What is loan and how can it be taken Loan 2023
What is loan and how to take it – What is Loan in Hindi and how to take Loan: Almost all of you must have received phone calls from loan providers. Lenders ask you do you want Argent Loan, madam or sir take the loan is very low interest, take the name of a bank and say that this is an offer for you, do you need an Argent loan, you Take loan from us only, we will give you loan in very low interest etc.
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All these telemarketing calls come to almost everyone, which are really very irritating. But do you know what is this loan, why is it being provided so easily and at a low interest rate, what are the different types of loans.
If you want to take a loan from the bank and want to know what is a loan and how can you take a loan, then today’s article is going to be very beneficial for you. You will find answers to many types of questions related to loan in your mind in today’s article and it will be easier for you to understand loan better.
What is loan and how can it be taken Loan
Whenever someone has to take a loan, the idea of the bank first comes to mind because in today’s time, if you want a loan, then you have to go to the banks only.
What is loan and how to take it – What is loan in Hindi and how to take loan
In a country like India, most of the people belong to middle class family. So whether they want to build a house, study, buy a vehicle or fulfill any other dream.
It is not so easy for the people of middle class family that they can take all this at one go with their earned money. That’s why they have to take loans to fulfill these dreams. The borrower later repays this loan amount every month according to his earnings.
We often hear people saying that they have taken a loan from the bank for some work. To take a loan from the bank, first apply for the loan in the bank and then when the application is approved, then the person applying for the loan gets the loan money. But let us know what is this loan after all.
What is loan – What is loan in Hindi
Loan, also known in Hindi as Run/Run or Udhar, is a loan given by an individual or institution. A lender can be a corporate financial institution or government entity that provides a loan or credit to an individual borrower.
When a person or a company takes a loan from a bank to complete its personal work, which has to be repaid later along with some interest, we call it a loan.
If the loan is understood in simple language, then it can be any thing, but it is mainly understood that the money which has been taken from another person and while returning it, interest has to be paid along with the principal amount. Returned. Is.
To lend or to lend means a person who has money and is providing that money to another person or entity. This is the most important primary financial product of any bank or NBFC (Non-Banking Financial Company) which they offer to the common people.
Simply say that loan is such an act or work in which money, property or any other item / material is first provided to a needy person and then in the future when that money is withdrawn from that person, he gets the original amount. Is. Also he has to pay back the interest and other finance charges, this amount is called the loan amount.
definition of loan definition of loan in hindi
When a person (individual person), business (business), state (state) or country (country), a corporation takes a loan/loans or loans from a financial institution or government institution or especially a bank and within a specified period of time If the interest charged on it is repaid along with the loan amount, then it is called a loan.
While taking a loan, the bank agrees with its customer i.e. individual borrower, company, state or country as to how much interest will be charged per annum for that loan and the time within which the loan or borrowed amount has to be repaid.
Before giving a loan, the bank makes sure that whoever it is giving the loan to, is capable of returning the loan amount at the right time or not. For this, the bank inquires about the property of the borrower and asks on what basis he is taking the loan.
While giving the loan, the bank also informs the borrower that if for any reason the loan amount is not deposited at the right time and at proper intervals, then his property will be confiscated.
Similarly, if someone has taken a loan for a vehicle and after giving money for a few months, if for some reason he is unable to repay the loan amount, then the bank seizes his vehicle and recovers his money.
What are the components of a loan – What are the components of a loan
There are mainly three components of a loan:
1. Amount borrowed (principal or borrowed amount)
2. Interest Rate
3. Loan Tenure
Whenever you take a loan from someone, be it a bank, a financial institution or an individual, whatever amount you borrow from them is the principal amount or the loan amount or the loan amount. borrowed amount). When we repay the loan amount, along with the principal amount, we also have to pay the interest amount.
The rate of interest i.e. rate of interest, is the amount that is added to the principal amount every year. No one gives interest free loan, so you have to pay your principal amount or whatever interest comes along with the loan amount. This interest is called the rate of interest amount.
Let us now know what is Loan Duration. When the loan is taken, the lender will never ask you to return the money, so he keeps a time limit in front of you, within which you have to return his money, this is called the loan period.
Loans make our life very easy. In today’s time, loan is directly related to banks. This is probably because banks are the only financial institutions that provide loans with interest. Banks give quick loans in a very safe and secure manner.
If someone has never taken a loan yet, they might not be much aware of the importance of loan. When there is a great need of money, then we have a big support of loan.
Loan is the only support for the treatment of a major disease, marriage of children, building or buying a house, education of children etc., because all these works require a lot of money and not everyone has that much money.
Even your friends and relatives cannot give you this much money because they may also have needs like you. Therefore, in such a situation, taking a loan from the bank is the only way left. Loan is very useful in times of need. But if you are unable to repay the loan after taking it, then you should stay away from it.
Loan Category / Categories of Loan
Broadly, loans are divided into two categories – one is secured and the other is unsecured.
1. Secured Loan: As the name suggests, secured loan means secured loan. In secured loan, the bank gives loan by pledging any asset of the borrower, such as property, gold, fixed deposit and PF (Provident Fund) etc. In this, the customer always has to give some guarantee or asset to the bank.
For example, if you have taken a home loan to buy a house, then the bank’s right on the papers of the house will remain till you repay the entire amount of the home loan.
In a secured loan, both physical and financial assets can be used for collateral or security. Physical assets include assets like gold, house, car and financial assets include equity shares, FDs, mutual funds, life insurance etc.
