A wide variety of loan products are available to suit different needs, short term, medium term and long term needs of customers.
Home loan is long term product to finance the purchase of property. You have to make a down payment (percentage of the purchase consideration) and the lender will provide rest of the funds. For under construction properties, the home loan can also be construction linked. You have to make loan re-payments in equal monthly instalments (EMI). In home loan, the property will be lien with the lender.
Vehicle loan is a medium term product to finance the purchase of a vehicle e.g. two wheeler, four wheeler etc. You have to make minimum down payment (percentage of the vehicle price) and the lender will provide rest of the funds. You have to make loan re-payments in equal monthly instalments (EMI). In vehicle loan, the vehicle will be lien with the lender.
This is an unsecured loan for certain short term tenure. Loan approval will depend on your credit history. There are two types of personal repayments. The most popular repayment is in equal monthly instalments (EMI). Some lenders may allow bullet repayment, whereby you will have to pay the interest every month and the principal at the end of the tenure.
MSMEs can finance their short term and long term financing needs through MSME loans. MSME loans can be for working capital, for purchase of commercial assets and equipment or for finance business growth plans. MSME loan are usually backed by collateral, but there may be collateral free loan products also.
You can take a loan against your gold jewellery. Your gold will be stored in safety vaults of the lender. The loan amount is calculated as a percentage of the gold value. Gold loans can be EMI free. Once you make the loan payment (interest and principal), you can take possession of your gold jewellery.
Like gold loans, you can also get loan against your property (residential or commercial). The loan amount to be disbursed is calculated as percentage of the property value. Your property documents will be lien with the lender. Loan against property can be medium or long term loans. You have to make loan re-payments in equal monthly instalments (EMI).