.A loan is a financial arrangement where a lender advances money to a borrower, who agrees to repay the principal amount along with interest over a specified period. Loans serve as essential tools for managing personal cash flow, funding major life milestones, or fueling business growth.
Loans generally fall into two primary categories: secured and unsecured. Secured loans, such as mortgages and auto loans, require collateral like a house or a car. This asset reduces the lender’s risk, often resulting in lower interest rates. Conversely, unsecured loans, including personal loans and credit cards, do not require collateral. Lenders approve these based primarily on the borrower’s creditworthiness and financial history, typically commanding higher interest rates to offset the increased risk.
TYPES OF LOAN
- Home Loans: Used to purchase, build, or renovate a residential or commercial property, with the property itself acting as collateral.
- Vehicle Loans: Used to buy two-wheelers or four-wheelers, where the vehicle remains tied to the lender until fully paid off.
- Gold Loans: Fast-disbursal loans where you pledge physical gold jewellery or coins in exchange for funds.
- Loan Against Fixed Deposits (FD): Allows you to borrow money against an active fixed deposit without breaking the FD
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