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What is loan? What are the types of loans? How you can get educational loans ?


A loan is borrowing money from a company, organisation or individual. It is a process where you will borrow money from the lender and they will charge some amount of money as their interest and you have to pay the interest money along with their borrowed money. The lender gives a specific time to repay the loan and if the time has been over due to some reasons so the amount of interest will be charged.

There are different types of loans -

1.  Home loan

2. Education loan

3. Gold loan

4. Vacation loan

5. Personal loan

6. Small business loan 

7. Medical loan

8. Family loan

9. Credit card loan

10. Pawn shop loan

Home loan

A home loan is also known as a mortgage. In-home loan, you can borrow to finance building your own house. To build a house of your own is everyone's dream. To stay in their house, to decorate their house and do all the stuff in their own house. So home loan or mortgage is a way to help build your house.

Education loan

Many students have their perspectives to hold their careers. Today's generation of children is more intelligent than others. Many of the children want to pursue their careers in different cities or abroad. So if your children want to go there and make their life successful you can take an education loan. An education loan provides you with the amount and after getting into a job or business you have to repay the amount.

Gold loan

Gold loan is safe as other loans. A gold loan is a process where you have to borrow money from the bank and they will take your gold as collateral and charge some amount of money as interest when you will repay your loan they will give you your gold. Various banks are available for taking gold loans such as HDFC Bank, Muthoot Finance, Paisbaazar.com, ICICI bank and much more available in the market.

Vacation loan

A vacation loan gives you the money to plan a trip or go on a vacation with your children, family, and loved ones. This loan is also similar to other various loans. Whenever you take a loan you have to repay the amount you have taken.

Personal loan

A personal loan can be anything which you desire that you need basically for your personal use.

Small business loan

A small business loan refers to the means a business owner needs money to start a small business or enterprise or to buy expenses for their small business.

Medical loan

A medical loan refers to a loan in which you need money for medical purposes to pay and you have to repay the money within the time given.

Family loan

A family loan is used mainly for all the family purposes like buying a car, educating their children, medical issues etc.

Credit card loan

To use this credit card loan you should have some amount of money in your account as per their rules. If you take a credit card loan you can do anything from that like buy your needs, book your tickets, shopping and many more. In this process, you have to repay the amount in time as per their due date and you should have money in your account as they will cut from your savings.

Pawn shop loan

The process of a pawn shop loan is you have to bring an item, the pawnbroker will determine the amount of the particular item on basis of the item they will give you a loan, and they will have the collateral until you repay them.

How you can get an educational loan ?

For getting an educational loan the eligibility criteria are 18 to 35 years and if you take up to Rs 4 lakhs of educational loan you don't have to pay any collateral. For taking between Rs 4 to 7.5 lakhs of loans you need a third-party guarantee but you don't have to pay any collateral and if you take loans exceeding Rs 7.5 lakhs then you have to give collateral.  For getting an educational loan you have to go to the bank and take all the necessary documents with you for the process.

For getting an educational loan you can contact

www.bankbazaar.com

sbi.co.in

Bank of Baroda

Axis Bank

Union Bank of India

HDFC Bank

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