Which loan is best: Must take a personal loan or business loan

 Which loan is best: Must take a personal loan or business loan


Which loan is best: If you are thinking of taking a loan that you should take a loan but you do not know what type of loan to take or a business loan to take so that you can get maximum benefit. Which loan should you take so that you get maximum benefit?

Bank loan information (how many types of loans are there)

From all the banks in our country, they give four types of loans to the people connected.

  •  Personal Loan
  •  Student Loan
  •  Mortgage Loan
  •  Business Loan

 These are the four types of loans given by the bank to the loan. Now about them one by one I will understand you absolutely lady what is this loan.

 Personal Loan

 A personal loan is a loan in which you do not have to mortgage anything. Just like you take a house loan, you have to keep the house. If you take a car loan, you have to mortgage the car. You do not have to mortgage anything in this and all banks give these loans. Going to any bank, a personal loan will be given by every bank.

 Why does every bank give personal loans?

 How much can I get a personal loan?  Now tell you why every single bank gives this loan, then the personal loan is from the centre whose interest rate is higher than that of the bank because some mortgage would have to be taken inside it. This is only the money transaction of your account, the bank gives you a loan after seeing all the things that are lying in your account for withdrawing and putting money from your account.

 Benefits of Personal Loan

 Its benefit is that a Personal Loan does not mean a loan on yourself. Whatever money you get through this. You can spend that personal loan money in any way you want.  You buy a house from it, buy a car, buy anything, you are not asked what you buy from it and what you spend.

 What is the interest rate on a personal loan?

 Personal loan interest rate ranges between 9-18%. So to whom do banks give more?  Do banks get more benefit from this loan, if the interest rate is higher, then banks give it more?  You can show this by showing your account transactions etc. You can take this loan from any bank, according to which your transaction will be done, according to which you will have money in your account, according to that you will get a personal loan.

 Student Loan

 A student loan means if anyone is studying, if you are studying somewhere, then what do you have to pay for the loan taken on by him.  The more your marks will come, the more your numbers will come in 10th 12th class, according to that loan is taken to you.  Suppose you get 60% marks in class 10th, then banks will give you a loan of up to 1 lakh or 1.5 lakh.

 Only when you come above 60% in your 12th, you can easily get a loan of 1-1.5 lakhs.  You can get this student loan even if your percentage is low. These are given for your studies so that you can study further.

 Where can I spend student loan money?

 You cannot spend student loan money anywhere else apart from studies, you have to spend this money on your studies. You can spend this money on these things for college fees.

 What is the interest rate on student loans?

 The interest rate of student loans also remains between 9 to 12 per cent. A student loan will be given to you by any bank, but the bank which will ask you what you are studying after seeing your marks will then give this loan to you.

 Mortgage Loan

 Mortgage loan people take the most mortgage loans to take loans on anything.  By mortgaging something like you mortgaged your house. You have mortgaged your car, you mortgaged your motorcycle, as you see, loan gold on top of gold, take money, all these loans come under the mortgage loan.

 Disadvantages of Mortgage Loan

 If you are not able to repay this loan, then the bankers sell the things that you would have mortgaged and take out the money that they have, then in this way these loans work.

 What is the interest rate in a Mortgage Loan?

 The interest rate of the bank for mortgage loans remains in the range of 8-12%. The rest, if you go to a private bank too, then you will get an interest rate of up to 15% inside it.

 How long is the validity of the mortgage loan?

 Mortgage loans can last around 5-10 and 15-20 years. The student loan which was there is almost to be paid within 1 year or 1.5 years.

 Business Loan

 To take a business loan, for this you will have to show your account, which will be your bank account, its transaction will be seen, first of all, if you want to start any new business, then you can take a business loan for this.  Want to open your shop, you want to set up a factory.  Business loans are given for all these things.

 Business loan plans

 There are also some government schemes for business loans such as the Mudra scheme from which you can take loans for business. To take a business loan, you first have to show your account, how much is its transaction, they will check and how much is the balance in your account. You will check whether you have any earnings from somewhere else or not, then after seeing all these things, you are taken business loan.

 Before taking a business loan

 You will have to explain the complete business plan to the people of the bank, what is your business plan, what will you do, in which business will you take this money and invest it?  If the banks like your business plan that yes it is a good business plan then the banks give you business loans.

Post a Comment