24/05/2024
1) A personal loan is a type of unsecured loan that can be used for various purposes, such as Emergency funds , Wedding expenses , Medical expenses etc.
* *Fixed interest rate*
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- *Flexible tenure*
- *Quick processing*
- *Minimal documentation*
2) An education loan is a financial instrument designed to help students pursue their academic goals by providing monetary assistance for various educational expenses.
*Eligibility Criteria:*
- Indian citizenship
- Age between 16 and 35 years
- Completed 10+2 or diploma
- Enrolled in a recognized
3) A business loan is a credit facility offered to self-employed individuals, private companies, partnership firms, and MSMEs to finance their working capital requirements, capital expenditure requirements
*Types of Business Loans*
- *Unsecured term Loans*
- *Secured Term Loans*
- *Unsecured Overdraft Business Loan*
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- *Secured Overdraft Business Loan*
- *Professional Business Loan*
- *Bill Discounting*
- **Machinery Finance*
- *Purchase Financing*
- *Letter of Credit*:
- *Merchant Cash Advance/Point of Sales*
*Eligibility for Business Loan*
- *Age*: 21 years at the time of loan application and 65 years at the time of loan maturity (may vary across lenders)
- *Minimum Business Vintage*: 3 years (may be 5 years for some lenders)
- *Minimum Business Turnover*: Rs 90,000 to more than Rs 250 crore
- *Credit Score*: 750 or above (some lenders may offer business loans to applicants having lower credit scores)
- *Minimum Income*: Rs 1 lakh p.a.
- *Eligible Entities*: MSMEs, Proprietors, Limited Liability Partnership firms, Private Limited Companies, Public Limited Companies, self-employed individuals, self-employed professionals (doctors, CA, CS, architect, etc.), individual corporations, etc.
4) A credit card is a type of loan that allows you to borrow money from a financial institution to make purchases, pay bills, or get cash advances.