A loan is essentially money borrowed with a promise of return within a specific period/ tenor. The lender decides a fixed rate of interest that you must pay on the money you borrow, along with the principal amount borrowed. Here are different types of loans available in India.


There are various types of loans available in India, and they are classified into two factors based on the purpose they are used for:


Secured loans

The loans that require collateral are the ones where you have to pledge an asset as security for the money you are borrowing to the lender. That way, if you cannot repay the loan, the lender still has some means to get back their money. The rate of interest of secured loans tends to be lower as compared to those for loans without collateral.

Unsecured loans

These are loans that do not require collateral. The lender gives you the money based on past associations, your credit score and history. Thus, you have to have a good credit history to avail of these loans. Unsecured loans usually come at a higher rate of interest due to the lack of collateral.

VARIOUS LOANS

• PERSONAL LOANS
• BUSINESS LOANS
• HOME LOANG
• LOAN AGAINST PROPERTY
• VEHICLE LOAN
• LOAN AGAINST SECURITIES