ಭಾರತದಲ್ಲಿ ಲಭ್ಯವಿರುವ ವಿವಿಧ ರೀತಿಯ ಲೋನ್‌ಗಳಿಗೆ ಸಮಗ್ರ ಮಾರ್ಗದರ್ಶಿ

Loans available in India are categorized into different types based on their usage and whether they require collateral. If a loan requires collateral, it is a secured loan; if it doesn’t, it is an unsecured loan. Banks classify loans by purpose into personal loans, home loans, vehicle loans, education loans, business loans, loans against property, loans against securities, etc. When you understand the different types of loans available in India, you can make a wise borrowing decision by choosing the right financing option. Factors influencing your decision include your needs, interest rates, and repayment abilities. 

Loans available in India are categorized into different types based on their usage and whether they require collateral. If a loan requires collateral, it is a secured loan; if it doesn’t, it is an unsecured loan. Banks classify loans by purpose into personal loans, home loans, vehicle loans, education loans, business loans, loans against property, loans against securities, etc. When you understand the different types of loans available in India, you can make a wise borrowing decision by choosing the right financing option. Factors influencing your decision include your needs, interest rates, and repayment abilities. 

There are different types of loans available in India. You must understand these types to be able to secure the financing solution that suits your requirements.

ಭಾರತೀಯ ಲೋನ್ ಮಾರುಕಟ್ಟೆ ಹಿಂದೆಂದಿಗಿಂತಲೂ ಹೆಚ್ಚು ಉತ್ತಮವಾಗಿದೆ.

Today, several banks and NBFCs are eager to offer loans to individuals and businesses who need financial resources. In tandem, people are keen to take advantage of loan schemes as well.

ಅಸ್ತಿತ್ವದಲ್ಲಿರುವ ಉಳಿತಾಯ ಮತ್ತು ಹೂಡಿಕೆಗಳನ್ನು ಉಳಿಸಿಕೊಳ್ಳುವಾಗ ವೈಯಕ್ತಿಕ ಮತ್ತು ಬಿಸಿನೆಸ್ ಹಣಕಾಸನ್ನು ನಿರ್ವಹಿಸುವಲ್ಲಿ ಲೋನ್‌ಗಳು ಹಣಕಾಸಿನ ಫ್ಲೆಕ್ಸಿಬಿಲಿಟಿಯನ್ನು ಒದಗಿಸುತ್ತವೆ. ಹಣಕಾಸಿನ ನಿರ್ಬಂಧಗಳನ್ನು ಎದುರಿಸಲು ಮತ್ತು ಇಲ್ಲದಿದ್ದರೆ ತಲುಪಲಾಗದ ಅವಕಾಶಗಳನ್ನು ಪಡೆಯಲು ಅವರು ನಿಮಗೆ ಸಹಾಯ ಮಾಡುತ್ತಾರೆ. And thanks to technology, loans are more accessible than ever. Instant online loans can be helpful in several situations, like expanding your business, buying a home or a car, funding higher education, or dealing with unexpected expenses. What’s more, loan schemes also offer tax benefits on the repayment amount. And by repaying your loan in a disciplined manner, you can also increase your credit score, which further boosts your eligibility for future loans.

ಒಂದು ಗುರಿಯನ್ನು ಸಾಧಿಸಲು ನಿಮಗೆ ಹಣದ ಅಗತ್ಯವಿದ್ದರೆ ಮತ್ತು ಸೂಕ್ತ ಲೋನ್ ಸ್ಕೀಮ್ ಸಹಾಯ ಮಾಡಬಹುದೇ ಎಂದು ಯೋಚಿಸುತ್ತಿದ್ದರೆ, ಈ ಲೇಖನವು ನಿಮಗಾಗಿ ಆಗಿದೆ. ನಾವು ಅವುಗಳನ್ನು ಸುರಕ್ಷಿತ ಲೋನ್‌ಗಳು (ಅಡಮಾನದ ಅಗತ್ಯವಿರುವವರು) ಮತ್ತು ಸೆಕ್ಯೂರಿಟಿಗಳು ರಹಿತ ಲೋನ್‌ಗಳಾಗಿ ವರ್ಗೀಕರಿಸಿದ್ದೇವೆ (ಅವರಿಗೆ ಅಡಮಾನದ ಅಗತ್ಯವಿಲ್ಲ).

ಭಾರತದಲ್ಲಿ ಲಭ್ಯವಿರುವ ವಿವಿಧ ರೀತಿಯ ಲೋನ್‌ಗಳಿಗೆ ನಿಮ್ಮ ಮಾರ್ಗದರ್ಶಿ ಇಲ್ಲಿದೆ.

