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Personal loans
A personal loan is a loan which is given without collateral or security with minimal documentation. The funds can be used for any legitimate transaction like to fund a vacation, renovation of house, any medical treatment, buy any gadget etc. The loan is repaid in equally equated monthly instalments. The personal loan can be prepaid depending on the terms and conditions set by the lender.
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Home loans
A house loan is a loan provided by institution such as a bank or any non bank institution to purchase or build or renovate a house. The borrower pledges the property as collateral for the loan. The home loan has a repayment period of 10 to 30 years, and the interest rate on the loan is fixed or floating. The amount of the loan depends on several factors, including the borrower’s creditworthiness, income, and the value of the property being purchased or built. The borrower is required to make regular payments to the lender in the form of EMI equated in monthly instalments.
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Vehicle loans
A vehicle loan, also known as a car loan or an auto loan, is a loan to purchase a vehicle, such as a car, truck, or motorcycle. As in the case of house loan, in the same way, the vehicle being purchased is also used as a collateral for the loan. The interest rate on a vehicle loan can be fixed or floating and the loan term is from 3 to 7 years, depending on the lender and the borrower’s creditworthiness.The amount of the loan depends on several factors, including the purchase price of the vehicle, the borrower’s credit score, income, and other financial factors. The borrower is required to pay in monthly instalments. This loan can be prepaid depending on the terms and conditions set by the lender.
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Loans against property
A loan against property, also known as a mortgage loan or property loan, is a type of secured loan provided by financial institutions such as banks or other financial institutions. In this type of loan, the borrower pledges their property, such as a house or a commercial property, as collateral for the loan. The amount of the loan depends on the value of the property being pledged and the borrower’s creditworthiness. The interest rates for a loan against property is lower than other unsecured loans, such as personal loans or credit cards, because of the security provided by the property. The repayment period for the loan is typically longer, ranging from 5 to 20 years, and the borrower is required to make regular payments, on a monthly basis.
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