There are lots of types of loans out there. It can be divided into three categories which is secured, unsecured and demand. A secured loan is a loan where you must mortgage some of your assets such as house or Company in order for you to be eligible for the loan. Unsecured loan is a loan where you do not have to put anything under assurance. There are many types of unsecured loans, bank overdrafts, corporate bonds, credit card debt and the most common one is the personal loan. Demand loan is usually a short term loan where it does not have a fixed date to repay it except it carries a floating interest. There are a lot of reasons why people take a loan. It can be because of emergency cases such as accident, medical emergency or pending bills. Loans are usually taken to buy home ,car and for business.
Many people take up loans to invest in their future. Invest in the future means your education or business. Studying abroad is not a very cheap thing. Million or millions are needed for education
A Home Loan is a secured loan with the property pledged as collateral with the bank/ housing finance company. Often, a home loan is taken to buy a residential apartment whether ready to move or under construction. People take a new home loan to transfer the balance outstanding on their existing loan because they are getting a better deal. Home Loans are also taken to repair and renovate one's existing house. Occasionally, a home loan is taken to construct a house. A related loan is a plot loan where the proceeds are towards the purchase of a plot.
A loan against property (LAP) is exactly what the name implies -- a loan given or disbursed against the mortgage of property. The loan is given as a certain percentage of the property's market value, usually around 40 per cent to 60 per cent. Loan against property belongs to the secured loan category where the borrower gives a guarantee by using his property as security.
Business Loan is taken by some customers towards funding part or full of the business requirements. A business loan seeker is also encouraged to consider an overdraft because in this case the financing charges are incurred only for the duration that money is required meaning that repayments can be made in unequal amounts at any time in the month. Business Loans are often secured with property and these are called Loan against Property. Increasingly Loan against Security (where the security collateral is a financial security such as stocks/ bonds/ etc.
Loan Against Securities offers you instant liquidity. You don't have to sell your securities. All you have to do is pledge your securities in favour of ICICI Bank. We will then grant you an overdraft facility up to a value determined on the basis of the securities pledged by you. A current account will be opened and you can withdraw money as and when you require. Interest will be charged only on the amount withdrawn and for the time span utilised.
Loan Against Securities offers you instant liquidity. You don't have to sell your securities. All you have to do is pledge your securities in favour of ICICI Bank. We will then grant you an overdraft facility up to a value determined on the basis of the securities pledged by you. A current account will be opened and you can withdraw money as and when you require. Interest will be charged only on the amount withdrawn and for the time span utilised.
Car loan is a financial assistance taken to purchase a car with minimal initial payment from your own pocket. The borrowed money from the lender can be repaid in equal monthly instalments over a period of time with an agreed rate of interest. Normally, car loans are secured with the vehicle itself that is being bought.
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