Often you have heard about the loan from the mouth of the people and they apply to take loan in the bank and after the application is approved they also get the loan money but do you know what the loan is in English ( What is loan in English). In a country like India, most people are middle class family people. Whether it is to build a house, to study, to get a car, it is not so easy for the middle class family to do all this with their own earned money. In such a situation, to complete all these tasks, one has to borrow money from the bank. Which he later pays every month according to his earnings and by paying some extra money, he finishes his loan.
When there is a family, there are many types of needs in it. When the children grow up, the mother tries to do everything possible to get them a good education and wishes that their children can study well and make a career and become successful in life and settle down. After the completion of high school, the cost of studying for children is high, which is more than Rs. Lakhs annually. If there is more than one child, then for every child’s good education, the parents have to struggle a lot. This is the reason that loan helps such people in this matter. There are many similar requirements which are not possible for a common man and can be fulfilled by a loan from a bank, but do you know what are the types of loans (types of loan in English). By reading this post in full, you will understand what a loan is. Also, you will also know what is the type of loan.
What is loan – What is loan in English
When a person or a company takes a loan from a bank to carry out its personal work and which has to be repaid later with some interest, we call it a loan. There can be many reasons for taking a loan and according to that reason the loan taken is also given in the same way. For example, if you want to buy a house, the loan taken for it will be called home loan. But if there is any personal work, then humans take a personal lone for it.
Definition of loan – Definition of loan in English
When a person, business, state or country takes lone from the bank in particular and within a particular time the interest on the lone with that loa amount is repaid, then it is called a loan. At the time of taking the loan, the bank agrees with its customer i.e. the person who took the loan, the company, the country, how much interest will be charged per annum for that loan and the amount to be repaid within the time.
Even before the loan is given, the bank is satisfied that the person who is giving the loan, is it capable of returning the lone amount or not. For this, the bank takes information about how much property the borrower has and also tells that if for some reason the lone amount is not deposited within the time interval, then his property will be confiscated. In the same way, if someone bought a car and after paying a few more months, they could not give it to someone who was not able, then the bank confiscated his car and recovered his money.
Types of loans – types of loan in English
When a bank goes and applies for a loan there, the bankers first ask what kind of loan you want. This means the type of loan as required. It is not that you asked for the lone and the bankers would give you the same amount of money, rather you have to tell the type of any loan according to your need.
A personal loan is a lone given by a bank to a person to complete personal work. Along with being a personal lone, it is an unsecured loan i.e. unsecured lone. In this, the interest rate is higher than the rest of the lone. Most banks provide personal loan facility to their customers. A person taking money from personal loan can use it for any work. Suppose it can be used even for the wedding expenses for the house, to go somewhere, to take a fridge, to get a washing machine. Taking a personal loan is quite a rule because the process of taking it is completed very easily.
Personal loans are used to fulfill all kinds of small and big tasks. Often nowadays, calls or messages come from the bank to take a personal loan. But before taking a personal loan, be sure to get a good information about the interest in it, because I have already told that it has a higher interest rate. You should take a personal lone only when you need it very much or have an emergency.
Who does not wish to have a house of their own. Almost every person has a dream to have their own home. But there are many people who work hard and earn money but are not able to buy a house. So in this case they have to turn to the bank. The bank approves home loan to such needy customer on the basis of installment of the month. In this way the amount of home lone is very high and which is kept for a long time to repay with interest. People have to pay all their money in the form of monthly installments in 20-30 years.
Home loan is very beneficial for middle class people who are not able to build a house for themselves even after working all their life. Such people have a dream and fulfill the same dream with the help of this.
After finishing high school, people want to make their children doctors, engineers. It takes a lot of money to do all such courses. If there are more than 2 children in a house, then every child has a lot of trouble for the parents to study like this. For a man who comes in the medium category, it is a chewing condition for iron gram.
The money that is given for the education of children to pay the fees of the students studying in the form of loan and the same student who pays the bank after getting the job after completing their studies is called education loan. All banks give money to children for education by approve. For this, a guarantor is required, in whose responsibility this loan is passed. As a guarantor, the student drinks or any other person who is his relative and who has an account with the same bank.
