What is loan– Need a Loan Urgent ? Take loan sir! Take a loan from us! We will get the loan done in a pinch! Many such telemarketing calls must have come to you too, which is really very irritating. But do you know what is this loan after all? Why is it being provided so easily now? What are the different types of loans? If all these questions are arising in your mind then you must read this article What is loan completely because it will make it easier for you to understand the loan better.
Whenever the thought of loan comes, then the picture of banks definitely emerges in the mind. And why not, in today’s time if you want a loan then you have to go to the banks only. If the loan is understood in easy language then it can be any item, but mainly it is understood as money, it is taken from some other person, while returning it, along with the principal amount, interest is also paid. have to return.
You must have heard about the loan from the mouth of the people and they apply for the loan in the bank and after the application is approved, they also get the loan money but do you know what is the लोन ?
In a country like India, most of the people belong to middle class family. Whether to build a house, to study, to take a car, it is not so easy for a middle class family to do all this with their own money. In such a situation, to complete all these works, money has to be borrowed from the bank. Which he later repays every month according to his earnings and ends the loan taken for himself by paying some extra money.
When a person or company takes a loan from the bank to fulfill his personal work and which has to be repaid later with some interest, then we call it a लोन . There can be many reasons for taking a loan and the loan taken according to that reason is also given in the same way. For example, if you want to buy a house, then the loan taken for it will be called a home लोन . But if there is any personal work, then people take a personal loan for it.
Loan makes our life easy. In today’s time, the direct connection of the लोन is with the banks. This is probably because banks are the only financial institutions that provide you loans with interest. At the same time, they provide you loans soon in a very safe and secure way.
Definition of loan-
When a person, business, state or country takes a loan from a particular bank and within a particular time, with the amount of that loan, the interest on it is paid, then it is called a loan. At the time of taking the loan, the bank agrees with its customer i.e. the person taking the loan, the company, the country that what is the interest rate per year for that loan and within how much time the amount is to be repaid.
Even before giving the loan, the bank is satisfied that whoever it is giving the loan, whether it is capable of returning the loan amount or not. For this, the bank takes information about the amount of property with the borrower and also tells that if for some reason the loan amount is not deposited within the time interval, then his property will be confiscated. Similarly, if someone buys a car and after paying a few more months, he is not able to pay the money, then the bank confiscates his car and recovers his money.
Types of loan-
When someone goes to the bank and applies for a loan there, the first thing that the bankers ask is what kind of loan do you want. This means that the type of loan as required. It is not that you have asked for a loan and the bank will give you the same amount, but you will have to specify the type of loan as per your requirement.
A personal loan is called a loan that is availed by individuals according to their needs. These loans are more useful when unexpected expenses arise in front of you. These loans are usually taken from a bank or a non-banking financial company (NBFC).
After finishing high school, people want to make their children doctors, engineers. It takes a lot of money to do all such courses. If there are more than 2 children in a house, then it is very difficult for the parents for every child to do such studies. For a man who comes in the middle class, this is a condition for chewing iron gram.
The money which is given for the education of children in the form of loan to pay the fees of the students studying and which the same student pays to the bank after getting a job after completing the studies is called education loan. All banks approve and give money to children for education. For this a guarantor is required, in whose responsibility this loan is passed. As a guarantor, the student’s drinker or any other person who is his relative and who has an account in the same bank.
Buying or building a house is a very big dream of all Indians, while they definitely want to fulfill it. In such a situation, the entire capital deposited in building a house is sacrificed, while sometimes it also falls short. In such a situation, if we want to fulfill the dream, then we see the only way to take a home loan.
You can take a home loan to buy your new home, to renovate it, to buy land, etc.
Who does not want to have his own house and have a car in the house, all this family also seems complete. People’s first dream is a house but the second dream would be a car. Everyone wants that if they go out of the house, then the family members go together. But it is a very difficult task for the working people to buy a car. To fulfill this dream of the people, the bank provides car loan facility. All banks give the opportunity to buy a car to the people working in this way.
If you also have a desire that you also have a car in the house, then this dream of yours will also be fulfilled and you have to go to the bank for this and fulfill their conditions. Then the monthly fee for the car has to be paid in a stipulated time. You have tension in this because the interest rate in this is very low.
Businesses need a lot of investment to run smoothly to pay their start-up expenses or business extensions. For such works, companies have to take business loans for their financial assistance.
This is actually a loan which has to be returned to the company after a specific tenure. You can take these business loans for many purposes like starting a new firm, for business expansion, to finance dealer and vendor etc.
There are many aspects of life. To improve these aspects and to improve their standard of living, people earn money to buy land, build houses, collect jewellery, buy vehicles. In this way, buy every comfortable thing to live your life in the best possible way. Slowly a very good property gets built. What’s the matter of trouble comes anytime. When trouble comes, it comes from all sides. At such a time, relatives and relatives do not help and retreat. Sometimes we need so much money that it may take us many years to earn.
In this case, we are left with only one option and that is our property. When we take money from the bank by mortgaging our house, land or farm, it is called property loan. When you go to the bank for this, they get an idea of the value of your entire property. After that let’s see whether you will be able to repay their amount or not. Based on this, they decide the amount.
For your information, let me tell you that 50-70% of the amount is given on the basis of the property. In this, you are given a maximum time of 15 years to repay the amount taken.
Advantages of Loan
Let us know about the features and benefits of loans.
1. Having Financial Flexibility: Loans provide you financial flexibility. It provides you financial help in your time of need. On the other hand, by taking a loan, it also provides you some degree of financial freedom and also handles your everyday expenses properly, while not moving your planned budget here and there.
2. Easy availability: All types of loans are mostly approved within 48 hours, provided you have already submitted all the required documents. So they can be easily obtained.
3. Receiving the amount needed: On the basis of your income and financial history, you get the money you need.
4. Having a Convenient Tenure: While taking the loans, you can choose the time frame within which you can repay the loan. Most of the time, you get loans from 12 months to 60 months.
5. Benefit in Tax Benefits: According to the Income Tax Act of 1961, you get the facility of tax benefits in almost all types of loans.
What are the things to keep in mind before applying for a loan?
Credit score: Before applying the loan, you must definitely check your credit history once. This credit history is a type of record which shows the investment made by you, the loans taken and the repayment record already.
Rate of Interest: Make sure to check the loan interest rate once before applying for the loan. Because loans that require a collateral have lower interest rates than loans that do not require them.
Processing fee and other charges: If you apply for a loan and you miss your loan payment deadlines, then you have to pay a processing and penalty fee. These fees and charges depend on the loan amount and bank.
Do research to get the best rate of your loan: Research and compare with different banks; From NBFCs so that you can know about the best interest rates, EMI, tenure and other charges.
Eligibility to take loan
|Age(Min-Max)||23 years से 58 years||28 years to 65 years|
|Income||Rs.25000||Minimum turnover is Rs.40 lakhs|
|CIBIL Score||Above 750||Above 750|
Documents for Loan Application
|Application form with photograph||Application form with photograph|
|Identity and Residence proof||Identity and Residence proof|
|Last 6 months of bank statements||Last 6 months of bank statements|
|Processing fee cheque||Processing fee cheque|
|Latest Salary Slip||Proof of Business|
|Form 16||Business Profile and Previous 3 years Income Tax returns (self and business)Previous 3 years Profit/Loss and Balance Sheet|
What is Loan EMI Calculator?
Loan EMI Calculator is a handy tool that you use to calculate monthly payable amount and interest. To calculate EMI of your loan amount, you just have to enter values of few things like principal amount (P), time duration (N), and rate of interest (R).
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