what is loan

1. What is a loan?
2. What are the main types of loans?
3. Difference between Secured and Unsecured Loans
4. List of banks that provide loans in India
5. How to get a bank loan?
6. What is an MSME loan/Mudra loan?
7. How does a personal loan work?
8. Why Personal Loan With Longer Repayment Terms Would Be a Better Choice?
9. How does a business loan work?
10. How to get a gold loan?
11. What happens if the borrower dies without paying the debt?
12. How to check cibil score?
13. What are the types of student loans?

What is a loan?

A loan means taking money from some individual or financial institution(private or government) with some interest and other finance charges. There are always some terms and conditions like there is a fixed repayment date till then, you need to pay back otherwise you have to pay some extra charges.

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What are the main types of loans?

1. Secured Loans
• Fix deposit Loan
• Gold Loan
• Home Loan
• Insurance Policies Loan
• Mutual Funds Loan
• Property Loan
2. Unsecured Loans
• Auto Loan
• Education Loan
• Flexi Loan
• Personal Loan
• Short-term business Loan

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Difference between Secured and Unsecured Loans

Secured Loans: A secured loan is a form of loan where debited gives some security in the form of property, vehicle, or gold to creditors. These assets are called collateral. If the borrower is not able to pay back, the creditor takes possession of the assets.

Unsecured Loans: The opposite of secured debt/loan is an unsecured debt which is basically based on credit history and ability to repay.

You can earn from loans

List of banks that provide loans in India.

• Axis Bank
• Allahabad Bank
• Bajaj Finserv Ltd
• Canara Bank
• Corporation Bank
• Dena Bank
• Federal Bank
• HSBC Bank (Vietnam) Ltd
• HDFC Ltd
• Indian Overseas Bank
• IDBI Bank
• ICICI Bank
• Jammu & Kashmir Bank
• Kotak Mahindra Bank
• Punjab National Bank
• State Bank of India
• Standard Chartered
• Tata Capital
• Ujjivan Small Finance Bank

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How to get a bank loan?

• Check your credit score
• Are these loans can actually boost credit scores?
• Understand what type of personal loans suits you.
• Get your paperwork in order
• Try to get pre-approved
• Know the terms
• Always remember your repayment date

What is an MSME loan/Mudra loan?

Pradhan Mantri MUDRA Yojana (PMMY) is a scheme launched with the aid of the Hon’ble Prime Minister on 8th April 2015 for presenting loans up to 10 lacks to non-corporate, non-farm small/micro businesses. These loans are given by business Banks, RRBs, Small Finance Banks, MFIs, and NBFCs. MUDRA has developed three products particularly 'Shishu', 'Kishore', and 'Tarun'. you can get the whole information on this portal www.udyamimitra.in.

You can earn from loans

How does a personal loan work?

Personal loans are a form of credit where borrowers receive a fixed payment, whereas the debtor has to pay different interest rates depending upon the banks or financial Institutes.

Why Personal Loan With Longer Repayment Terms Would Be a Better Choice?

Whenever you took a personal loan, make sure you choose a longer repayment term. The longer repayment term reduces the EMI amount and you are able to pay easily. it reduces your financial burden a bit on a monthly basis.

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How does a business loan work?

Business loans are a form of credit where only business owners get money from a lender with different interest rates for a time period.

Different kinds of business loans

1. Term Loan
2. Short-Term Loan
3. Equipment Financing
4. Invoice Financing
5. SBA Loans
6. Business Lines of Credit
7. Merchant Cash Advances

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How to get a gold loan?

To be eligible for a gold loan you will require the following documents :

Anything of the following as identity proof

1. Aadhar card
2. Driving license
3. Job card from NREGA
4. PAN card
5. Passport
6. Voter’s ID

Anything of the following as address proof

1. The lease agreement of the local address
2. Utility bills like an LPG gas bill,  phone bill, or water bill

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What happens if the borrower dies without paying the debt?

If a person dies without paying his unsecured loans like a personal loan or credit card bill the bank cannot ask the surviving members of his family. Since it is an unsecured loan and there is no collateral or property attached.

If a person dies before the end of the secured loan, the collateral given by him such as any property, vehicle, or gold, will be forfeited by the bank.

How to check the cibil score?

Steps to check cibil score.

1. Go to the official CIBIL website.
2. Select 'Get your CIBIL Score’
3. Type in your name, email ID, and password. Attach an ID proof
   • passport number
   • PAN card
   • Aadhaar
   • Voter ID
4. Then enter your Date of birth, your phone number, and also your pin code.

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What are the types of student loans?

1. Direct subsidized loans.
2. Direct unsubsidized loans.
3. Direct PLUS loans.
4. Direct consolidation loans.

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Conclusion

In short, if you have good planning, these loans could help you a lot in your house building or in business, otherwise, it could be only and only a burden.

Before applying loan, make sure you are not applying that loan to anyone else

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