How many types of Loans
Type of loan: The loan is divided into three parts, but if the customer wants, he can increase or decrease it according to his capacity.
- Short term loan
- Medium term loan
- Long term loan
what is Loan
What is a loan? When we are in urgent need of money for some reason and instead of borrowing it from here and there or if we are not able to get the amount of money we need, then in such a situation we need a loan.
- Home Loan
- Personal Purpose Loan
- Business Loan
- P2P Loan
- Vehicle Loan
- Education Loan
- Land Loan
- Insurance Loan
- Gold Loan
- PPF Loan
- Loan Against Security
- Credit Card Loan
who can take Loans
Who cannot take a loan? Everyone can take a loan. Everyone is eligible for a loan, whether they are from the upper class or the middle class. These people easily get a loan if they have maintained a good credit score.
The lower class people are also eligible but they face some problems in getting a loan or it can be said that the lower class people have to face a lot of problems. These people are mostly from non-development areas, villages, none urban rural or those rural areas.
Type of Loan / Eligibility, Documents, Credit score जानकारी
If you want to take a big loan quickly then you need to improve your credit score, take loan according to your capability, do not open more bank accounts, and most importantly make payments on time / do not delay them at all.
Type of loan Credit score/CIBIL score is created by the registered company of RBI. Wherever you take a loan, that company starts giving your information to the score providing company on the same day, only then your credit score is ready.
who gives loan
Loan Type of loan is provided to us by two types, both Banks and Non-Banking Financial Corporations (NBFCs). First one includes Banks and the second one includes Non-Banking like Gold Loan, Mithoot Finance etc. Non-Banking Financial Corporations provide you mostly online facility and are paperless too.
Why would someone give you a loan?
The answer to this is simply the interest rate. When we provide a loan then they charge you an interest rate and this interest rate is decided by them as per their own discretion except Banks and NBFCs or to some extent even these.
You need money and they need interest rate; the more the money, the higher the interest rate or the longer the period, the higher the interest rate.
Eligibility for Type of loan
Eligibility to take loan is that you should be at least 18 years of age and above. You should be an employee. Employee's salary should be around 25 thousand and your family's total monthly income should be 1 lakh.
And the most important thing is the type of loan you want to take. If you want a loan of 5 lakhs, then you have to show the goods worth 10 lakhs and also its current value in the market should be almost the same. This helps a lot and there are very few problems in taking a loan.
Why loan eligibility is important
Type of loan eligibility is important because you are eligible for the loan you are asking for or are you not eligible for it. Anyone gives money to someone only when he feels that you are eligible for it or not, whether that person is your neighbor, relative, banks, NBFCs etc.
if we are unable to repay the loan?
If it is a bank, it will recover its money by selling the item shown by you (the thing you had kept as collateral while taking loan). If it is a gold loan, it will recover its money by selling your gold. If it is a digital loan, their bouncers will collect the money with the help of police and then you will have to pay.
Can we extend the validity of the loan
The answer is yes if your past record is very good? Mostly any banks and NBFCs refuse to do it and it is possible only when you have a good bonding and the reason should be accurate and correct. But in return they will charge you a very high penalty rate or they will charge you double the interest rate.
I would tell you not to do this at all. You may be able to avoid penalty or increased interest rate but your CIBIL score (credit score) will be badly affected. You will be dealt with but they will give correct and accurate information to the CIBIL company. And a bad CIBIL score will prove to be the biggest hurdle in taking any type of loan in the future.
What is Intrest rates
First of all, let us understand what interest is. Interest is when the bank gives an amount to someone, then it charges for it. The same is called interest or you can understand that the time taken to return the amount taken is taken as interest. You have to pay this interest every month.
Documents Required for loans)
Try to apply for loan from where your permanent address is, so that the bank can trouble you less. The documents given below are for both employee and employer.
- Adhaar card
- Bank Passbook (6 months old)
- Car/Driving license
- Bank Statement (3 months old
- Address Proof
- Salary Slip (3 months old)
- Birth Certificate
- Office Address Proof
- Audit Proof (Financial last 2 years)
What is the minimum salary requirement for loans
For this type of loan, the minimum salary should be 20 to 25 thousand so that you can get a loan of at least Rs. 50k, otherwise banks do not give loans to people with minimum salary.
What should be the credit score for a loan?
Type of loan Your score should be close to 900 as it helps you get better deals on loans and credit cards. Generally, a CIBIL score of 750 and above is considered good by most customers. You can get a personal loan with a CIBIL of 750 and above but it would be better if it is close to 900.
What is the maximum loan that can be taken
This type of loan depends on your income and your CIBIL score, it is not fixed but any bank has the right to give 15% of its share in the loan, if the bank is running in profit then at most it can distribute 25% of its share in the loan, then it can either give it to one person or distribute it among many people in small amounts.
What is the minimum loan that can be taken
I have seen that NBFCs give a minimum loan amount of Rs 500, you may not get any less than this because no one would like to take a loan below Rs 500. So you can take a minimum loan of Rs 500.