LOANS

Welcome to our Loans area. These days it can be extremely difficult to find a loan which is why we list a variety of different loans to suit you and your financial circumstances. Even if your credit history is less than perfect there are still loans available to you. Compare different prices and read the terms and conditions to make sure you understand the service you are looking for.

        

Compare Loans Products

There are many different types of loans available in India, from home loans to personal loans. No matter what your loan requirement is, you are likely to find a good offer. But how do you know where to get your loan, or what you are eligible for? Compare and view many different offers on Which Way To Pay India. Remeber that a loan must always be paid back and the amount you pay back will cost you more than you originally borrow so consider your finances carefully before you apply.

Home Loans

If you want to purchase or build (construct) a home or if you want to renovate your existing home, you can avail one of many home loans in India. There are two main methods of applying for a home loan you can either apply for an in-principle home loan, if you have not yet chosen a home for purchase. Alternatively you can apply directly for a normal home loan if you have already found and chosen a home to buy. In-principle home loan approvals are only valid for 3 months so make sure you are prepared!

There are many types of home loans in India: home purchase loans, home improvement loans, home construction loans, home extension loans, home conversion loans, land purchase loans and bridge loans. You can compare and review a large number of providers right here on Which Way To Pay India.

Personal Loans

Personal loans are also known as 'unsecured loans' and are ideal for borrowing money for any purpose. You do not need to provide a security to be able to take a personal loan a personal loan is not a secured loan. You do not have to have any particular reason for taking a personal loan, so you can use it for a holiday, to pay for a wedding, educational costs or any other purpose.

Of course your eligibility will be checked before you receive approval for a personal loan. This will be based upon your monthly income and financial background. Your credit rating and the area in which you reside may also play a part, and will also have an effect on the amount of money you are able to borrow.

Car Loans

Car loans offer a simple and fast way of paying for a car. You can apply for car loans online in India, which makes the process even easier. Car loans are secured loans, which means that hypothecation is required in order to be able to take the loan. Whether you borrow from a bank or online lender, you will need to provide certain documentation in order to get the loan.

In general you can take a car loan of up to 95% of the overall cost of the vehicle you would like to pay for. You can pay for the loan in as many as 84 instalments and different lenders will offer different interest rates. Therefore it is wise to compare interest rates and other loan costs when seeking a car loan. If you want to purchase a used car, you can also use a car loan.

Two Wheeler Loans

If you prefer to travel on two wheels rather than in a car or other 4-wheel vehicle, you may be looking for a good loan to pay for your two-wheeler. Using a two wheeler loan to pay for a motorbike or other type of two wheeler is a simple way of reducing financial burden upon yourself. By paying in monthly instalments you can pay at your own pace and needn't deal with one large purchase in one go.

There are many providers of two wheeler loans in India, and they can offer financing which varies in amount from Rs. 5000 to about Rs. 1 Lakh is normal. Keep in mind that a two wheeler loan is a secured loan, which means the vehicle will be hypothecated to the bank in order for you to be able to avail the loan.

Education Loans

If you need financial support to pay for higher education, education loans can be a great help. To get an education loan you will need to be an Indian resident and aged between 16 and 35 years. The loan can pay for the costs of studying, and once your course has been completed you will be given a year in which to find employment and prepare yourself for repaying the loan.

Even if you want to study abroad, the education loan can help by paying for travel expenses and the other costs associated with studying study material (books), examination fees and other essential fees. You will need to be able to prove your eligibility for an education loan, this includes proof of admission on the course you need to pay for.

Marriage Loans

Marriage loans are generally categorised as personal loans, and are designed to pay for the many costs of a marriage. A wedding is a large celebration and it is important to most people in India to ensure that the event is perfect and without any problems or unexpected mishaps. Celebrations can last up to 5 days and therefore the expenses can be significant. Fortunately there are many marriage loans available on the loan market whether you live in urban or more rural areas.

Before you choose a marriage loan to avail, ensure you have compared the interest rates and fees. Some marriage loans will include a processing fee and you will need to provide full documents in your application whether you are salaried or self employed.

Business Loans

You can avail a business loan if you are a sole proprietorship business, private limited company or partnership. A business loan can be a great help in order to get a business on the right track, perhaps if your company wants to expand or just requires a short-term cash boost. Especially smaller enterprises often require additional funds to enable the purchase of equipment, to pay for new staff or acquire assets. Once the business is on a stronger financial footing, the loan is repaid and the company can grow.

There are many lenders of business loans, so it is wise to take time and look at the different options. Many business loans are offered without security being required for up to 15 Lakhs, though this may differ according to the lender you use. For higher amounts you are most likely to need to provide a security on the loan.

Loans Against Property

A loan against property comes under the category of 'loans against security'. This is a loan which you can avail against any property which you own. This property is then used as a security for the bank or lender on the loan. You can use different types of property to secure the loan, including your home, a commercial (business) property or land as long as you can prove the value of it.

Loans against property are based on the market value of your pledged property and of course you must be the legal owner of the property to be eligible for the loan. You are most likely to need to prove other typical loan requirements such as age (minimum 18 years) and regular income.

Loans Against Gold

If you want a quick and simple way of availing a loan, try a loan against gold. Most loans against gold are approved and handed out quickly (some are approved within a day or even in minutes) and the rate of interest is decided on the value and amount of gold / jewellery you offer the lender as security. You continue to own the gold but of course, if you are unable to repay the loan then it may be seized by the bank or lender.

Loans against gold are very simple loans and many lenders do not require anything more than to check the value of your gold / jewellery and one form of ID (such as a passport). The amount of money you can borrow also depends on the purity and value of your gold or jewellery.

Loans Against Securities

Unlock the potential you have in your assets with loans against securities. By taking a loan against securities, you are not required to sell your securities but are merely using their value to avail a loan. Generally you are able to avail a loan against securities including mutual funds units, demat shares, fixed maturity funds, insurance policies, savings bonds, exchange traded funds and many other types of securities depending on the lender.

A loan against securities is usually offered in the form of an overdraft facility attached to a specially set up account, in exchange for our pledging your chosen securities. In most cases, interest is only charged on the number of days that you use your special overdraft.

NRI Loans

An NRI is a Non-Resident Indian, or an Indian citizen who lives or works in another country. They often enjoy a special status within India but the rules regarding loans are governed by the RBI. For instance, an NRI may only take a home loan to 85% of the cost of the property and may not borrow more. NRIs may take loans for a variety of reasons, including to build or buy a house, to repair a home or carry out improvements/extensions. They are also permitted to take a loan to purchase a land plot on which to build a property.

To be eligible for NRI loans you must have a valid Indian passport and have been employed abroad for at least two years. You must also prove that you receive a regular income and be in valid employment.

        


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When the planning starts for that special day in everyone's lives , There is always the worry and stress of how much strain it is going to put on your financial situation . Marriage loans are helping lots of people to ease this stress.
08 August 2015
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