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.