Different types of loans

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What is a loan?A loan is an amount taken by
the borrower from lenders or NBFCs. Once these
loans are taken, the borrower is required to pay
interest rate on monthly basis and clear the loan
amount within the mentioned tenure period. There
are two ways loans can be differentiated, they
are Secured loans and Unsecured loans.
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What are the different types of loans?
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Personal loans Personal loans are the type of
loans that can be used for various purposes.
These loans are used for immediate requirements
of the customer and is an unsecured type of loan.
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Unsecured loans The borrower can take unsecured
loan types for fulfilment of his financial needs.
If the borrower has regular income then he can
apply for this loan kind, as the loan is approved
based on the income level.Secured loans
Secured loans are where the borrower is required
to put collateral as surety with the lender.
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Bad credit loans These loans are for the
people with bad credit history. This can be used
to fulfill the financial requirements of the
borrower.
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Debt consolidation loans It is a type of loan
that is taken to pay off other debts or
liabilities. This will decrease the burden of
paying small interest rates for multiple loans.
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Home improvement loans

• Home improvement loans are unsecured type of loan
  which are used for home improvements like fixing
  of racks, renovating the house, building extra
  rooms, etc.

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Car loans It is also called as auto loan which
is taken by the borrower to purchase his dream
car. The car being the surety, upon non-payment
of loan amount, the car will be seized by the
lender.
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Holiday loans Your vacation expenses can be
covered with holiday loans. They are unsecured
loans, provided based on the income level, credit
history and other factors.
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Wedding loans Wedding loans are the saviors
for the ones who want their wedding to happen
lavishly. This wedding loan amount is taken to
cover the expenses of a wedding.
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Thank You
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