PERSONAL LOANS
A personal loan is a loan that does not require collateral or security and is offered with minimal documentation. You can use the funds from this loan for any legitimate financial need. Like any other loan, you must repay it accordance to the agreed terms with the bank.
A personal loan is an amount of money you can borrow to use for a variety of purposes. For instance, you may use a personal loan to consolidate debt, pay for home renovations, or plan a dream wedding.
HOME LOANS
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIs. After repayment, the property’s title is transferred back to the borrower.
As per Section 24(b) of the Income Tax Act, 1961 a deduction up to Rs. 1.5 lakh towards the total interest payable on the home loan towards purchase / construction of house property can be claimed while computing the income from house property.
LOAN AGAINST PROPERTY ( LAP )
A loan against property(LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
Under Section 24, you can get a loan against property tax benefits on the interest paid on your loan if the funds are used for financing your new home. The maximum benefit that you can avail of under this section is Rs. 2 lakh.
BUSINESS LOANS
A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
Financial benefits of acquiring business loans
⦁ Increased Funding, Increased Promotions. …
⦁ Flexibility. …
⦁ Liability-free. …
⦁ Easy access. …
⦁ The interest rate that people can afford. …
⦁ Repayment options that are flexible and convenient. …
⦁ Increasing the range of product offerings. …
⦁ The application process is hassle-free.
Auto Loans
An Auto Loan is taken by borrowers to purchase a new or used private or commercial vehicle. Auto loans are secured loans where the vehicle itself is used as a collateral. It is offered by lenders for new cars, used cars, two wheelers (generally called a Two-wheeler Loan) and commercial vehicles (generally called a Commercial Vehicle Loan).
An auto loan will give you the advantage of buying a vehicle with monthly payments you can afford. Auto loans also help build your credit rating, provided that you make the payments on time, and give you the opportunity to buy a better vehicle that may have been too expensive if you were to pay cash.
OVERDRAFT FACILITY
Overdraft limit account is a running account in which you can deposit/ withdraw amount anytime up to the specified limit. The bank levies the interest on the overdraft amount used by the borrower at predefined rate. The interest is calculated daily and billed/debited to your on monthly basis. It is a form of extension of a stipulated limit offered by banks; the said amount of funds is known as overdrawn.
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