A secured loan used to purchase a house or an apartment. The property serves as collateral and if the loan is defaulted, the bank can foreclose on the property and sell it for repayment.
Personal Loan
Unsecured loan that can be used for any purpose. You don’t need to put up any collateral for the loan, but the interest rates are usually higher compared to a home loan or a car loan.
Education Loan
Availed by students to pay for their education. The loan can be used for educational expenses and is usually released against the student’s future earnings.
Auto Loan
Given to a borrower to purchase a car or two-wheeler. The vehicle serves as collateral and the bank can repossess the vehicle and sell it in the case of any default.
Gold Loan
A gold loan is a secured loan where borrowers can use their gold as collateral to get a loan. Its interest rate is usually lower than an unsecured personal loan.
Consumer Durable Loan
A consumer durable loan is a loan given to a borrower to purchase consumer durables such as a TV, fridge, or washing machine.
Business Loan
Given to a business to start or expand their operations. The loan can fund numerous business purposes, and the collateral for the loan is usually the business itself.
Mortgage Loan
A mortgage loan is given to a borrower against the property they own. The property itself functions as the collateral.
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