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Overview Of Loans
A loan is a financial agreement where a lender provides funds to a borrower, who agrees to repay the borrowed amount (principal) along with interest over a specified period. Loans are fundamental financial tools that allow individuals and businesses to achieve goals such as buying property, funding education, expanding operations, or managing personal expenses. In India, loans are offered by banks, Non-Banking Financial Companies (NBFCs), housing finance firms, and digital lending platforms.
When a loan is granted, the borrower receives the lump sum (known as the principal) and agrees to repay it in Equated Monthly Instalments (EMIs), which consist of a portion of the principal and interest. The interest rate can either be fixed (same throughout the loan term) or floating (changes with market conditions like repo rate or MCLR). Lenders evaluate an applicant’s creditworthiness based on income, credit score, employment, and past repayment history before approval.
Types Of Loans
Personal Loan
A personal loan is an unsecured loan for a fixed amount of money that can be used for various personal expenses, such as home renovations, medical emergencies, or debt consolidation. It is repaid over a set term through fixed monthly installments, and unlike a secured loan, it does not require collateral like a home or car. Lenders base their decision on an individual’s income, credit history, and other financial factors.
Housing Loan
A housing loan, or home loan, is a secured loan from a financial institution that allows an individual to purchase, construct, or renovate a residential property. The property being financed serves as collateral for the loan, which is repaid over a set period through regular payments called Equated Monthly Installments (EMIs).
LAP
A loan against property (LAP) is a secured loan where you borrow money by pledging your residential or commercial property as collateral. These loans are often used for a variety of needs beyond just buying a home, such as business expansion, education, or medical emergencies. Because the loan is secured by property, interest rates are typically lower than unsecured personal loans.
Unsecured Business Loan
An unsecured business loan is a loan that does not require you to pledge any collateral, such as property or equipment, to the lender. Approval is based on the borrower’s creditworthiness, financial history, and business performance. Because there is no collateral, lenders consider these loans riskier, which can result in higher interest rates and smaller loan amounts compared to secured loans.