Friends, taking a bank loan is not a very difficult task in today’s time. You get this easily, just you have to take care of their rules and regulations along with some rules and regulations. And also you have to give EMI of the bank from time to time. So in this article today, we will talk about all these things.
Type of Bank Loan.
- Personal Loan.
- Home Loan.
- Car Loan.
- Study Loan.
- Gold Loan.
- Business Loan.
There are many other Bank Loans. So we talk about all these in detail.
What is a Personal Loan and how to get it?
A personal loan is taken by every person to fulfill his personal needs and that is why it is also called a personal loan. Because the needs of every person are different.
Every type of bank gives you a personal loan easily. You just have to read its terms and condition and policy carefully while taking a loan.
Personal Loan Documents.
- Passport size photograph.
- Income proof.
- Identity card.
- Aadhar Card.
- PAN Card.
- Bank copy.
- Job certificate.
- Electricity bill.
If you have all these documents then you will get a personal loan easily. Take a loan from any bank but from the bank that gives loans at a lower interest than another bank.
What is a home loan and how to get it?
If you want to build a house. Or you want to complete some unfinished work at home. But if you do not have enough money to make a house. So in such a situation, the bank gives you a home loan to build a house, with the help of which you can easily build your own house.
Or you can get some housework done by taking a home loan.
There are 2 types of Loan.
- Fixed home loan.
- Floating Rate home loan.
1. Fixed Home Loan
This is a home loan where you have to repay the loan according to the same interest that you have already decided.
EXAMPLE: – Suppose you take a home loan of 5 lakhs and you have to repay this loan in 5 years with 11% interest. So you have to repay this loan with 11% interest only.
2. Floating Rate Home Loan.
This is a home loan where interest is charged according to the market.
EXAMPLE: – Suppose you have taken a floating rate home loan of 5 lakhs and you had an interest of 11% at that time. But if there is a fluctuation in the rate of interest somewhere in the market, then you will have to repay that home loan according to the same fluctuating interest. This is what Floating Rate home loan
Home Loan Documents.
- There should be documents related to property or house.
- Your identity card.
- Passport size photo.
- Photo ID plus your age proof.
- You also have to give the bank statement for the last 6 months.
- What is a Business Loan and how do I get it?
If you want to open a small business, but you do not have enough money to open a business. So for this, the bank gives you a business loan with the help of which you can open your own business.
The government of India has also made a scheme for giving business loans, whose name is Mudra Loan, you can understand it as a business loan and if you want to take a loan for business, then you take a Mudra Loan.
Car Loan & Study Loan
Car Loan: If you want to buy a car but you do not have so much money that you can buy a car. So in such a situation, the bank gives you this facility that you can buy a car by taking a car loan. And that’s why it is also called Car Loan.
Study Loan: If you are a student who wants to study further but due to a lack of money, you are not able to study. So the Bank also gives you study loans for reading. And when your job is done, then you can easily repay the loan. It is also called the Education Loan.
What to keep in mind while taking a loan?
While taking a loan, you should know how long this loan will last, that is, how many years the bank loan you have taken will last. Rate of Interest
You must see your eligibility status.
And you must read the terms of the condition of the loan.
So I have given you complete information about what is a bank loan and how to take it, then you can read this article to understand it till the last.
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