The Basic Types Of Loan In Licensed Banks And Main Financial Institutions

Banks became basic need. To run the bank efficiently, we require several accounts such as savings account, fixed deposits etc. The loan amount could be taken from these savings accounts. So the bank provides several types of loans to use in case of emergency purposes. The types of loans are discussed below. For every loan surety signature or security should be submitted to the bank. Student loan is mainly to the student who applies loan for education purposes. These loans have very low interest and the grace period to pay the debt is also long. These loans should be paid only when the student goes to job. Mortgage loan is a home loan, which is used by the individual to build a house. Mortgage is tied in front of every home. The other type of loan similar to the mortgage loan is auto loan. These mortgage and auto loan are considered as property in banks. Using these properties, several loans can be applied on the security basis. Auto loans are the loans provided to buy an automobile such as bike. The other important loan applied by most of the people is personal loan. Personal loans are applied by the individual for their personal uses. These personal loans are applied by the persons who things that credit card interest are too high.

Some loans are efficient to manage while other makes trap

Even in loan, several have high interest and several have shot term to pay the debt. These loans will make the individual to fall in debt traps. The way of selecting the loan is very important to escape from these traps. They are other loans such as small business loans for starting a small business. Medical loan offered my most of the banks in the world, which is helpful in medical crises. Examples of the banks which offer loans are given below. JEEFLEE CREDIT – Singapore Licensed money lender provide loan with personal guidance of individual so that helping them from debt traps. Low interest licensed money lender in Singapore provide loans with very low interest when compares to other bank. HSX Credit – Reputed Singapore licensed money lender also provide loan in long term with low interest rates. The interest rates of this bank make the people to apply a loan. In emergency cases, the loan will be applied within 10 to 15 minutes. It requires security for exceeding certain limit.

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