What is a loan? Definition, features, and how it works

A loan is an amount of money you borrow from a bank, lender, or financial institution. You are bound to repay the borrowed amount over time. An interest is also charged on the money that has been lent. Loans help you fulfill goals and purchase what you wouldn’t have otherwise been able to due to financial constraints. For example, you can use a loan to buy a house or vehicle, fund education, or handle emergencies.

The key features of a loan are:

• The borrowed amount is called the principal.
• Lenders charge interest on the borrowed amount.
• Loan repayments are made through Equated Monthly Installments (EMIs).
• Loans have a fixed tenure or repayment period.
• Loan approval depends on factors such as your credit score and income.

When you apply for a loan, the lender reviews your application and approves it after verification. The money is then disbursed into your account. You can start repaying the principal and interest as per the agreed schedule.

Continue reading this guide to loans in India to understand the different types and make a smart borrowing decision.

What are secured loans in India?

A loan where the lender asks you for collateral is a secured loan. The collateral offers the lender security and reduces their risk.

When you avail of a secured loan, you get benefits such as lower interest rates, a higher loan amount, easier approval, and longer repayment terms.

What are the types of secured loans?

ಹೋಮ್ ಲೋನ್‌ಗಳು

ನಿಮ್ಮ ಉಳಿತಾಯದ ಮೇಲೆ ರಾಜಿ ಮಾಡದೆ ನೀವು ಮನೆ ನಿರ್ಮಿಸಲು ಅಥವಾ ಖರೀದಿಸಲು ಬಯಸಿದರೆ ಹೋಮ್ ಲೋನ್‌ಗಳು ಸೂಕ್ತವಾಗಿವೆ. ಈ ಲೋನಿಗೆ, ಅಡಮಾನವು ನೀವು ನಿರ್ಮಿಸುತ್ತಿರುವ ಅಥವಾ ಖರೀದಿಸುತ್ತಿರುವ ಮನೆಯಾಗಿದೆ, ಮತ್ತು ನೀವು ನಿಮ್ಮ ಮನೆಯನ್ನು ನಿರ್ಮಿಸಿದಾಗ ಅಥವಾ ಖರೀದಿಸಿದಾಗ ಮರುಪಾವತಿ ಅವಧಿಯು ಸಾಮಾನ್ಯವಾಗಿ 10 ರಿಂದ 30 ವರ್ಷಗಳಾಗಿರುತ್ತದೆ. ಸ್ಥಿರ ಆದಾಯ, ಉತ್ತಮ ಕ್ರೆಡಿಟ್ ಸ್ಕೋರ್ ಮತ್ತು ಮನೆಗೆ ಡೌನ್ ಪೇಮೆಂಟ್ ಮಾಡುವ ಸಾಮರ್ಥ್ಯವು ನೀವು ಹೋಮ್ ಲೋನಿಗೆ ಅರ್ಹರಾಗಿದ್ದೀರಿ ಎಂಬುದನ್ನು ಖಚಿತಪಡಿಸುತ್ತದೆ.

ಹೋಮ್ ಲೋನ್ ತೆಗೆದುಕೊಳ್ಳುವ ಇನ್ನೊಂದು ಪ್ರಯೋಜನವೆಂದರೆ ಇನ್ಕಮ್ ಟ್ಯಾಕ್ಸ್ ಕಾಯ್ದೆಯ ಸೆಕ್ಷನ್ 80C ಮತ್ತು ಸೆಕ್ಷನ್ 24B ಪ್ರಕಾರ ನೀವು ಅಸಲು ಮೊತ್ತ ಮತ್ತು ಬಡ್ಡಿ ಪಾವತಿಗಳ ಮೇಲೆ ಟ್ಯಾಕ್ಸ್ ಕಡಿತಗಳನ್ನು ಕ್ಲೈಮ್ ಮಾಡಬಹುದು.

ಆಸ್ತಿ ಮೇಲಿನ ಲೋನ್

ಆಸ್ತಿ ಮೇಲಿನ ಲೋನ್ ಒಂದು ರೀತಿಯ ಲೋನ್ ಆಗಿದ್ದು, ಇಲ್ಲಿ ನೀವು ನಿಮ್ಮ ಹೆಸರಿನಲ್ಲಿ ನೋಂದಣಿಯಾದ ಆಸ್ತಿಯನ್ನು ಅಡಮಾನವಾಗಿ ಬಳಸುತ್ತೀರಿ. ಇದು ವಾಣಿಜ್ಯ ಅಥವಾ ವಸತಿ ಆಸ್ತಿಯಾಗಿರಬಹುದು.

