How Many Types of Loan You Can Get

Various types of loans are offered by banks, financial institutions, and other lending entities to cater to the diverse financial needs of individuals, businesses, and other entities. Here are some common types of loans available.

  1. Home Loans:
    • Home loans are provided for purchasing or constructing a residential property. They usually have a long repayment tenure.
  2. Personal Loans:
    • Personal loans are unsecured loans that can be used for various personal expenses such as medical bills, travel, education, or any other unforeseen expenses. They don’t require collateral.
  3. Car Loans:
    • Car loans are designed for purchasing new or used cars. The car itself serves as collateral for the loan.
  4. Education Loans:
    • Education loans are meant to finance the education expenses of individuals. They cover tuition fees, accommodation, books, and other related costs.
  5. Business Loans:
    • Business loans are provided to businesses for purposes such as working capital, expansion, purchasing equipment, or other business-related needs.
  6. Gold Loans:
    • Gold loans are secured loans where gold jewelry is pledged as collateral. They are a quick way to obtain funds with the gold acting as security.
  7. Loan Against Property (LAP):
    • Loan Against Property allows individuals to use their property (residential or commercial) as collateral to secure a loan for various purposes.
  8. Two-Wheeler Loans:
    • Two-wheeler loans are specific loans for purchasing motorcycles or scooters. The vehicle itself is used as collateral.
  9. Personal Overdraft:
    • Personal overdraft is a revolving credit facility linked to an individual’s savings account. It allows the account holder to withdraw more than the available balance, up to a certain limit.
  10. Credit Card Loans:
    • Credit cards often provide a revolving credit facility where cardholders can make purchases on credit. If the outstanding balance is not paid in full by the due date, interest is charged.
  11. Government-Sponsored Loans:
    • Various government schemes offer subsidized loans for specific purposes such as housing, agriculture, and small-scale industries.
  12. Microfinance Loans:
    • Microfinance institutions provide small loans to individuals, especially in rural areas, to support income-generating activities and entrepreneurship.
  13. Consumer Durable Loans:
    • These loans are designed for purchasing consumer durables like refrigerators, washing machines, etc.
  14. Professional Loans:
    • Professional loans are tailored for professionals such as doctors, lawyers, and chartered accountants to meet their specific financing needs.

How To Get Instant Mobile Phone Loans with Zero Down Payment

Mobile Phone Loan is now just a click away. After reading this article you will be able to get instant mobile phone of your choice. You can get a loan through a bank, financial institution or even an app on your phone to buy mobile on EMI amount of your choice.

Reasons you need to get instant mobile phone Loan

  • You may need to update your old mobile
  • You want a high-end model that’s out of your budget
  • Lost your expensive mobile and can’t afford to replace it at this moment
  • Phone malfunctioned after being out of warranty
  • Your Online classes are easy on Mobile Phone
  • You wanted to gift a mobile phone to your friend or family but do not have enough money

Eligibility Criteria

Must be a full-time salaried employee with a minimum take-home salary of ₹ 20,000/month

OR

Must be a self-employed professional with an income of at least ₹ 20,000/month

Have Valid Adhar, Pan, Bank Account, KYC Document

Have Good CIBIL Score- Above 700

Where to Get the Instant Mobile Phone Loan

You just need to visit your nearest Shop where Mobile Phone in sold on Finance on EMI. You will easily get the Loan Approval from his choice of lenders. Otherwise You may also apply online with following lenders

  • Bajan Finance- Bajaj Mall
  • Hero Fincorp
  • Home Credit
  • Money View App
  • Zest Money
  • Money Tap App
  • All national Banks-Government and Private Both
  • Co-Operative Societies
  • Loan Pe Phone App

Moreover You may use your EMI Card, Debit Card, Credit Card to finance your Mobile Loan. It is done within few minutes.

How to Get Instant Personal Loan for CIBIL Defaulters

Finding yourself in a situation where you need an urgent Personal Loan as a CIBIL defaulter can be tricky at times. But worry not because we are here to guide you.

Ways to Avail Personal Loans for CIBIL Defaulters

We understand the unique circumstances faced by CIBIL defaulters and provide viable solutions. Here are some of the ways you can use to get a Personal Loan in case of CIBIL defaults-

1. Seek out specialised lenders

Look for financial institutions or lenders specialising in providing loans tailored to CIBIL defaulters. Hero FinCorp understands the unique circumstances and challenges individuals with a history of CIBIL defaults face, making them more likely to offer suitable loan options.

2. Explore loan options tailored for CIBIL defaulters

We have customised offers for CIBIL defaulters. However, you might get lower amounts at higher interest rates in such cases.

3. Provide collateral or opt for a secured loan

Offering collateral, such as property or assets, can increase the chances of loan approval for CIBIL defaulters. Lenders may be more willing to extend credit when they have an asset to secure the loan against.

4. Improve creditworthiness through timely payments

Take steps to improve your creditworthiness by making timely payments on existing debts. Demonstrating responsible financial behaviour over time can help rebuild your credit history and increase your chances of getting approved for a personal loan.

5. Consider a co-applicant or guarantor

Including a co-applicant or guarantor with a good credit history can enhance your chances. The lender may consider their creditworthiness and income stability, reducing the perceived risk and increasing the likelihood of loan approval.

