What is a Loan? and What are the types of loans you can avail from the bank?

Loan is something that is borrowed, especially a sum of money that is expected to be paid back with interest after an agreed time period. Most common amongst them are:

Personal Loan- Loan does not require collateral or security and is offered with minimal documentation by banks and financial institutions.
Home Loan– It is an amount an individual borrows from a financial institution like banks etc for purchase or construction of a house.
Vehicle Loan- It is a loan that allows you to purchase four or two wheelers (any vehicle) for personal or commercial use.
Education Loan– It is an unsecured loan that is borrowed from financial institutions to pay for higher studies.
Gold Loan– It is a secured loan taken against gold.
Business loan– It is a loan specifically taken for business purposes. It is a sum of money that the company has to pay as per Terms & conditions.

The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz. The Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for regulating the profession of Chartered Accountancy in the country. The Institute, functions under the administrative control of the Ministry of Corporate Affairs, Government of India. The ICAI is the second largest professional body of Chartered Accountants in the world, with a strong tradition of service to the Indian economy in the public interest.

The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and the remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance, and other stakeholders.

Visit The ICAI Website

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