What is a Loan?
A loan is an amount borrowed from a bank or other financial institutions by an individual for meeting a planned or unplanned financial commitment. The borrowed amount (Principal) has to be returned with interest at a specific interest rate (Rate of Interest) in a particular time frame (Tenure of the Loan). The interest rate is pre-decided while taking the loan. Giving loans one of the primary activities of banks and Non-Banking Financial Companies.
What are the benefits of a loan?
Flexible repayment – The EMI options available in the market are structured in the way that it is easy for the customer to repay the amount in instalments.
Tax benefits – The interest amount on certain loans are eligible for tax deductions. In some types of loans even the Principal amount returned can have tax benefits.
Interest rate – The loans are approved at a very affordable rate of interest.
Processing time – With leading liaison sites like Finforutne, the processing of time for loans has reduced considerably. Your loan request can be sanctioned within a day or two of applying.
Types of Loan
Get your Loan in 3 simple steps
- Fill in the Loan Application Form, to check your eligibility.
- Compare Loan Quotes from various banks and NBFCs
- Get instant e-approval after successful completion.