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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.


 
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