How to take Loan from any Bank

Hello friends, today we are going to tell you about what to do for taking bank loan and how to get loan from bank, in today’s time many people need loan but due to lack of information people are not able to get loan but If you want to get loan then this article is going to be very useful for you.

In the absence of bank loan information, we mostly take a loan from some person and we pay interest at the rate of 2 percent, but the same loan bank gives loan at the rate of 7 to 14 percent annual interest, which is from a person. If you want to take a loan from the bank, then today we are going to tell you the complete information about it.

Bank Loan Repayment Tenure

Friends, when taking a loan from the bank, there are 3 types of repayment period. About which I am going to tell you.

  1. Short Terms Loan
  2. Term Loan ( Medium Terms Loan )
  3. Long Terms Loan

1. Short term loan – This loan has the shortest tenure. The repayment period of short term loan is less than 1 year.

2. Medium Loan – The repayment period of this loan is slightly longer than the short term loan. It is mandatory for you to repay this loan from 1 year to 3 years.

3. Long term loan – This loan is considered to be the best. Because the repayment period of this loan is very long, its repayment period is more than 3 years.

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How Many Types Of Bank Loan Are There?

Friends, the bank gives us different types of bank loans according to the need, in which the interest rates and loan repayment period have also been kept separately.

1. Personal Loan

A personal loan is a loan taken by a person to complete his personal work. For example, children are taken to pay school fees, for medicine, to pay someone’s debt, to buy household items, etc. The interest rate of personal loan is quite high as compared to other loans. In this loan, the interest rates of all the banks are different. The repayment tenure of the personal loan is up to 4 years.

Personal loan is given only on the basis of looking at the person’s sales. While taking this loan, more documents are not asked, it is mandatory to show your Selery Sleep Bank.

2. Gold Loan

This loan is given against gold. To take this loan, you have to deposit your gold in the locker of the bank from which you want to take the loan. In this the interest rate is much lower than the personal loan.

Bank gives this loan up to 80% of the value of your gold. In which the loan amount is decided based on the quality and price of your gold.

3. Property Loan

This loan is considered to be the best. And most of the people prefer to take this loan. In this, to take the loan, you have to mortgage your property in the bank like – house, shop, or other property.

The repayment tenure of this loan is up to a maximum of 15 years. And the interest rate is also very low in this.

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To take this loan, you must have your property documents and you must have INCOME TAX FILE of 3 years.

4. Home Loan

This loan is given by the bank to build a house or buy a house. Its interest rates are very low. And it is very easy to take this loan, you can apply for home loan from any bank.

On taking a home loan, the bank can give a loan up to 80% of the value of your house, the remaining amount you have to collect yourself. Like you buy a plot whose price is 1 lakh rupees. So you can take a loan from the bank for that, you have to deposit 30% amount i.e. 30,000 rupees in advance for this, you can deposit the rest of the money slowly, in this the loan repayment period can be from 5 years to 20 years.

5. Education Loan

Some students study very hard and after 10th or 12th they want to take the course of their choice but due to poverty, they are unable to complete their studies, for them the government has taken out a very good scheme of education loan, in which any student can get loan. You can do it but you have to work hard to get this loan.

Before giving education loan by the bank, the bank wants to take the student’s marks, family income, family background and student loan, how much employment the student will get after the course and whether he will be able to repay the bank loan or not, etc. Education loan is approved by the bank only after

A guarantor is required to take this loan, which can be any member of the family.

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6. Vehicle Loan

Friends, if you want to buy a vehicle, then you can easily get a loan for it, in which you are given a loan as the vehicle you buy.

That’s why while taking a vehicle loan, the employees of the bank ask us which loan you want to take Fixed or Floating, then you have to choose one of the two as per your wish. And till you do not repay the entire loan of the bank, your vehicle is owned by the bank.

There Are 2 Types Of Vehicle Loan

1. FIXED RATE
2. FLOATING RATE

1 FIXED – In this, when you take a loan, the interest that is applicable and the same interest rate remains till your entire loan is repaid, it is called fixed rate.

2 FLOATING RATE – If you take a loan in this, then the interest rate that is there can be more or less with time. And accordingly the interest rate of your loan will continue to be more or less.

To take a vehicle loan, you will have to submit 3 months of Selery Sleep, 3 years old Income Tax File, 1 any identity card, 1 any document of your address in the bank.

Calculation – In this article, we have tried to give you information about what to do for taking a bank loan and how to get a loan from the bank, we hope that you must have liked the information given by us, if you like the information, then give it a try. Do share it with your friends and if you want to ask any other type of question related to this, then you can tell us by commenting.

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