Secured loan has a lower rate of interest as the loan is given against your property, which secures the bank’s money. That’s why the bank is sure that if you don’t repay the loan amount, it will recover the loan amount by selling your property.
The disadvantage of this type of loan is that if you do not repay the loan on time, the bank will seize your property and sell it to recover your money. Personal loan and education loan are secured loans.
2. Unsecured Loan: Unsecured loan means unsecured loan, when a loan is given without any guarantee, it is called unsecured loan, which is a type of personal loan. No guarantee, security or collateral is taken from the customer in this loan. In this, banks give loans by looking at the credit history and credit score of the customer.
In an unsecured loan, the bank or NBFC looks at facts such as the customer’s past payment history, sources of income, six months’ salary slips or income tax returns, and approves the loan based on this. Unsecured loans have higher interest rates and shorter repayment periods as compared to secured loans.
Personal loans, education loans, instant loans, credit card loans, business loans, etc. come under the category of unsecured loans. It is an unsecured loan for banks as the bank does not take any guarantee from the customer. In this type of loan, if the customer does not know how to repay the loan, then the bank suffers a lot and such cases often go to the court.
After taking a loan in unsecured loan, it is prudent to repay the loan money on time because if you do not do this, your CIBIL score will get damaged, due to which you may have to face a lot of trouble in getting a loan in future. Home loans, car loans, business loans and gold loans come under unsecured loans.
Loan Types – Loan Types in Hindi
When someone needs a loan and he goes to the bank and applies for the loan, the first question the bankers ask is what kind of loan you want. It means the type of loan as per the requirement.
Taking a loan does not mean at all that you have asked for a loan from the bank and the bankers have given you such money. You have to specify any one loan type as per your requirement, only then you will get the loan on the same basis.
There are many types of needs which are not possible for a common man, so he fulfills all these needs by taking a loan from the bank. There are many types of loans too, so do you know how many types of loans are there (types of loan in Hindi):
1. Personal Loan:
Personal loan is a loan taken for completing personal work. This is a personal and unsecured loan. In this, the rate of interest is higher than the rest of the loan. Personal loans are needed when unexpected expenses hit us. This loan can usually be taken from a bank or a non-banking financial company (NBFC).
Taking a personal loan is very easy as all the procedures are done very smoothly. Before taking a personal loan, get complete information about how to take a personal loan. Try to take a personal loan only when you are in a great emergency and need a lot of money.
2. Education Loan:
The importance of education is well known to those who seek quality education. Nowadays education has become so expensive that for those who want quality education, quality education is the only way left. Education loan is a loan that students apply for to meet their educational needs.
Education loan is taken when a student does not have sufficient amount available for his/her studies or parents have to take education loan even if there are more than 2 children in a house as they can support all the children from their earning. Can give education. Addresses not read.
Education Loan in India All the banks and NBFCs provide education loan and also approve the loan easily. Before taking an education loan, do not forget to know about how to take an education loan.
3. Home Loan:
Building a house or buying a house is almost everyone’s biggest dream. Everyone wants to have a house of his own. But in today’s inflation, not everyone has enough money to buy or build a house with their earnings. In such a situation, he needs to take a home loan from the bank to fulfill his dream.
On the basis of monthly installment, the bank gives approval to the needy customers by giving home loan very comfortably. You can use the home loan money to buy a house, construct it, get it repaired, buy land, etc. Before taking a home loan, understand in detail how to take a home loan.
4. Car Loan or Vehicle Loan:
Everyone’s first dream is to own a house and when this dream is fulfilled then it is his turn to fulfill the dream of a car. After fulfilling the dream of a house, now the dream of a car is born in the house. The dream of a car is the second dream after the dream of a house.
It is natural to have a desire to have a nice car or vehicle, but due to lack of sufficient funds, this dream cannot be fulfilled. A car has many advantages such as it allows you to transport your entire family and also increases your convenience and efficiency.
In such a situation, if you want to take a car loan or vehicle loan, then you can easily take it because there are many banks that offer car loans at attractive interest rates along with many other benefits.
Banks also easily give car loans to employed people. If you do not want to repay the loan in car loan, then you can take the option of EMI. Before taking a car loan, you should have complete information about how to take a car loan.
5. Business Loan:
It requires a lot of investment for any business to run smoothly and to pay for their start-up expenses or expansion of the business. For such works, companies have to take business loans for their financial assistance.
Business loans also have to be returned to the company after a certain period. Business loans are taken to start a new firm, to expand business, to finance dealers and vendors, etc.
6. Gold Loan:
Gold loan is a type of secured loan offered by banks in the form of cash, loan against gold collateral. Gold loan means that you can take a loan by pledging your gold ornaments or anything made of gold.
And when you have the money, you can withdraw your gold by repaying the loan amount. Banks give loans to borrowers as per their requirement and in return keep their gold ornaments or gold coins. Before taking a gold loan, be sure to know the complete details of how to take a gold loan.
In today’s time, almost every person needs to take a loan sometime or the other, be it personal loan, car loan, education loan, business loan or anything else, there is a need to take a loan.
Although there are many types of loans, but not everyone is aware of how many types of loans are there and which loan should be taken when. If you choose the right loan and are aware of all types of loans, then it will be very useful in your bad times.
I hope you must have liked my today’s article What is Loan and how to take it – What is Loan and how to take Loan (What is Loan in Hindi). It has always been my endeavor to provide all kinds of information to my readers. I have tried to give correct information about the loan to my readers.
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