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Union Home Mortgage Review – Types of Bank Loans in India | By Ishan [Hindi]

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Types of Bank Loans in India | By Ishan [Hindi]

In finance, a loan is the lending of money from one individual, organization or entity to another individual, organization or entity.

From starting a business to purchasing a luxury car, buying a home to going on a vacation – these days you will find customized bank loans for all your needs. This creates a huge opportunity not only for banks but also for businesses selling consumers products. Banks label loans on the basis of end use of proceeds. Terms and conditions and other features of loans differ mainly based on this end use, i.e. the purpose of the loan.

Bank loans on the basis of end use

1.Personal loan, as the name suggests, loans received as personal could be utilized by the recipient for any requirement. For example – marriage, home improvement, travel or any miscellaneous expenses. These days’ credit card companies give you an option to apply for a loan for up to the extent of your credit limit. This is processed online where you can choose your EMI and duration of repayments and a cheque will be delivered to you within 3-4 days, no questions asked. All you need is a credit card. The interest rate is highest for this category of loan.

2.Home Loans, typically has the lowest rate of interest and is usually taken for a very long duration.

3.Car Loans, these days’ automobile companies have ventured into finance by setting up separate subsidiary companies solely for this purpose. They are able to offer the best interest rates often with zero interest rate schemes. They usually undercut any bank’s finance terms since they are able to eat into their profit margin on the underlying vehicle.

4.Education loan, just like personal loans, the rate of interest is really high for this category. However the big advantage here is that most banks will give you a grace period before your EMI’s or repayment terms start. The grace period takes into account the duration for which your education lasts i.e. repayment starts once you complete your education and get into job market.

5.Business loan, again, the interest rate is really high for this category mostly because of the risk involved.
Major Terms in Bank Loans

6.Gold Loan: Gold loan interest rates are lower as compared to personal loans and this is probably the edge. Processing fees are not charged on gold loans. However, they are charged for valuation of gold. Most of the banks and companies take utmost care not to damage the ornaments during evaluation or storage.

7.Property Loan: Loan against property is pretty similar to personal loan; the only difference being you put a property owned by you as collateral against the loan. This property might be confiscated in case you default on the loan.

Fixed Rate vs. Floating Rate Loans

Fixed Rate: The rate of interest is fixed either for the entire tenure of the loan or for a certain part of the tenure of the loan. In case of a pure fixed rate loan, the EMI remains fixed for the entire duration irrespective of whether the bank increases or reduces its interest rates and irrespective of RBI mandated changes in interest rates. If interest rates move up over the years, a fixed rate EMI becomes very attractive as you pay far lower than the market rate. Consequently a reduction in interest rates will have the opposite effect.

Floating Rate: As the name suggests, the floating rate of interest varies with market conditions. EMI of a floating rate loan changes with RBI mandated changes in interest rates (and with changes in bank’s internal interest rate) from time to time. If market rates increase, your repayment increases. When rates fall, your dues also fall.

Disclaimer- Some contents are used for educational purpose under fair use. Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. All credit for copyright materiel used in video goes to respected owner.

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40 Comments

  1. Aditya Verma
    July 26, 2021 at 10:47 pm

    Sir private job wale salaried person ko bhi mil Jata h kya aasani se?

  2. alok razz
    July 26, 2021 at 10:47 pm

    are you bank staff ;

  3. Loan Information Channel
    July 26, 2021 at 10:47 pm

    Yaha loan ki puri jankari mil jayegi👈

  4. Abhimanyu Gaur
    July 26, 2021 at 10:47 pm

    Service loan kaise le sbi

  5. thakur Deepak chauhan
    July 26, 2021 at 10:47 pm

    Sir aap eak gold loan par video banaye…plzz

  6. Sunny Khilnani
    July 26, 2021 at 10:47 pm

    PLS CORPORATE LOAN P EK ALAGSE VIDEO BANAIYE

  7. jhon sherpa
    July 26, 2021 at 10:47 pm

    Bjp hatao desh bachao

  8. Sharif Mohammad
    July 26, 2021 at 10:47 pm

    Thank you sir 💜💜

  9. Gaurav vashist Roll no. 22
    July 26, 2021 at 10:47 pm

    I am 16 years old student…so everything related to under 18 yrs old saving account related details..I want to know..can anyone tell me a video or a channel???