How to Find out and Remove Your Name from the CIBIL Defaulter List?

Finding out if your name is on the CIBIL defaulter list and taking steps to remove it is crucial for taking necessary actions to improve it. Here’s how you can do it-

● To begin, you can obtain your credit report from CIBIL by visiting their official website and following the necessary procedures. The report will provide insights into your credit history, including any defaults.

● If you discover that your name is on the defaulter list, rectification is next. Contact the lender involved and settle any outstanding dues or negotiate a repayment plan.

● Once the dues are cleared, the lender will update CIBIL accordingly.

● Regularly monitoring your credit report and maintaining healthy credit habits will ensure a positive credit profile and increase your chances of being removed from the lsit

How To Improve CIBIL Score Quickly

CIBIL Score or credit score is a numerical expression based on a level analysis of a person’s credit files, to represent the creditworthiness of an individual. It is primarily based on a credit report, information typically sourced from credit bureaus.

Your CIBIL score is an important factor that lenders look at while evaluating a loan application. Hence it’s important to understand how the score is calculated. While there is a proprietary algorithm that determines your CIBIL score, the most important elements of the score composition are based on an individual’s loan payment behavior.

What is the CIBIL score?

Your CIBIL score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections of your CIBIL report, including (but not restricted to) your loan accounts or credit cards, and their payment status, as well as outstanding amounts’ days past due. The score reflects your credit worthiness, based on your borrowing and repayment history, as shared by lenders.  Your CIBIL score ranges from 300 to 900 and the higher your score, better are your chances of getting a loan approved. In fact, 79 percent of loans are sanctioned to consumers with a CIBIL score greater than 750

How is the CIBIL score calculated?

There are four key factors that impact your CIBIL score:

  • Payment history: Making late payments or defaulting on your EMIs has a negative impact on your score.
  • Credit mix: Having a balanced mix between secured loans and unsecured loans is likely to have a positive impact.
  • Multiple enquiries: Too many loan enquiries may have a negative impact on your score as it indicates that your loan burden may go up in the future.
  • High credit utilisation: A high credit utilisation limit indicates a rising debt burden over time and may negatively impact your score

How can you work towards a high CIBIL score?

Your CIBIL score is based on your credit history and past payments, but it subsequently impacts your future access to credit. What you do today can help you build a stronger and healthier credit footprint. Here are a few quick tips to help you improve your score:

  • Always pay your dues on time. Late payments are viewed negatively by lenders.
  • Keep your balances low. Be prudent, do not use too much credit, and control your utilisation.
  • Maintain a healthy credit mix of secured (like home loan and auto loan) and unsecured loans (like personal loan and credit cards) — too many unsecured loans may be viewed negatively.
  • Apply for new credit in moderation. This shows that you are not continuously seeking excessive credit.
  • Monitor your co-signed, guaranteed and joint accounts monthly. Remember that you are held equally liable for missed payments in co-signed, guaranteed or jointly held accounts, and your joint holder’s (or the guaranteed individual’s) negligence could affect your ability to access credit when you need it.
  • Review your credit history frequently throughout the year. Monitor your CIBIL Score and Report regularly to avoid unpleasant surprises (like a rejected loan application). Checking your report regularly will also alert you to possible inaccuracies, if any. In case you spot any discrepancy, you can log a dispute on the CIBIL website or request the lender to report the correction to CIBIL.

How to get loan with low CIBIL score

Your low CIBIL score will no more be a trouble in getting loan easily. CIBIL Scores are measured on a scale between 300 and 900, with 900 indicating the highest and 300 being the lowest. The minimum CIBIL score that a borrower generally needs to maintain to be easily eligible for a personal loan is above 700

You can avail of a low CIBIL score instant loan by applying with a joint applicant. You can apply for a loan with your parents, spouse, or siblings. The co-applicant, however, needs to have a high CIBIL score at the time of application.

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Oct, 2023

Top 10 Reasons Why You Should Avail Gold Loan

Gold Loan is a quick & easy way to get money when you need it utmost. You would easily get up to 75% of Gold Value. Most of the household in India consider gold as an asset to be used in emergency only. Now we have lenders offering lucrative gold loans customized as per our needs.

There are many reasons which makes the gold loan a smart financing solution. Lenders also offer this Loan on lower interest rates and maintain complete transparency in loan disbursal and repayments. It is just like other personal loan with more freedom.

Here we have listed some of the reasons for your ready reference:

Advantages of Gold Loan

1.It is easy and simple to avail

2.No credit history is required for it

3.No income proof is required

4.70% to 80% of total value of gold is given as loan

5.Lower interest rate of 12-13% percent is charged compared to personal loan or other loan

6.Easy repayment option. You only pay the interest till when you borrow it

7.Entire loan amount can be returned without any penalty of foreclosure in one shot

8.Less time required at the time or loan processing

9.Lower processing fees

10.Best loan option in category

11. No Requirement of higher credit score or cibil score

Further you have some more silent features to consider when you avail any gold loan. Your gold jewelry is kept in highly secure vault 24*7. In other words your gold has free insurance when kept with lender. There is no restriction in using the loan amount in any purpose. You get the freedom to use the money as per your need such as marriage expenses, education fee payments, travel expenses, higher interest loan repayments.