Instant Loans in India

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Indian economy is on a boom and one of the major reasons for this steady growth is the easy accessibility of the loans in India and a reasonable rate of interest. Instant Loans in India are now offered by every bank, duly assisted by the Government of India who is motivating people to take home loans by forfeiting tax concessions.

Types of Instant Loans in India

The various types of Instant Loans in India are mentioned as below:

(a) Personal Loans: A Personal Loan is a loan undertaken to satisfy personal economic obligations, either for a successful completion of wedding ceremony in the family, or for the renewal of the house, or for paying for the holiday trip. The loan assures steady flow of money in the times of urgent requirement.

Generally, the method of sanction of personal loans in India is speedy and is usually approved with uncomplicated credentials. Besides fast approval, other benefits of personal loans are freedom to select from the sum varying from Rs 10,000 to Rs 10, 00, 000, compensation interlude from 12 to 48 in accordance to the rate of interest and no requirement of a sponsor.

Some of the banks offering personal loans in India are ICICI Bank, HDFC Bank, Axis Bank, SBI, CitiFinancial, Barclays Finance, ABN Amro, Deutsche Bank, Reliance Consumer Finance and Andhra Bank

(b) Home Loans: A Home Loan is a loan undertaken to build a home. Applications for taking home loans can be filled either independently or mutually, with projected owners of the house being co-claimants.

Generally, the property is maintained as a security or guarantee by the loan provider till the borrowed sum is entirely forfeited by the individual who has sought the loan. The rate of interest of such loans is minimal as they are tenable loans and have an extended loan settlement period.

In other words a home loan is a form of consumer finance for the procurement or alteration of the personal fixed asset that the owner owns or desire to obtain.

Some of the banks offering home loans in India are ICICI Bank, Axis Bank, IDBI Home Finance, GIC Housing Finance, Bank of Rajasthan, Deutsche Postbank, Kotak Bank and Reliance Home Finance.

(c) Car Loans: Possessing a four wheeler is the dream of every Indian middle class family as it gives a sense of pride besides assisting transporting requirements. Hence, it is advisable to select a decent car loan in India that provides more fiscal independence and simple settlement alternatives. It gives freedom to choose cars ranging from luxury to mid-range.

In case of new car loan, the total amount of the loan is up to 90% of the value of the automobile; and in case of used car loan, the total amount of the loans is up to 80% of the value of the automobile. Banks usually provide favored treatment to their prevailing clientele and if the borrower has a current or savings account then it is simpler to get a loan with reasonable rate of interest.

Some of the banks offering car loans in India are Royal Bank of Scotland, HDFC Bank, Tata Capital, Union Bank of India, SBI, Reliance Consumer Finance and Oriental Bank of Commerce.

(d) Education Loans: Education loans cover expenditure of the academic expenditure of students. It can be taken up for duration of upto 5 to 7 years with maximum loan amount of up to ` 7.50 lakhs for pursuing education in India and Rs 15 lakhs for studying overseas. The amount provided is against an assurance from either a relative or an acquaintance.

Education loans in India provide a grace period of 12 months after the conclusion of studies. Some of the banks offering car loans in India are Credila Education Loan Service, Andhra Bank, Catholic Syrian Bank, Federal Bank, HDFC Bank, Union Bank of India and SBI.

Last Updated on 6th July 2011