It is right said that finance is the backbone of a business or our personal life, availability of finance can help in the achievement of one’s goals or dreams and paucity of the same can lead to destruction.
That’s why banks came into the scene in India as early as 1770 to mobilize savings of one to give loans to the ones in need. In simple terms, a loan is a sum of money borrowed with a promise to pay the amount on a future date and pay interest on it at regular intervals. For a long time, taking a loan has been considered as very cumbersome process it was because loads of paperwork involved and in number of visits to the bank, but with the advent in technology the whole process has become a lot convenient than before.
A lot of intermediaries have entered the scene that makes the process of raising loan from their partner banks a lot easier that includes hardly any visits to the bank, they do most of the work on one’s part and without charging any fee. They help in raising a variety of loans, for example-
- Personal loan- they are loans given to one individual for no particular unlike motor or car loans, no collateral is needed in case of personal loan. One can take a personal loan in Jaipur.
- Home loans- are the sum of money borrowed for a specific purpose like the construction of a house, home extension, plot loans, etc interest rates are lowest on them.
- Business loans- are offered to businessmen, generally, the interest rates on business loans are less and the repayments have to made after regular intervals.
- Mortgage loan- it is the loan to buy some property by mortgaging the property itself
- Car loan- the name suggests the purpose of the loan.
- Gold loan- it is a loan against mortgaging the gold. It is very common in India.
- Education loans- or better known as student loans are loans given to students to pay fees of college the interest on this loan is very low.
But one has to fulfill certain conditions to be eligible to take a loan through such intermediaries-
- Age- At least 23 years old
- Less than 65 years old
- Salary must be in the account
- Minimum salary 15000 per month
- Minimum job experience and stability 6 months
Apart from providing different types of loans these intermediaries also compare the loans from top banks of India thus helping one in making an informed decision. Because of a lot of banks and different interest rates and processing fees charged by them, it is very hard for one to compare each of them at his/her own. Also, the customer reviews of the loan and credit card services of the company help building one’s trust in the company and services offered.
One can also check their credit report and also calculate the EMI along with the interest using the calculator. All you need to enter is the loan amount, interest rate, and loan tenure. Thus, it makes it easy to take a personal loan in Jaipur Rajasthan. One can also track the application status of the loan, online.
