 % to 60 %.
Gold Loan -
A gold loan is a loan which is secured against the gold ornaments. A borrower guarantees their gold ornaments with the lender in exchange for some funds. Hence, it is a loan which is granted against a certain physical security of gold.
Lease Rental Discounting (LRD) is a term loan offered against the rental receipts which is derived from the lease contracts with the corporate tenants. The loan is administered to the lesser based on the discounted value of the rentals and the basic property value.
Educational Loan -
Money borrowed to finance the education or the school relevant expenses. Payments are often deferred while in the school and there is a grace period after 6 month of graduation. There are a variety of organized and private student loans available.
Personal Loan -
Consumer loan granted for personal like medical, education, vacation or household purposes like repair, purchase of anything such as air conditioner, computer, etc., as disputed to the business or the commercial use. These kinds of loans are either unsecured or secured by the asset purchased or by a co-signor. Unsecured loans are also called signature loans which are advanced on the basis of the borrowerâ€™s credit-history and the ability to repay back the loan from the personal income. Repayment is usually through fixed amount instalments over a fixed term, is also known as consumer loan.
A home loan is loan taken for the purpose of purchasing a property, either as an owner-occupier or an investor. The lender provides the loan for a fixed time period, usually 25 or 30 years, and the borrower has to pay the loan back with interest and in the said time.
Home loan products are divided into either variable or fixed interest rate options. A variable rate can change from month to month. This means your monthly repayment could change from one month to the next. A fixed rate will not change for a set period of time, generally from one to five years.
A comparison rate takes into account the loan's base interest rate and any other fees and charges and expresses this cost as a percentage. To work out a home loan's true value, always make sure to look at the comparison rate.
When assessing home loan applications, the lenders look at various criteria. Your credit history Your income and expenses Your sources of income.
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No, there's no need for any collateral.
Usually the tenure of an Auto Loan is 3 to 7 years. The higher is the tenure; the lower is your EMI
Firstly, inform the insurance company about the accident. The claim made by you to the insurance company will be in your favour. Generally, the bank provides you a NOC only if you are regular in your payments. In case of a loss, directly the bank will receive the payment from the insurance company.
We can provide a suggestive cost by using the Business Loan calculator which uses a classical rate. If you wish to know the rate of interest that we will offer you on your loan you will require to complete a full application which will include a search at a credit reference agency.
We acknowledge the following factors to regulate the eligibility and loan amount: Age Income Valuation of Property (Fair market value) Existing obligations, if any Stability/Continuity of employment/Business Past borrowing track record