The easily available loans in India with low interest rates are
one of the major reasons for economical boom in India. Banks and
various other financial institutions are offering loans at very
reasonable and affordable interest rates. The government of India
has been very supportive in encouraging people to take loans for
certain purposes. The government is attracting people to take more
and more loans by giving tax benefits on specific loan type. There
are varieties of loans available in the Indian market today.
They are:
Educational loans, Business loans, Car loans, Loans against shares,
Personal loans, Home loans, Marriage loans, and so on.
Educational loans in India:
:Educational loans in India have
made it possible for every Indian to have a decent study in any
desirable field. The maximum amount of educational loans available
in India is up to Rs7.50 lacs in case of studies in India and Rs15
lacs for those studying abroad. The loan has to be repaid in equal
monthly instalments within 84 months starting from 12 months after
the completion of the course are six months after getting the job
whichever is earlier.
Business loans in India:
Finance is the backbone of every
business. Each business requires regular inflow of revenue for its
expansion and growth. Some of the banks cater to these needs by
offering business loans to the industries at an agreed rate of
interest.
Car loans in India: Car loans are available for both new and
old cars. You have the benefit of choosing from various finance
schemes available in the market. The size of the loan depends on the
cost of the vehicle; the car type and the percentage of financing
you are offered.
Loans against shares: This is the loan available in the form
of overdraft facility against financial security is like shares or
bonds. It is always advisable to consider the risk involved in this
scenario. You can think of reinvesting the loan amount only if you
are sure of the benefits that should derive from your investments.
Personal loans in India: Personal loans help you to cater
your immediate requirements without much hassle. You can avail this
loan without the provision of any security or hypothecation of
assets. The maximum amount of personal loan depends on your net
salary. However the rate of interest charged is higher as compared
to any other secured loans.
Home loans in India: With different banks and institutions
offering home loans at attractive rates, the dream of every Indian
has come true. However, home loans are agreed upon certain
predefined or floating rate of interest ranging from 9% to 15%.
There has been a drastic decline in the interest rates on home loans
in India since 2004 2005. All types of home loans attract tax
benefit.
Marriage loans in India: Most of the Indian banks nowadays
offer loans for marriage to ensure that money is not an obstacle in
marriage preparations. The major criterion for marriage loans is
that the bride and the groom should not be less than 18 years and 21
years respectively. The maximum marriage loan offered in India is
generally twice the net annual income of a person.
