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From rupeeratna

1. What is a LOAN

A loan is when a person or business allows you to use their asset(s), particularly money. Bank loans are a typical sort of loan; for instance, you can ask a bank for money to buy a car. Banks will ask for proof of income so they can be confident you can pay back the loan in full. They will also check your credit history to make sure you have a history of making payments to other creditors. The loan agreement (contract) between you and the bank will state specifically that they will charge interest on the sum they have loaned you and that they anticipate regular payments from you (typically in monthly installments or EMIs).

Types of Loan(s)

PERSONAL LOAN

It is a loan kind that can be obtained with the least amount of paperwork and with no collateral or security. Since the risk is on the lender or bank, these loans are often for small sums.

FREQUENTLY ASKED QUESTIONS

You can get a Personal Loan up to a certain amount. Some of the factors that are considered when deciding a loan amount are:
  • Your requirement and eligibility.
  • Your yearly income.
  • Your repayment capacity.

You can take a personal loan ranging from 12 months to 72 months.

Your spouse or parents can become the co-applicant or guarantor for your personal loan.

Yes, there are also other fees. Lenders charge processing and documentation fees in addition to the personal loan. Prior to agreeing on T&C, you must read the documents carefully. Furthermore, interest payments are subject to GST fees as well.

Generally, you can pre-pay the loan amount after six months of disbursement. In some cases you can choose to pre-pay earlier as well, depending upon your capacity.

You can cancel the loan within 15 days of disbursement if you are not satisfied with the offered terms & conditions with applicable cancellation charges.

BUSINESS LOAN

Business loans are a specific kind of loan that guarantee a steady flow of capital for all business types in order to maintain growth, momentum, and business expansion. It is the kind of unsecured loan that enables the borrower to take advantage of its advantages without pledging any asset or commodity as security or collateral.

FREQUENTLY ASKED QUESTIONS

You can apply for a business loan of any amount depending upon how old your business is and your income tax return.

You can get a business loan with a duration of up to 60 months.

A processing fee starting from 2% is charged on the loan amount (plus GST at the prevailing rate) is required to be paid.

These business loans are without security. However, some do demand collateral, including private investments in bonds, mutual funds, and stocks. Other assets such as gold can be pledged too.