There are multiple types of loans which can be secured easily. However, mostly the term loan is associated with the personal loan or vehicle loan. The instant or quick cash loans online are also available in the market. These loans are also offered by the banks and the financial institutions for trivial issues. The banks and financial institutions earlier use to sanction loans of a fixed amount. These conventional loans are difficult to secure and requires a proper background check. The loans offered by these financial institutions were not available to all people and only a few selected can apply for these loans. The process was not so lenient with the quick cash loans and required a lot of paper and processing time. These loans were highly dependent on the banks.
As the situation is changing and the economy is growing, various other forms of loans are available for the customers. The people have now various options to choose from the loans available online. These loans are small in amount and apt to the requirements of the customer. It does not require any type of lengthy paperwork and the approval is also quite quickly. The repayment of loan can be done easily without any additional charges. Some of the banks and financial institutions even offer small loans with zero interest and no processing fee. The various loans offered by the banks are under different categories.
The banks and financial institutions provide specific loans for professionals to set up their business. These loans are different from the conventional personal loans in two ways. It requires different paperwork and proceedings. Also, since these loans are made to promote the business thus it offers certain concessions. The interest rates vary and are generally lower than those charged on the personal loan. These loans are exclusively designed for doctors, engineers and chartered accountants so that more private parties can join the business. In this way, not only social status is uplifted but the burden on the government for providing services is lifted. It requires a copy of the degree and certain years of work experience before applying for a loan. These two are the mandatory criteria for the professional loans.
For Women Entrepreneurs
The government has introduced several schemes to promote women entrepreneurs in both rural and urban areas. Thus the banks and financial institutions are offering loan exclusively for women. These loans are aimed to provide empowerment to women and to include them in the economic strata of the country. A woman can introduce other women in the community and can bring the diversity in the economy.
Also, the women in the backward areas can use this as an opportunity to move up from the shackles of male domination. This way they will become more independent. The loans have zero processing fee and are of very small to mid-range amounts. These loans have very low-interest rates and some are even subsidized by the government. To avail the benefits of these loans, there are certain criteria which should be fulfilled. Like the business should be managed and governed by the women. More the 80% of the workforce should be comprised of women. The board members should have a majority of women.
For Soon to be Married
Indian weddings can be a costly affair. An Indian wedding is defined as a lively decoration, a large get together, a big buffet and loud music. These things and the grandeur associated with it is a costly affair. Sometimes the weddings can cost an individual large amount. Thus it is safe to ask for wedding loans. These loans are offered by all banks whether public or private.
Many financial institutions also provide wedding loans in addition to the wedding services as a compliment. The loan can be availed by the person who is getting married or the parent. The repayment of the loan varies from three to six years. The loan requires your identity proof, salary slip, address proof of both the parties who are getting married. In some case, they even require the wedding invitation and the bills and receipts of the wedding hall, caterer and other expense. The interest charged over the wedding loan can exceed the interest in the personal loan from private financers. Thus it is advisable to compare before proceeding for wedding loan.
The loan under this category is specifically designed for vacations and holidays. The procedure and interest rate are same as that of personal loan. The only difference it makes is that the disbursal of the loan is earlier than the personal loan. Thus your trip cannot be affected by the lack of money and you can easily plan and book your holiday destination. The repayment period ranges from 1 to 3 years. In some cases, the travel loan may require collateral. This thing should be kept in mind before applying.