- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
Accordingly, what are the loan products?
- Home loan. Home loans are a secured mode of finance, that give you the funds to buy or build the home of your choice. …
- Loan against property (LAP) …
- Loans against insurance policies. …
- Gold loans. …
- Loans against mutual funds and shares. …
- Loans against fixed deposits. …
- Personal loan. …
- Short-term business loans.
Correspondingly, what are the types of loans and explain?
7 types of personal loans
|Common types of personal loans|
|Credit builder loan||A secured loan that helps you to build a healthy credit history|
|Debt consolidation loan||Combine multiple debts together, ideally with a lower interest rate|
|Holiday loan||Can help cover the cost of gifts and other holiday expenses|
Which type of loan is best?
Best for lower interest rates
Secured personal loans often come with lower interest rates than unsecured personal loans. That’s because the lender may consider a secured loan to be less risky — there’s an asset backing up your loan.
|Car Loan Lender||Interest Rate (in per annum)|
|ICICI Bank||9.30% – 12.85%|
|HDFC Bank||7.70% – 13.55%|
|Bank of India||7.35% – 7.95%|
|IDBI Bank||8.10% – 8.70%|
You can also sign up for a Bankrate account to crunch the numbers with recommended mortgage and refinance calculators.
- Conventional mortgages. A conventional mortgage is a home loan that’s not insured by the federal government. …
- Jumbo mortgages. …
- Government-insured mortgages. …
- Fixed-rate mortgages. …
- Adjustable-rate mortgages.
Types of Loans
- Personal loans.
- Auto loans.
- Student loans.
- Mortgage loans.
- Home equity loans.
- Credit-builder loans.
- Loans from friends/family.
- Payday loans.
In another scenario, the $10,000
|Your payments on a $10,000 personal loan|
Types of bank–offered financing
- Working capital lines of credit for the ongoing cash needs of the business.
- Credit cards, a form of higher-interest, unsecured revolving credit.
- Short-term commercial loans for one to three years.
- Longer-term commercial loans generally secured by real estate or other major assets.
Forms of advances in commercial banking are;
- Cash credit,
- Demand loan vs term loan,
- Secured vs unsecured loan,
- Participation loan or consortium loan,
- Purchasing and discounting bills.