Loan Write For Us
A loan is basically capital provided by a bank or financial institution. These institutions charge interest on the loan for a specific period of time. For some, bank loans are a way to deal with emergencies, while for others they act as a catalyst for growth. It all depends on the purpose and type of loan application. There are different types of bank loans available. Below are the different types of loans available from the lending institutions.
Different Types of Loans in India
The following are the different types of bank loans offered through banks and financial institutions in India:
Secured Loans
Secured loans are given with collateral. Borrowers have to provide collateral to access them. In this case, lenders face less risk of default by the borrower. If the borrower is unable to repay the loan, the lender can sell the asset to recover its debt. This is the main reason why secured loans have lower interest rates than unsecured loans.
Unsecured Loans
They are the exact opposite of secured loans. Unsecured loans are given based on the income or potential earning capacity of the borrower. For unsecured loans, borrowers do not need to provide any collateral. Lenders give unsecured loans based on the borrower’s documents, earning capacity and CIBIL history. Unsecured loans increase the lender’s risk because, in the event of a borrower defaulting, they have no collateral to recover their loans. For this reason, lenders charge higher interest rates on these loans.
Why are loans used?
Loans are made for a variety of reasons, including major purchases, savings, renovations, debt consolidation, and business ventures. They also help existing businesses expand their processes. They allow the overall supply of money in the economy to increase and open up competition by lending to new businesses.
Interest and fees on loans are the primary source of revenue for many banks, as well as some retailers, through lines of credit and credit cards.
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