ಆಸ್ತಿ ಮೇಲಿನ ಲೋನಿಗೆ ಅರ್ಹತೆ ಪಡೆಯಲು, ಸಾಲದಾತರು ನಿಗದಿಪಡಿಸಿದ ಮೌಲ್ಯಮಾಪನ ಮಾನದಂಡಗಳನ್ನು ಆಸ್ತಿಯು ಪೂರೈಸಬೇಕು. ಈ ರೀತಿಯ ಸಾಲದ ಮರುಪಾವತಿ ಅವಧಿ ಸಾಮಾನ್ಯವಾಗಿ 5 ರಿಂದ 20 ವರ್ಷಗಳು.

ವಾಣಿಜ್ಯ ಪ್ರಾಪರ್ಟಿ ಮೇಲಿನ ಲೋನಿಗೆ ನಿಮ್ಮ ಅಥವಾ ನಿಮ್ಮ ಬಿಸಿನೆಸ್ ಹೆಸರಿನಲ್ಲಿ ನೋಂದಣಿಯಾದ ವಾಣಿಜ್ಯ ಆಸ್ತಿಯನ್ನು ನೀವು ಅಡಮಾನವಾಗಿ ಬಳಸಬಹುದು. ಈ ರೀತಿಯ ಲೋನ್ ಉದ್ಯಮಿಗಳಿಗೆ ಉತ್ತಮವಾಗಿ ಕೆಲಸ ಮಾಡುತ್ತದೆ ಏಕೆಂದರೆ ಇದು ಅವರಿಗೆ ಹಣಕಾಸು ಒದಗಿಸಲು ಮತ್ತು ಅವರ ಬಿಸಿನೆಸ್ ಉದ್ಯಮವನ್ನು ಬೆಳೆಸಲು ಸಹಾಯ ಮಾಡುತ್ತದೆ.

ವೆಹಿಕಲ್ ಲೋನ್‌ಗಳು

ವಾಹನ ಲೋನ್ ಕಾಲಾನಂತರದಲ್ಲಿ ಅದರ ವೆಚ್ಚವನ್ನು ವಿಸ್ತರಿಸುವಾಗ ನಿಮ್ಮ ಕನಸಿನ ವಾಹನಕ್ಕೆ ತಕ್ಷಣದ ಅಕ್ಸೆಸ್ ಅನ್ನು ಅನುಮತಿಸುತ್ತದೆ.

These loans have shorter repayment terms compared to home loans, and the vehicle you purchase is your collateral.

To be considered eligible for a vehicle loan, you must have a driver’s license, a stable income with income proof, and a good credit history.

Loan against fixed deposits

If you hold a fixed deposit, you can use it as collateral for a secured loan. The repayment duration corresponds with the deposit’s tenure. This type of loan is perfect if you need funds in the short term without breaking your fixed deposit prematurely.

ಗೋಲ್ಡ್ ಲೋನ್

As the name suggests, you can avail of a gold loan by pledging physical gold as collateral. In this case, the loan amount depends on the value and purity of the gold you wish to pledge, and the repayment duration can be anywhere between a few months and a few years.

ಈ ರೀತಿಯ ಲೋನ್ ನಿಮ್ಮ ಚಿನ್ನದ ಸ್ವತ್ತುಗಳನ್ನು ಮಾರಾಟ ಮಾಡದೆ ತಕ್ಷಣವೇ ಫಂಡ್‌ಗಳಿಗೆ ಅಕ್ಸೆಸ್ ಪಡೆಯಲು ನಿಮಗೆ ಅನುಮತಿ ನೀಡುತ್ತದೆ.

ಸೆಕ್ಯೂರಿಟಿಗಳ ಮೇಲೆ ಲೋನ್‌

If you have invested in financial securities, you can use them as collateral to avail a loan. You may use mutual funds, bonds, and stocks for this purpose.

To be eligible for this loan, the securities must meet the requirements defined by the lender, and the repayment duration also depends on the type of security pledged. This loan gives you liquidity without having to forego the benefits of future securities market growth.

Loan against insurance policies

You can also use your life insurance or endowment policy to obtain a loan by placing the policy as your collateral. The repayment criteria for a loan against insurance depend on the type of insurance pledged. This loan allows you to retain the benefits of your insurance policy while also procuring funds urgently.

ವರ್ಕಿಂಗ್ ಕ್ಯಾಪಿಟಲ್ ಲೋನ್‌ಗಳು

A working capital loan is a secured loan that helps businesses manage daily operating expenses. These include salaries, rent, equipment purchases, and utility bills. To obtain the loan, businesses will need to pledge collateral like inventory, equipment, or property.

