What are the loans? What are its types and benefits?
There are several types of loans. They are categorized by
the need of the borrower. If the borrower is asking a loan to build a new house
then he can go for a housing loan. The loan amount will be given to the
borrower at every stage of the building. If you want to buy a new car then you
can go for a car loan. Here the bank will have all the papers of the car. Once
you complete your payment you can receive the originals from the bank. Students
who find difficulty in paying the fee can take an educational loan. Once they
join the job they need to repay the amount. If you need to fulfill any of your
individual requirements like marriage or any other additional need of money
then you can go for a personal loan. The bank will ask for many documents to
submit and you need to repay it before the deadline. Certain people make use of
their gold jewels and they pledge their jewels and will get money. This is
called a gold loan. Whatever the type, it will have its own rate of interest
and one should never fail to pay the amount.
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