A Home Loan is a type of loan provided by banks and financial institutions to individuals who wish to purchase a new residential property or to renovate an existing one. The loan is secured against the property that is being purchased or renovated, which means that the property serves as collateral for the loan.
Home Loan Balance Transfer (BT) + Top-up is a type of loan offered by banks and financial institutions to individuals who already have an existing home loan with another lender. Home Loan BT + Top-up allows borrowers to transfer their existing home loan to a new lender with a lower interest rate and borrow additional funds for their home-related expenses, such as renovation, repairs, or purchase of a new property.
Loan Against Property (LAP) is a type of secured loan that allows borrowers to borrow money against their property, such as a residential or commercial property, land, or any other real estate asset they own. The property is used as collateral to secure the loan, which means that the lender has the right to seize the property in case the borrower defaults on the loan.
A business loan is a type of loan that is granted to businesses by banks, credit unions, or other financial institutions to fund their business operations, expansion, or other specific purposes. Business loans can be secured or unsecured and can have different terms and conditions depending on the lender and the borrower's creditworthiness.
A personal loan is a type of unsecured loan that is provided by banks, credit unions, or other financial institutions to individuals to meet their personal financial needs. Unlike secured loans that require collateral such as property or assets to secure the loan, a personal loan is typically granted based on the borrower's creditworthiness and ability to repay the Loan
An unsecured overdraft/cash credit limit is a type of loan facility provided by banks to individuals or businesses without any collateral or security. The limit is pre-approved by the bank based on the borrower's creditworthiness and repayment history. The borrower can access the funds up to the pre-approved limit, as and when required, without the need for any collateral or security.
Secured Overdraft and Cash Credit are both types of short-term loans offered by banks to businesses, usually to help them meet their working capital requirements.
A new car loan is a type of financing that allows borrowers to purchase a new vehicle from a dealership or private seller. New car loans are typically offered by banks, credit unions, and other financial institutions, and are secured by the vehicle being purchased.
A used car loan is a type of financing that allows borrowers to purchase a pre-owned vehicle. Used car loans are typically offered by banks, credit unions, and other financial institutions, and are secured by the vehicle being purchased.
Car Loan Refinance refers to the process of replacing an existing car loan with a new loan, typically from a different lender, in order to obtain better terms, such as a lower interest rate, a shorter loan term, or a lower monthly payment. The new loan is used to pay off the old loan, and the borrower then makes payments on the new loan according to the new terms.
An education loan, also known as a student loan, is a type of loan designed to help students finance their higher education expenses. These expenses can include tuition fees, books, accommodation, and other related expenses. Education loans are typically offered by banks, financial institutions, and government agencies. They can be used to cover expenses for undergraduate, graduate, and professional courses in fields like engineering, medicine, law, and business. Unlike other types of loans, education loans often have lower interest rates and longer repayment terms to make it easier for students to repay the loan after completing their studies. Some education loans may also offer a grace period before repayment begins, allowing the student time to find employment after graduation. In many cases, education loans require a co-signer or collateral to secure the loan. The loan amount and eligibility criteria may vary depending on the lender and the student's academic record and financial situation.
A machinery loan is a type of loan that is designed to help businesses finance the purchase or upgrade of equipment and machinery. This can include heavy machinery, industrial equipment, manufacturing machinery, office equipment, and other types of machinery that are essential for a business's operations. Machinery loans are typically offered by banks, financial institutions, and specialized lenders. They may be secured or unsecured loans depending on the lender and the borrower's creditworthiness. Secured loans require collateral to secure the loan, such as the machinery being purchased, while unsecured loans do not require collateral. The loan amount, interest rates, and repayment terms for a machinery loan may vary depending on the lender and the borrower's financial situation. Some lenders may require a down payment or offer flexible repayment options to help the borrower manage the loan repayments.
Gold loan (also called loan against gold) is a secured loan taken by the borrower from a lender by pledging their gold articles (within a range of 18-24 carats) as collateral. The loan amount provided is a certain percentage of the gold, typically upto 80%, based on the current market value and quality of gold.
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