Working capital loans improve cash flow and ensure smooth business operations during periods of low revenue or seasonal fluctuations.

What are unsecured loans in India?

An unsecured loan is a loan you can avail of without any collateral. The lender considers your creditworthiness to assess if you can repay the loan. They use your credit score and history to determine whether to approve your loan request.

The application process for unsecured loans is relatively simple and more accessible. However, with unsecured loans, the lender subjects you to stricter eligibility criteria and charges higher interest rates.

What are the different types of unsecured loans available in India?

ಪರ್ಸನಲ್ ಲೋನ್‌ಗಳು

Personal loans provide you with funds for various uses. You may use it to pay for an event, a medical emergency, higher education, travel, debt repayment, or home improvement. The eligibility for this loan depends on your credit score, employment status, and income.

Credit card loans

If you have a credit card, your card provider may offer instant loans against your card. The loan amount depends on your credit limit, while the interest rates and repayment duration are specific to the terms of your credit card provider. Since you are an existing customer, these loans are pre-approved, and there is no need for any paperwork.

Short-term business loans

A short-term business loan helps businesses meet immediate financial needs. These include managing cash flow, purchasing inventory, or covering operating expenses. Since it is an unsecured loan, you don’t need to provide any collateral. This makes the approval even faster. The repayment period of these loans usually ranges from a few months to a few years and may carry higher interest rates.

ಶಿಕ್ಷಣ ಸಾಲಗಳು

An education loan helps students pay for tuition fees, books, accommodation, and other study-related expenses. In many cases, this type of unsecured loan doesn’t require collateral, especially if it involves a smaller loan amount. Loan repayment usually begins after you have completed the course or after a specific moratorium period. This feature of education loans gives students time to find employment and become capable of repaying the loan.

What are the key differences between secured and unsecured loans?

ಈ ಕೆಳಗಿನ ಟೇಬಲ್ ಸುರಕ್ಷಿತ ಮತ್ತು ಸೆಕ್ಯೂರಿಟಿಗಳು ರಹಿತ ಲೋನ್‌ಗಳ ನಡುವಿನ ವ್ಯತ್ಯಾಸಗಳನ್ನು ತೋರಿಸುತ್ತದೆ:

What are flexi loans, and how do they work?

Flexi loans are one of the different types of loans in India. It gives borrowers access to a pre-approved credit limit. Under this loan type, instead of taking the entire loan amount at once, you can withdraw funds as needed and repay them when you have surplus funds. Lenders charge interest only on the amount used rather than the full limit. This makes flexi loans a flexible and cost-effective option for managing personal or business financial needs while maintaining better control over borrowing costs.

What are the key benefits of flexi loans for borrowers?

Flexi loans offer several benefits to borrowers by providing greater control over how they use and repay borrowed funds. The key benefits include:

1. Withdraw funds as needed: Borrowers can access money from the approved loan limit whenever required, instead of taking the entire amount at once.
2. Pay interest only on the used amount: Lenders charge interest only on the amount withdrawn, helping reduce borrowing costs.
3. Flexible repayment: You can repay the borrowed amount and withdraw it again, depending on the lender’s terms.
4. Better cash flow management: Flexi loans help manage unexpected expenses and cash shortages without applying for a new loan each time.
5. Quick access to funds: Once a flexi loan is approved, you can access funds quickly, making them an ideal choice during emergencies.

Which type of loan has the lowest interest rate in India?

In India, you will get the lowest interest rates on secured loans, especially home loans and loans against property. Since these loans are backed by collateral, lenders face less risk and can offer lower rates. You may qualify for even better rates if you have a good credit score, stable income, and strong repayment history. Before applying, you must compare offers from different lenders to find the most affordable loan option for your needs.

What are the key factors to consider before taking a loan in India?

What is the purpose of the loan?

ನೀವು ಲೋನ್ ತೆಗೆದುಕೊಳ್ಳುವ ಬಗ್ಗೆ ಯೋಚಿಸಲು ಆರಂಭಿಸಿದಾಗ ನಿಮಗೆ ಯಾವ ಉದ್ದೇಶಕ್ಕಾಗಿ ಲೋನ್ ಅಗತ್ಯವಿದೆ ಎಂಬುದನ್ನು ವ್ಯಾಖ್ಯಾನಿಸುವುದು ಮೊದಲ ಹಂತವಾಗಿದೆ. ಈ ರೀತಿಯಲ್ಲಿ, ನಿಮ್ಮ ಲೋನ್ ಮೊತ್ತವನ್ನು ಹೇಗೆ ಬಳಸುವುದು ಮತ್ತು ನಿಮಗೆ ಅಗತ್ಯವಿರುವುದನ್ನು ಮಾತ್ರ ಲೋನ್ ಪಡೆಯುವುದು ಎಂಬುದು ನಿಮಗೆ ತಿಳಿದಿದೆ.

