A personal loan is a multi-purpose loan meant for ones own personal use like funding such projects as meeting the costs of vacations, buying consumer items, medical costs, wedding purchasing like jewelry, down-payment for some other type of loan, outstanding credit-card transfers or any other sudden requirement for the funds.
A home loan is a type of ‘loan against property’. In the case of the former it is the home which is put as a collateral, while in case of the later it can be any form of immovable property. There are various factors which determine how one repays the borrowing. Thanks to computerization the process for such loans is now standardized in most of the banks like ICICI, HDFC Bank and SBI. Once one has decided upon the best rate, he/she can close the loan without any loss of time.
A car loan enables the borrower to purchase a car by paying only a small fraction of the car’s total cost. There is a vast source of information online regarding these loans, their interest rates and the procedure to get a new or second-hand car credit from the established banks like ICICI, SBI and HDFC. One can apply online and watch the banks competing to provide him/her the best interest rates.
As we know that the private sector is a very important part of the economy. In this the enterprising people manage their institutions for theirs as well as the over all betterment. To meet the credit requirements of these people business loans are provided by the lenders. Mostly these are top-end borrowings having long terms of repayment.
Following the RBI’s guidelines in this regard the banks provide credit to the NRIs to purchase houses, follow educational plans, buy property and other personal requirements. Though the interest rates do not differ much from those of resident Indians, yet there are few added eligibility requirements. Also the documentation process is a bit stretched.
About the Author:
Author Bio: For more tips on finance community for you and your family. Addi Vardhaman works as a business writer for Paisawaisa. To find home loans, personal loans, www.paisawaisa.com
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