Who does not want to have a house of his own and a car in the house, all of this family also seems complete. People have first dream home but second dream is car. Everyone wants that family members go out together. But it is very difficult for the working people to buy a car. To fulfill this dream of the people, the bank offers car loan facility. All banks give the opportunity to the people working in this way to buy a car.
If you also wish that you also have a car in the house, then your dream will definitely be fulfilled and for this you have to go to the bank and fulfill their conditions. Then the monthly fee for the car has to be paid within a certain time. You have tension in this because it has a very low interest rate.
Credit card loan
Suppose you have already taken home loan and car lone and suddenly you need money, then in that case credit card loan can work for you. Very few people know about this. In a way, it is better than personal loan because it is very easy to get. In this case, like a personal loan, the amount taken within a time period has to be filled with interest.
When you intend to take a personal loan, for this you have to submit bank statement, Form 16, Pay slip, KYC and other documents. Due to these works, it takes some time to get near it. But if we talk about credit card loan, when you apply for it by talking to its customer care, then in one to two days the money gets in your account.
The interest rate charged in this is much lower than a personal lone. That is why it is more beneficial than personal loan when it comes to credit card. The thing to keep in mind and note is that with the reduction in the personal, i.e. the reducing rate, the interest rate also decreases, the same credit card has a flat rate. If you plan long term, personal loan will be beneficial in this case.
The population of India is very large and this is the reason why the problem of unemployment is also very large. Despite being educated and well educated, they do not get jobs because there are not so many industries. This is the reason why the Government of India has introduced several schemes to improve this situation. Pradhan Mantri Mudra Yojana is an example of this, through which you receive money from the government and there are many more such schemes from which you get money through the government.
From the government, you can take a loan ranging from 50000 to 10 lakh to start a business. Now you must have understood that the money we get from the bank to start a business is called a business loan.
When you apply for this, you must first prepare a good plan. When you go to B bank, they will ask you the business plan you will start so that they will be satisfied that your plan is good. Make a cost estimation of your business so that there is no consfusion while stating the amount. Banks will take complete information about your business if they are satisfied that your business will actually earn profits and return the money for a certain time, only then the bank will be ready to give you the lone.
Nowadays we often see advertisements related to gold loans on TV. In this, it is told how you can borrow your gold in case of need and then get back your gold by defaulting the borrowed money. This method is now spreading very fast in India. Our civilization is such that there are more families in the middle class. Gold is very much used in jewelery. In a function, party or program, women prefer to go wearing gold only. In marriage, jewelry is specially made for the girl and jewelry made of gold is given. In this way it is a property which is in almost every family.
Whenever people need money and there is no way, then in this case the bank has given a safe way to the people through this scheme, by which people can go directly to the bank and deposit their gold and take money in exchange for it. Are. Earlier, he used to go to some people who used to give money by mortgaging gold and there was a lot of risk in this The bank has made it convenient for everyone.
There are many aspects of life. To improve these aspects and to improve their standard of living, people buy land by earning money, build houses, collect jewelery and buy carts. In this way, in order to live their life in the best way, they buy every comforting thing. Gradually a very good property is prepared. What is the problem at any time. When trouble comes, the variables come from the side. In such times, relatives and relatives do not help and retreat. Sometimes we need as much money as we can take many years to earn.
In this case we have only one option left and that is our property. When we take money from the bank by mortgaging our house, land or farm, then it is called a property loan. When you go to the bank for this, they guess the value of your entire property. After that, see if you will be able to repay their amount. Based on this, they decide the amount.
For your information, up to 50-70% of the amount is given depending on the property. To repay the amount taken in this, you are given maximum time of 15 years.
It also falls in the same category that very few people know about. Just as people take money from the bank to start a business, in the same way some people take money to complete their project, it is called a project loan. But in this, the bank gives very hard money. When the bank fully realizes that the project is profitable only then it lends money.
You know today what is loan in English and what is its type. In today’s time, almost every person has to take a loan at some time, whether it is for personal, car, education, business, but he has to take it. There are many types of needs in the house which are met by personal loans. To teach a child, money has to be taken from the bank for education.
Although there are many types of loans, but not everyone is aware of what are the types of lones and which should be taken. If you make the right choice and keep everyone’s knowledge, it will be useful in bad times. Hope you like this post. If you like this place, then share it with your friends and relatives in Facebook, Twitter, Instagram, WhatsApp more and more.