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What are Loans?
Loans allow individuals and businesses to borrow money from banks or other lenders to cover their financial needs. When you take a loan, it's like borrowing a financial favor from the bank. You get the money you need right away, and then you pay it back gradually, with a little extra added on as interest
Loan Essentials
Before taking loan here are some key components which you should know about.
Principal
It refers to the original amount of money borrowed, excluding any interest or fees that may accrue over time. It is the initial sum lent by the lender to the borrower, which the borrower is obligated to repay according to the terms of the loan agreement.
Term
It refers to the duration or length of time over which the loan agreement is in effect. It specifies the period during which the borrower is expected to repay the borrowed funds, along with any accrued interest, to the lender according to the agreed-upon terms and conditions.
Rate of Interest
The Annual Percentage Rate (APR) shows how quickly the total amount you owe increases. It refers to the percentage at which the lender charges the borrower for the use of their money. It represents the cost of borrowing or the return on investment for the lender.
Loan Repayment
It refers to the act of returning borrowed money to the lender according to the terms outlined in the loan agreement. This is the amount required to be paid regularly (weekly or monthly) to meet the loan terms. It's calculated based on the principal, loan duration, and interest rate.
Types of Loans
The loans are categorized into two parts: secured and unsecured loans. Both have their own eligible requirement.
Personal Loan
Unexpected expenses? Access funds with ease through a personal loan. Achieve your goals and seize opportunities.
Gold Loan
Turn your gold into opportunity with hassle-free gold loan. Access quick funds while keeping ownership of your precious assets.
Car Loan
Turn your car dreams into reality. Start your journey of owning your dream car with car loan.
Home Loan
Start your journey by taking the first step towards owning your own home. Secure your future with a home loan tailored to your needs.
Education Loan
Dream big, achieve more. Don't let finances hold you back. Fuel your education with trusted education loan.
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Frequently Asked Questions
Loans work by providing borrowers with funds that they repay over a specified period, often with interest. Borrowers agree to make regular payments, usually monthly, until the loan is fully repaid.
The requirements for obtaining a loan vary depending on the type of loan and the lender. Generally, lenders consider factors such as credit history, income, employment status, and debt-to-income ratio.
Secured loans require collateral, such as a house or car, to secure the loan, while unsecured loans do not require collateral but may have higher interest rates. the fund’s assets.
The amount you can borrow depends on various factors, including your creditworthiness, income, and the lender’s policies. Lenders typically have minimum and maximum loan amounts.
Missing a loan payment can result in late fees, penalties, and negative effects on your credit score. It’s essential to communicate with your lender if you anticipate difficulty making payments to explore options such as deferment or refinancing.