Personal loan is a short to medium term unsecured loan granted to an individual. It is commonly used to meet such financial needs as debt consolidation, wedding expenses, unexpected medical costs, home renovation and others. Flexibility of usage, minimal documentation and quick processing make personal loan a preferred financing option. Unlike other loans, it usually has a shorter repayment tenure ranging from 1-5 years.
Business loan is a funding support offered by financial institutions to meet the day-to-day business requirements. Business loan can be availed by individuals, MSMEs and many other entities. Applicants who own house, shop, office and godown have more chances of loan approval, as banks consider them more reliable in repaying loans in time. Most of the banks do not require collateral or security to be submitted to avail unsecured business loan.
A housing loan is a specified sum of money borrowed from banks and Housing Finance Companies (HFCs) to purchase a house. Important factors to be considered while seeking a house loan are interest rate, loan amount, loan tenure,monthly EMIs on house loan and credit score.
Loan against property is another name of mortgage loan and is available for both salaried and self-employed borrowers to help them fulfil their business and personal needs by mortgaging their property.
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