Personal loans are unsecured loans offered by financial institutions and are based on factors such as employment history, repayment capacity, income level, profession, and credit history. A personal loan, also known as a consumer loan, is a multi-purpose loan that can be used to cover a variety of urgent requirements.
Business loans are agreements between business owners and banks or private lenders to lend money to their companies. Businesses require capital to either fund operations or to begin earning a profit. Banks and lenders are eager to lend them money in advance if they pay it back on time and with interest.
Home Loan
A home loan can be used to purchase a new house/flat or a plot of land on which to build a house, as well as to renovate, extend, or repair an existing property. The borrower must repay the loan amount plus interest in Easy Monthly Instalments, or EMIs, over a period of time that can range from 10 to 30 years, depending on the loan type.
A secured loan is guaranteed by financial assets you possess, such as your home or vehicle, that may be used to repay the lender if you default on the loan. A secured loan has a straightforward concept. To encourage borrowers to repay secured loans on time, lenders accept collateral.
Gold loans may look like a straightforward method of raising quick money. Whether you need urgent funds for marriage or festivals or travel, you normally tend to fall back upon the power of gold. Gold, usually kept in the form of jewellery, often comes to the rescue during financial emergencies. With banks and NBFCs falling over each other to give gold loans to Indian households, you can monetize your gold assets without really selling them in the markets.