Everyone may not have always money for buy some certain things for such things we go for taking money from lender or bank
Many of the People prefer Bank for taking loan Because Bank don’t have trust issues and give a Loan at Lower rate of Interest as compare to outsider Lender.
Principle Amount, Rate of interest and time period of lending the money are the three component of the loan.
In the market Non-Banking Financial company is also Exist which also give loans. They are bound by Government policies and trustworthy.
Types of Loans-
Based on security Provided
- Secured Loan
- Unsecured Loan
Based on Purpose
- Education Loan
- Personal Loan
- Vehicle Loan
- Home Loan
Based on Pledged Assets
- Gold Loans
- Loan Against Assets
Conclusion
Loans is the best way to arrangement of money in emergency and for company that reduce cost of capital. Loans also fullfill the requirements and helpful in build lifestyle and infrastructure.