Loan is the best way to solve your financial crisis. With the recent development in banking and non-banking financial sector access to loans becomes easy. In India, many financial institutions provide loans easily but comparison on interest rates is must before you take any type of loan from any banking or non-banking sector. This is where we help you to get best loan interest rates.
Type of Loans
Loans are categorized into four parts:
This is a loan where borrower promises some asset as security. Few types of secured loans are explained here:
- Home Loan/ Mortgage loan - Mortgage loan also known as home loans are borrowed by many individuals to buy their dream home. The financial institution is given security until the loan amount is paid off. If the borrower fails to pay back the money then the bank or any lender will take back the house and sell it.
- Loan against Property - Loan is taken for commercial or residential property. This loan is costlier than home loans. Security is promised for the loan taken for property.
- Car Loan - Car loan is also secured loan as home loan but the difference is that car loan is for shorter duration than home loan. Two types of car loan are there - direct car loan and indirect car loan. Direct car loan is where loan is directly taken by consumer. Indirect car loan is where car dealer is intermediary between bank and customer.
This is a type of loan where no security is needed from the borrower. Few types of unsecured loans are explained here:
- Credit Card - Plastic money is called credit card. With the use of credit card life is easy. Any product or service can be purchased on credit with credit card. Compare credit cards on basis of annual fee, joining fee, grace period, rewards and lucrative offers given by bank.
- Personal loans - Personal loan can be applied for any purpose be it a holiday expenditure, wedding expenditure or buying consumer durables. This loan caters to all your requirements and is handy as well as easy to apply. Amount of loan can range from Rs 50,000 to Rs 20 lakh and the tenure varies from 1 to 5 years.
- Demand - This type of loan can be secured or unsecured. These are short term loans and carry floating interest rate as well as they do not have fixed date for repayment.
- Subsidized - This is a type of loan where the interest rate is reduced by hidden financial support.
- Education Loan - Student who are enrolled for higher education and if applied for education loan then low interest is charged to the borrower.
Loan Eligibility Calculator
Loan eligibility calculator calculates eligibility of the borrower for the amount of loan applied. This depends on the person‘s current income. Loan eligibility is required for any type of loan that may be home loan, car loan or personal loan. Every bank has their eligibility criteria and you have to meet those criteria to get the loan amount that is needed.
Loan Interest Rates
Interest rate is the most important thing that has to be taken into consideration while you opt for any type of loan. Interest rates differ with type of loans and banks. So, one has to be careful while applying for loans and must compare interest rates before choosing the amount as well as the bank.
Compare Loan Rates and EMI from Banks
Comparison of loan rates and EMI from banks is very necessary as you can save on EMI and loan rates. We have tie up with leading banks in India and with us anyone can compare loan rates by using bank loan calculator. Choosing the right bank for loan is important for safety and reliability. We provide you eligibility criteria and interest rates of all leading banks in India. So, that you choose the best loan provider for your loan.
You may also know about: