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What is Loan and definition of Loan ?
In Fact, In a country like India, where the needs of middle-class families increase day by day but their income does not increase in that day, and they struggle with the lack of money to meet their every small and big need, such as building a house, children. Be it education, taking a car or any other need of theirs, for which they can be helped in dealing with this sudden expenditure.
In such a situation, these people have to borrow from banks to meet their needs, which they then pay back to the banks from their earnings in the form of monthly installments for a fixed period. This type of loan can be terminated by paying a lump sum amount in the middle also if the person wants. Different rules have been made in different banks to eliminate the Loan Outright.
When a person or company applies for a loan from the bank, before giving the loan to its customer, The bank first decides with the person or company what percentage of interest will be payable monthly on the amount given to him and he will get the loan. In what time is the amount to be returned with interest. Before giving any kind of loan, The bank should satisfy itself whether the person to whom it is giving the loan is eligible to return this amount or not.
For this, the bank checks how much property the borrower has and what is its market value. The bank or finance agency also warns the borrower that if his loan is not returned with interest on time, then in such a situation his property can be confiscated by the bank or finance agency. Similarly, If a person buys a car by taking a loan from the bank and does not return it within the stipulated time frame, Then the bank seizes the car and recovers its money.
How many type of Loan:-
1- Personal loan
2- Home loan
3- Education loan
4- Car loan
5- Credit Card loan
6- Business loan
7- Gold loan
8- Property loan
9- Project loan
10- secured lone
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