Unsecured Loan
Business Loan
Business loans are unsecured financial assistance provided by banks and NBFCs in India. The primary aim of these is to support the urgent needs of your growing business. Most financial institutions offer term loans and flexi loans to cater to the business needs of a company. Business loans are also called commercial loans. All types of businesses such as a sole proprietorship, privately held company, partnership firms, self-employed individuals and retailers can avail these loans. It is also possible to avail business loans even if you have a bad credit rating. A borrower can leverage the application through the status of the revenues, type of business and the assets of the company. In case the assets of the company are more valuable than the loan, banks will not shy away from sanctioning it.The repayment tenure of the loan is between 1 to 5 years and depends on the ability to repay.Availing start up business loans is also preferred because there’s minimal paperwork. Most financial institutions only require KYC documents to process the loan application. This makes the process hassle-free.
Personal Loan
It’s a unsecured loan for salaried class which given for all kind of personal use like children Studies, Marriage, Foreign tour, Honeymoon, etc, a salaried can take a loan amount of 50000 to 30 lakh max as per his/ Her eligibility & can re pay the loan in 12 month to 72 month tenure. Apart from the rate of interest banks also charge some fees which are usually of two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 2-3% of the loan amount. This could be reduced if you have the ability to bargain. the second charge is the prepayment penalty paid at the time of pre-closure. This too varies from 2 – 3 %. Similar to processing charges, you can also try to get this fees reduced.
Doctor Loan
A doctor loan or "physician loan” is a mortgage specifically for medical professionals that usually doesn’t require a down payment. With other loan types, lenders often want borrowers to pay private mortgage insurance (PMI) if they’re making a down payment of less than 20%. Physician loans make it possible to skip paying for both a down payment and PMI if you happen to be a doctor. Doctor loans are meant for new medical professionals just entering the field. Doctors are often at a disadvantage when applying for a regular mortgage early in their career because they usually have a large debt-to-income ratio (DTI) after medical school, and may not be able to provide proof of employment and income if they’ve just graduated or started their residency. If you’re a new doctor who can’t afford or qualify for a conventional mortgage, you may still be able to buy a house with a physician mortgage loan. Remember, you don’t have to pay for PMI or a down payment, and the DTI requirements are flexible. You also don’t need the typical proof of employment and income required for most conventional mortgages; an employment contract will suffice.
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