  10. Raja Champion
    July 26, 2021 at 10:47 pm

    Wow ! 😀 Nice explain by bro

  11. Saiful Islam
    July 26, 2021 at 10:47 pm

    Hii

  12. Sushma p
    July 26, 2021 at 10:47 pm

    Thank you so much sir video is very helpful

  13. Monu Kant
    July 26, 2021 at 10:47 pm

    Aapne business loan ke baare mai bola hi nahi

  14. zuber Manjlebhai
    July 26, 2021 at 10:47 pm

    You have lot of knowledge

  15. Lakshman Singh kushwah
    July 26, 2021 at 10:47 pm

    Company kaishe ragistration kare core capital kya hai company kaishe maintain kare….. Iske uppar vedio banaiye …..

  16. Lakshman Singh kushwah
    July 26, 2021 at 10:47 pm

    Social socity par vedio banaye….

    Jati vad bhut hai isko kaishe khatm kare or apne desh tarkki me kaishe ek sath aaye…

  17. sujit kumar
    July 26, 2021 at 10:47 pm

    Car loan pe koi video banaye

  18. Anand Kumar
    July 26, 2021 at 10:47 pm

    Hu

  19. Taranjeet Singh
    July 26, 2021 at 10:47 pm

    Personal loan/Balance transfer/loan topup on best rate of interest/Axis 🏦
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  20. Dushyant Sharma
    July 26, 2021 at 10:47 pm

    Bhai loan subsidy pr video bnayen plg

  21. Sawan Kushwah
    July 26, 2021 at 10:47 pm

    sir consumer durable loan k bare me jo hdfc hdb se related h

  22. Vikas Thakur
    July 26, 2021 at 10:47 pm

    Anybody can need loan 9149318461 whatsApp me

  23. siddharth bhoi
    July 26, 2021 at 10:47 pm

    Agar me car loan lena chahta hu aur 1 sal bad pura amount ek sath lautana chahta hu to loan milegi ya ni

  24. Ganesh Mandavi
    July 26, 2021 at 10:47 pm

    Nice speech

  25. Vishal Ingle
    July 26, 2021 at 10:47 pm

    Itna knowledge kahase prapt hota hai sirji apko??

  26. Suraj Chandrakar
    July 26, 2021 at 10:47 pm

    Sir mca ke bare me bhi video share kijiye na

  27. Aman
    July 26, 2021 at 10:47 pm

    Bikram loan lana hai 12th pass

  28. Vivek
    July 26, 2021 at 10:47 pm

    Bhai apki awaaz bohot chubh rahi h

  29. Zafar khan
    July 26, 2021 at 10:47 pm

    I want my 2:42 min back 😅

  30. M D Khan
    July 26, 2021 at 10:47 pm

    Sir aapke contect no. Mil sakte h kya

  31. Mr unknown
    July 26, 2021 at 10:47 pm

    Thank you sir mera interview clear ho gya ajj ise video k dekh kr❤

  32. Hina Shariq
    July 26, 2021 at 10:47 pm

    Teaser loan explain kijiye plz

  33. Firoz Ansari
    July 26, 2021 at 10:47 pm

    Aapne to business loan ke bare me btaya hi nhi

  34. S K MAHIYA
    July 26, 2021 at 10:47 pm

    Shop insurance video please Sir

  35. ROHIT VAISHNAV
    July 26, 2021 at 10:47 pm

    Sir very good information provide ki hai aap ne mera ek sawal hai
    Mera abhi businesa loan chal rha hai or mera HDFC mai selection ho gya hai insurance job mai kya HDFC mere ko eduction loan de degi kya kyo ki at present mere business loan chal hai hai govt. Scheem mai

  36. manoj kumar
    July 26, 2021 at 10:47 pm

    Very nice

  37. IRFAN KHÄÑ
    July 26, 2021 at 10:47 pm

    Sir mujhe business loan chahiye Kya eligible criteria Kya hai sir

  38. Kajal Angarkhe
    July 26, 2021 at 10:47 pm

    Sir Adv. Ko loan Milta hai kya or agr Milta hai to usk liye kya requirement hoti hai .important documents kya chahiye plz btaye

  39. Manthan Mishra
    July 26, 2021 at 10:47 pm

    Very nice👍👏😊

  40. Manthan Mishra
    July 26, 2021 at 10:47 pm

    Thanks❤🌹😊