Loan

Knowledge About Available Loan Options

Before you approach a loan providing institution for seeking a loan for a particular need of yours, you should have knowledge about various loan options available.

  • Home loan is given by a bank to a loanee for enabling him to purchase property. This loan is available with two variant fixed interest and variable interest. Home loan also provides tax benefit.
  • Education loan is given to students who want money for pursuing higher education. This loan is available for both Indian and foreign education.
  • Car Loan or Vehicle Loan is given to persons who want to purchase a new vehicle for their travel needs. This loan can be available from a bank.
  • Personal Loan is a kind of unsecured loan given by a bank or financial organization to a borrower for meeting his current financial needs. He need not pledge any security or collateral for availing the personal loan.

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Loan Benefits

 

  • Home loans provide customers benefits in terms of tax benefits, no prepayment charges, balance transfer facility, making it easy for them to buy a dream home, high repayment tenure, capital appreciation and saving from paying rent.
  • Education loans provide benefits like protecting savings, covering course fee and other course-related expenses, tax benefit, moratorium period and keeping credit score positive.
  • Car loans provide various benefits in terms of making it easy for loanees to buy a car, flexibility to choose the tenure, negotiation of interest rate, no collateral required, flexibility to choose the payment mod and flexibility to choose the fixed or floating interest rate option.
  • Personal loans grant customers benefits like relatively quick, no restriction on how they spend money and no requirement of any collateral.
  • Working capital loans provide loanees advantages in terms of not needing a collateral, fast funding, using funds on whatever loanees want and various loan options for all types of credit.