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 loan money but do you know what the loan is in Hindi ( What is loan in hindi ). 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 how many types of loans are there? By reading this post in full, you will understand what is loan (What is loan in hindi) . Also you will know thatWhat is the type of loan
What is loan ?
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 loan for it.
Definition of loan
When a person, business, state or country takes loan from the bank in particular and within a particular time the interest on the loan with that loan 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 taking 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 loan 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 loan 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 giving money for few more months, they could not give it the money, then the bank seizes his car and recovers his money.
Types of loans
Personal loan is a loan given by a bank to a person to fulfill his personal work. Along with being a personal loan, it is an unsecured loan i.e. unsecured loan. In this, the interest rate is higher than the rest of the loan. Most banks provide personal loan facility to their customers. The person who uses the 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 have 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 this, because I have already told that the interest rate is higher in it. You should take a personal loan only when you are in great need 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 loans to such needy customers on the basis of installment of the month. In this way, the amount of home loan is very high and which is kept for a long time to repay with interest. People have to pay all their money in 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, this 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 as a 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 his own house and has 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 this dream will also be fulfilled and 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 a home loan and a car loan and suddenly you need money, then in this case a 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 also, 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, you have to submit bank statement, Form 16, Pay slip, KYC and other documents for this. Due to these works, it takes some time to get near it. But if we talk about the credit card loan, then in this case, when you talk to its customer care and apply for it, then in one to two days, money is received in your account.
The interest rate charged in this is much lower than personal loan. That is why it is more beneficial than personal loans when it comes to credit cards. The thing to keep in mind and note is that with the reduction of the personal reducing rate i.e. 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 that to improve this situation, the Government of India has started several schemes. 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 of 50000 to 10 lakh to start a business. Now you must have understood that the money that 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. If you go to the 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 loan.
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 you can 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 of middle class. Gold is very much used in jewelery. In a function, party or program, women prefer to go wearing gold only. In marriage, jewelery 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. Huh. Earlier, he used to go to some person who used to give money by mortgaging gold and there was a lot of risk in it. 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 earn money, buy land, 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 a time, 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% amount is given depending on the property of the company. 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.