Type of Loan

Loans are categorized based on their purpose, repayment terms, and the lender's conditions. Here’s a breakdown of the common types of loans:

Secured Loans :

Backed by collateral, these loans offer lower interest rates.


Home Loan: For buying or renovating property.

Car Loan: For purchasing a vehicle.

Gold Loan: Against gold assets.

Loan Against Property: Borrowing against owned property.

Unsecured Loans :

No collateral required but higher interest rates apply.


Personal Loan: For personal expenses like travel or medical bills.

Education Loan: For funding higher education.

Credit Card Loan: Based on your credit card limit.

Business Loans :

Tailored for business needs.


Working Capital Loan: To manage daily business operations.

Term Loan: For long-term investments or expansions.

Equipment Financing Loan: For purchasing machinery or tools.

Consumer Loans :

For everyday purchases.


Home Improvement Loan: For home repairs or upgrades.

Consumer Durable Loan: For buying appliances or electronics.


 

Payday Loans :


Short-term loans to bridge financial gaps until your next paycheck.

Agricultural Loans :

Designed for farmers to support agricultural activities.


Crop Loan: For growing crops.

Equipment Loan: For farming machinery.

Specialty Loans :

Customized for specific needs.


Student Loan: For educational expenses.

Debt Consolidation Loan: To merge and pay off multiple debts.

Medical Loan: For healthcare costs.

Loans cater to different purposes, so choose one that aligns with your financial needs and repayment capacity. Would you like more details on eligibility or interest rates?