Personal loans help the households meet any shortfall they experience in buying a house or a car, in children’s higher education, or even in cases of medical contingencies, among other things.
It is a type of unsecured loan and helps to meet your current financial needs. You don’t need any security/collateral while availing it. Personal loan gives you the flexibility to use the funds as per your convenience and need.
Personal Loan is your solution for instant cash and can be used for traveling, wedding, medical emergency, home renovation, or anything else.
Businesses require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loans to gain the financial assistance they need.
A business loan is debt that the company is obligated to repay according to the loan’s terms and conditions. According to the U.S. Small Business Administration, before approaching a lender for a loan, it is imperative for the business owners to understand how loans work and what the lender will want to see from the owner.
Home Loan is a Secured loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one.
The Home Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.
LOAN AGAINST PROPERTY
Mortgaging existing property is a great way to get a loan at low interest rates to meet your current financial needs without actually selling off the same.
A loan against property is exactly what the name implies — a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property’s market value, usually around 40 per cent to 60 per cent.
Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.