Lets Learn About The Types Of Loan
Life is full of responsibilities and most of them require fund
. In many cases, our savings are not sufficient to fulfill our needs. Also in many cases, big amount is not present at the time and in that situation we need some institutions which provide us fund and take back the amount in installments. These situations generally are marriage, college admission, purchasing property, business investment etc. The financial institutions charge some interest and arrange the total amount in easy installments. This resolves our problem to large extent.
If we look for the types of loan available, we can find numerous. House, education, automobile, personal, business and many other types of loan are available. Broadly we can divide loans into two types- secured and unsecured loan. Secured loans are those in which the borrower gives some of his assets for assurance or sometimes written agreement is being done. In unsecured loan, none of these agreements is done and the loan is given on the basis of borrowers credit. The borrowed amount is returned in full payment or easy installments.
House loan is a secured generally borrowed to purchase property. Automobile loan is there to purchase personal vehicles. Education loan is very popular now days. Today, we find higher studies getting too much expensive. Therefore there is a need of loan which helps youths to complete their higher studies. Business loan is required for large investment in business. Unsecured loans comprise of personal loan, credit card debt and other credit facilities. Interest rate varies by different factors. It depends on the financial institution, type of loan and the time required for repayment.
by: Adaya Francis
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