Loans
Types of Loan we offers
Home Loan
A home loan, or mortgage, is a financial arrangement where a lender provides funds to a borrower to purchase or refinance a home. The borrower repays the loan over time with interest. The terms include the loan amount, interest rate, and repayment period.
Home loans enable individuals to own property without full upfront payment, making homeownership more accessible. Lenders may require collateral, often the property itself, to secure the loan. Home loans play a pivotal role in real estate transactions, facilitating property ownership for a broad demographic.
Personal Loan
A personal loan is an unsecured financial product where a lender provides funds to an individual without requiring collateral. Borrowers can use these loans for various purposes, such as debt consolidation, home improvements, or unexpected expenses. The loan terms typically include interest rates and fixed repayment schedules.
Approval depends on the borrower’s creditworthiness. Personal loans offer flexibility and quick access to funds, allowing individuals to address immediate financial needs. Responsible borrowing and timely repayments are crucial to maintaining good credit and financial well-being.
Mortgage Loan
A mortgage loan is a secured financial arrangement where a lender provides funds to a borrower for purchasing or refinancing real estate. The property itself serves as collateral, reducing risk for the lender. Mortgage terms include the loan amount, interest rate, and repayment period. Monthly payments cover both principal and interest.
Mortgages facilitate homeownership by allowing individuals to spread the cost of a property over time. The terms and eligibility criteria vary, and failure to repay can result in foreclosure, with the lender taking possession of the property.
Auto Loans
An auto loan is a type of secured financing where a lender provides funds to an individual for purchasing a vehicle. The loan terms encompass the amount borrowed, interest rate, and repayment period. The vehicle serves as collateral, minimizing the lender’s risk. Borrowers repay the loan in installments, covering both principal and interest.
Auto loans make vehicle ownership more accessible by spreading the cost over time, and lenders consider factors like credit history and income in determining loan eligibility and terms. Defaulting on payments may lead to vehicle repossession.
Property Loan
A property loan is a financial arrangement where a lender provides funds to an individual or entity for purchasing or refinancing real estate. The property itself serves as collateral, securing the loan. Terms include the loan amount, interest rate, and repayment schedule.
Property loans facilitate real estate transactions, allowing borrowers to spread the cost over time. Various types, such as mortgages or commercial property loans, cater to diverse needs. Defaulting on payments may lead to foreclosure, with the lender seizing the property to recover the outstanding amount.
Commerical Vehichle & Equipment Loan
A commercial vehicle and equipment loan is a financial product tailored for businesses to acquire necessary vehicles and equipment. Lenders provide funds, and the financed assets act as collateral. Terms include loan amount, interest rate, and repayment period.
These loans enable businesses to expand or upgrade their fleets and equipment, enhancing operational efficiency. Eligibility is often based on the borrower’s business credit and financial health. Regular repayments are crucial to maintain ownership, and default may result in the repossession of assets by the lender.
