A Personal Loan is required for a wide range of personal expenses, from home improvement to vacations, here we brief you only on the basis of income consideration for Individual salaried Profile. this guide to arm yourself with the knowledge you need to make the right loan choice.
you might need to decide between a secured loan and an unsecured loan. The main difference has to do with collateral: Secured loans require collateral, while unsecured loans don’t.
This difference, however, can affect everything from your eligibility to your interest rate, loan amount and loan term. As you compare secured versus unsecured loans,
Secured Loan
To borrow a secured loan, you’ll need to back it up with a piece of valuable collateral, such as your car, gold or home. An auto loan and a mortgage are two common types of secured loans.
Unsecured Loan
To borrow An unsecured loan, on the other hand, does not have any collateral backing it up. Some common types of unsecured loans are credit cards, student loans and unsecured personal loans.
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A personal loan is one of the most popular types of unsecured loans that offer instant liquidity. A good credit score and high and stable income ensure you can avail of this loan at a competitive personal loan interest rate.
Flexi loan, you can avail of funds from your approved limit and, withdraw the amount whenever required and pay interest only on the amount you have utilized.
Home loans are a secured mode of finance that gives you the funds to buy or build the home of your choice. You can apply online for a home loan at lower interest rates. The types of home loans available in India:
1. Land purchase loan
2. Home construction loan
3. Home loan balance transfer and Top-up
A loan against property is one of the most common forms of a secured loan. You can pledge any residential, commercial, to avail of the funds required. A loan against property helps you unlock the dormant value of your asset and can be used to satiate personal life goals such as higher education for children or marriage.
A gold loan requires you to pledge gold jewellery or coins as collateral. The loan amount sanctioned is a certain percentage of the gold's value pledged. Gold loans are generally used for short-term needs and have a short repayment tenure compared to home loans and loans against property.
A used car loan is a type of financing that individuals can obtain to purchase a pre-owned vehicle. used car loans are tailored for the purchase of second-hand cars.
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