Loans in India have made everything accessible to the people. Comprising mainly of the middle class, Indian society found certain commodities unaffordable to buy in one go. But with the advent of the loans facilities in India, bank loans available on low interest rates and easy loan schemes along with quick 24-hr loans, things that were considered luxuries for the rich have found their way into the hands of the masses. Loans rates in India have gone down considerably to attract more customers. Everything is available on easy EMI payment system. An Emi loan calculator helps you estimate the per month payment you would be required to pay to the finance company. The term of repayment of the loan taken is also according to your choice and convenience. Many finance companies in India provide easy loans and 0% finance loans that are processed in 24 hours flat. This has made the loans system quite popular. The various types of loans available in the Indian loan market are:
Home/ House Loans: Loans for buying a pre-constructed house, loan for construction or renovation of your home, loan for buying a residential land and other residential and housing property related loans.
Car Loans and Other Automotive Loans: Loan for buying new car or used car, two-wheeler loans, loans for commercial vehicles etc.
Personal Loan: Loans for various purposes like marriage loan, investment purpose, buying some commodity etc.
Student Loan: Loans for future educational pursuit of students
Children's Loan: Children's security and education loans
Education Loan: Loans for sudden expenses on educational purposes like studying abroad are quite popular in India.
Business or Trade Purpose Loans: Loans and other finance schemes are available with the major financial institutions in India for trade expansion; trade capital, and other investment and growth opportunities.
Loans Against Securities: Loans are given against securities like shares and bonds.
Loan Against Property: Many banks and finance institutions in India provide loans upto 60-70% of the market value of your property.
Credit Card Loans: Many loans providers in India also give loans for credit cards and their limits
The banks in India have bombarded the loans market with various loans products and schemes. From lower interest rates to easy repayment solutions and longer repayment terms for the loans, the loans in India have become a customer-oriented product with sensitive considerations of the customer's needs. The loan process requires identification of the requirement, surveillance of the ongoing loan products in the market to opt for the most suitable rate offered, complete documented details of the claims made by the loan provider, clarification of the repayment method and term and full documented proofs of the details provided by the customer. This ensures a clear loan process and makes the repayment and loan recovery easier for both the customer and the bank.Some of the popular home loan products in India are by State Bank of India, Bank of India, ICICI Bank India, Punjab National Bank and HSBC Bank India. NRI home loans by various banks are also an increasingly popular category as more NRI's are investing in property in India. The Government of India offers special tax concessions on various loans undertaken by the individual depending upon the interest being paid on the loans. This has encouraged more people in India to go for mortgage loans. An increasing rise has been seen in the number of personal loan, car loans and home loans products sold in the past few years and so has the number of banks and finance companies increased
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