What is loan, its types and how to take loan (Loan In Hindi)

Loan Kya Hai In Hindi: You must have heard about loans at some point or the other, but do you know? loan what is, Loan how many type Of would have been Huh, Loan How take Huh And Loan pick up Of Advantages And Harm What can happen. If not, then definitely read this article till the end, in this we have given you complete information about the loan.

Most of the people in our country India belong to middle class families, so that they do not have enough money to do any work like building a house, buying a car, getting children higher education, starting their own business etc. That’s why they need a loan to meet their financial needs.

To take a loan, people go to the bank or many financial institutions, which are called lenders, and apply there for different types of loans according to their needs. Each lender has its own terms and conditions for lending, on the basis of which they provide the loan.

To know about the loan in full detail, you have to read this article completely, so let’s start this article, know more Loan what is in hindi,

What is loan, its types and how to take loan (Loan In Hindi)

What is Loan

When a person for his needs or needs Bank Or borrows money from any financial institutions, then it is called loan or loan. The borrower has to repay the loan amount back to the lender along with interest within a stipulated time period.

There can be many reasons for taking a loan, such as for building a house, buying a car, children’s education, for business, for personal expenses, etc., any person takes a loan.

Some terms used in loan

  • Principle Amount The amount which is borrowed in the loan is called Principle Amount.
  • Rate of Interest The rate paid as a fee for taking a loan is called interest rate.
  • Tenure (time period) A fixed time period is fixed for repayment of each loan, this is called Tenure.
  • lender The lender is called the lender, most of the banks and financial institutions are the lenders.
  • borrower The person who takes the loan is done by the borrower.

Types of Loan

There are also different types of loans for different types of works. Out of which we have told you about the major 6 types of loans below.

  • Personal Loan
  • Home Loan
  • Education Loan
  • Car Loan
  • Gold Loan
  • Business Loan

Let us now know about them as well.

1 – Personal Loan

When a person takes a loan from a bank or any financial institution to complete his personal work, then this type of loan is called personal loan. personal loan Most are given for short term. Personal loans come under unsecured loans, hence the interest rates are also high. You can take a personal loan for traveling anywhere, for personal household works, for weddings.

2 – Home Loan

When a person takes a loan from the bank to build his house, he Home Loan They say. Home loans are mostly given for long term. Home loans come under secured loans so you can get a higher amount for home loan. The interest rates on home loans are also low.

3 – Education Loan

When a parent takes a loan for his children to get a particular course, then he Education Loan They say. Almost all banks provide education loans to their customers. The education loan has to be repaid when the child completes the course and gets employed.

Education loans also come under unsecured loans, so a guarantor is required to take an education loan. The guarantor can be the parent or any relative of the child.

4 – Car Loan

When a person takes a loan from the bank to buy his car, then this type of loan is called car loan is called. Car loans also come under secured loans.

5 – Gold Loan

When a person takes a loan by pledging his gold jewelery with the lender, then this type of loan is called Gold Loan is called. The lender pledges the jewelery till the borrower repays the loan amount. Gold Loan is a good option to get a high amount of loan.

6 – Business Loan

When a person takes a loan from a bank or financial institution to start his business or to run his business smoothly, then he Business Loan They say. There are many schemes of the Government of India, through which the needy people can take a loan from the bank to start their business. Like the Prime Minister’s Mudra Yojana.

Loan Types Based on Tenure

There are mainly three types of loans based on the time period –

1 – Short Term Loan – To repay the money in Short Term Loan, the tenure is of 1 year or less. Most of the unsecured personal loans are given for short term only.

2 – Medium Term Loan – The tenure to repay the money in this type of loan ranges from 1 year to 3 years. Both secured and unsecured loans are given for medium term.

3 – Long Term Loan – The tenure to repay the money in this type of loan is 3 years or more. Only secured loans are given for long term.

What is secured loan and unsecured loan?

Whenever you apply for a loan, before that you should also know about secured loan and unsecured loan.

1 – Secured Loan

secured loan There are loans that are secured by an asset. In taking this type of loan, you have to mortgage any of your assets with the lender as a collateral. The lender keeps the property with him until the entire loan amount is repaid with interest.

A secured loan is the best option if you need a high amount of loan. In this type of loan, you assure the lender that your loan will be repaid.

In case the borrower is unable to repay the loan amount, the lender can sell the mortgaged property and repay the loan amount. Home Loan, Car Loan etc. come under secured loan only.

2 – Unsecured Loan

unsecured loan Or unsecured loans are the exact opposite of secured loans. In this type of loan, you do not have to pledge any of your termination with the lender. There is a risk to the lender in giving this type of loan. Lenders grant unsecured loans based on the character, capability, capital, assets and certain conditions of the borrower. Personal loans, education loans, etc. come under unsecured loans.

How To Take Loan (Loan Kaise Le)

Personal, Home and other There are two modes of availing loan – offline and online. You can take loan in both the ways.

How to take offline loan loan

To take a loan offline, you have to approach the loan providing banks or financial institutions, fill out the loan application and accept the terms and conditions of the loan provider. And if you are found eligible then your loan application is accepted and the loan amount will be your bank account is put in.

How to take loan online

In the online way, you can apply for a loan sitting at home, for this you have to download the loan application of banks or financial institutions and submit the loan application online. If you are found eligible for the loan, then the loan amount is immediately credited to your bank account.

Advantages of Loan

There are many benefits of taking a loan such as –

  • You can get money according to your need.
  • If you are found eligible for the loan, the loan amount is transferred to your bank account within 24 to 48 hours.
  • You get flexibility in taking a loan, you can decide your tenure based on your earnings.
  • You can apply for different types of loans as per your requirement.
  • By taking a loan, you can improve your financial condition.

Disadvantage of Loan

The disadvantages of taking a loan are mentioned below –

  • You have to pay an additional fee as interest to repay the loan.
  • Failure to repay the loan amount on time can put your property at risk.
  • If you do not pay the EMI of the loan within the stipulated time, you have to pay an additional fine.
  • The interest rate in personal loan is high.
  • While taking the loan, the borrower also has to pay various types of charges like processing fee, service fee etc.

Loan related questions

What is a Long Term Loan?

A loan that takes 3 years or more to pay back is called a use long term loan.

What is Tenure?

There is a fixed time period to pay back any loan which is called Tenure.

What is Personal Loan?

When a person takes a loan from a bank or financial institutions to do his personal work, it is called a personal loan.

How to take loan from mobile?

You can apply for a loan from mobile online through the mobile application of the bank or financial institutions and can get the loan immediately after the loan application is approved.

You have learned: What is Loan Full Information in Hindi

After reading the article, you must have got the basic information about the loan. You should take a loan only when it is absolutely necessary. If you have already made up your mind to take a loan, then before taking a loan, you must also assess your financial condition, monthly income and capacity. So that you do not have to face more financial problems in repaying the loan.

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