Personal Loan are the loans that are given for personal use. They are usually secured loans as the commodity purchased using the loan act as a collateral.
Types of Personal Loan
• Motor Loan– A secured loan granted for the purpose of purchasing a vehicle like car, motor cycle is called a motor loan.
• Gold Loan– A secured loan granted for the purpose of purchasing Gold is called a gold loan.
• Education Loan– A loan granted for educational purpose is called Education Loan. It can be either Secured or Insecure depending upon the educational Institution for which the loan is granted.
• Home Loan– A loan granted for house is called a Home loan.
Types of Home Loan
1.Basic Home Loan
2.Home Construction Loan
3.Home Extension/ Improvement Loan
4.Home Loan Balance Transfer
Eduindex News 