Do I have the collateral or eligibility required?

ಸರಿಯಾದ ಲೋನ್ ಆಯ್ಕೆ ಮಾಡಲು ಲೋನ್‌ಗೆ ಅಡಮಾನದ ಅವಶ್ಯಕತೆಗಳನ್ನು ಅರ್ಥಮಾಡಿಕೊಳ್ಳುವುದು ಅಗತ್ಯ ಹಂತವಾಗಿದೆ. ನೀವು ಸುರಕ್ಷಿತ ಅಥವಾ ಸೆಕ್ಯೂರಿಟಿಗಳು ರಹಿತ ಲೋನನ್ನು ಆಯ್ಕೆ ಮಾಡಬೇಕೇ ಎಂಬುದನ್ನು ನಿರ್ಧರಿಸಲು ಈ ಸ್ಪಷ್ಟತೆ ನಿಮಗೆ ಸಹಾಯ ಮಾಡುತ್ತದೆ.

What repayment tenure and EMI can I comfortably afford?

ನಿಮ್ಮ ಕಾಲಾವಧಿ, ಬಡ್ಡಿ ದರಗಳು ಮತ್ತು ಲೋನ್ ಮೊತ್ತವು ನಿಮ್ಮ ಹಣಕಾಸಿನ ವಿಶ್ವಾಸಾರ್ಹತೆ, ಅಡಮಾನದ ಲಭ್ಯತೆ, ಅಡಮಾನದ ಪ್ರಕಾರ ಮತ್ತು ಲೋನ್ ಪ್ರಕಾರದ ಆಧಾರದ ಮೇಲೆ ಇರುತ್ತದೆ. ನೀವು ಮಾಡುವ ಮೊದಲು, ನಿಮ್ಮ ಎಲ್ಲಾ ಲೋನ್ ನಿಯಮಗಳನ್ನು ಸಂಪೂರ್ಣವಾಗಿ ಅರ್ಥಮಾಡಿಕೊಳ್ಳುವುದನ್ನು ಖಚಿತಪಡಿಸಿಕೊಳ್ಳಿ. ನೀಡಲಾದ ಲೋನ್ ನಿಯಮಗಳ ಪ್ರಕಾರ ನಿಮ್ಮ ಲೋನನ್ನು ಮರುಪಾವತಿಸಲು ನಿಮಗೆ ಸಾಧ್ಯವಿಲ್ಲ ಎಂದು ನೀವು ಕಂಡುಕೊಂಡರೆ, ಸ್ವಲ್ಪ ಸಮಯದವರೆಗೆ ಕಾಯುವುದು ಮತ್ತು ನಿಮ್ಮ ಆಯ್ಕೆಗಳನ್ನು ಮೌಲ್ಯಮಾಪನ ಮಾಡುವುದು ಉತ್ತಮ. ನೀವು ವಿವಿಧ ಸಾಲದಾತರಲ್ಲಿ ಬಡ್ಡಿ ದರಗಳನ್ನು ಹೋಲಿಕೆ ಮಾಡಬಹುದು ಮತ್ತು EMI ಹೊರೆಯನ್ನು ಕಡಿಮೆ ಮಾಡಲು ದೀರ್ಘ ಅವಧಿಗಳನ್ನು ಕೇಳಬಹುದು.

Are you ready to apply? Find the right loan with Tata Capital

Turn to the Tata Capital loan app. We offer a variety of loan schemes for individuals and businesses so that you can fulfill your dreams and achieve your goals with ease.

Tata Capital offers competitive interest rates, flexible EMI options, and multi-purpose secured and unsecured loans with minimal documentation. To plan your loan repayment journey, you can use our EMI calculator to estimate your EMI amount and make an informed borrowing decision.

Visit the Tata Capital website to learn more, check your eligibility, and apply online.

ಬಾಟಮ್ ಲೈನ್

To choose from among the various loan types in India, you must consider your financial goals, repayment capacity, and the purpose of borrowing. Secured loans are usually suitable when you need a larger amount at lower interest rates and can provide collateral. Unsecured loans offer faster access to funds without requiring any collateral. Flexi loans can be helpful if you need ongoing access to money with flexible withdrawals and repayments. Before applying, you must compare interest rates, fees, eligibility criteria, and repayment terms. If you choose a loan wisely, it can be easier for you to meet your financial needs while keeping borrowing costs manageable.