Loans can be classified based on whether they require collateral or not and the purpose for which they are used. Secured loans are loans that require collateral, whereas unsecured loans are the type of loans that do not require the applicant to attach collateral. Following are the types of loans in India:-
Gold has always been the most favoured and safest asset. Gold loans are loans secured against gold ornaments. The borrower pledges gold ornaments to the lender in exchange for funds.
Mutual funds and shares can also be submitted as collateral in exchange for funds. When a loan is requested against the shares, it is given equivalent to the value of the shares.
It is also possible to avail of loans against your insurance policies. However, not all insurance policies qualify for loans.
Personal loans are the most popular type of unsecured loans. One can avail of personal loans to cover their personal expenses without pledging any asset or collateral. Personal loans are given to applicants after assessing their repayment capacity, income, outgoings, debts and credit score. They are fast loans which are usually availed to meet urgent financial needs. Personal loans can be used for a range of purposes like-
Short-term business loans are a type of unsecured loans which are useful for meeting the daily expenses or diversification of the businesses, organisations or entities.
A Flexi Loan is a facility wherein the borrower avails a certain amount and pays interest only for the amount used.
Education loans are availed by students who aspire for higher education but cannot meet the hefty expenses. This loan covers the fees of the course along with the other expenses such as accommodation, exam fees, etc.
As the name suggests, vehicle loans provide you with the funds to buy your dream vehicle. Your credit score, income, debts and outgoings play a significant role in determining the loan amount.
Navi, a highly rated loan provider (4.4-star rating in Google Play Store, December 2020), is best suited for availing of different types of loans. Applying for these loans is very simple and fast, thanks to the Navi App. The eligibility check, KYC, and getting the money credited to your bank account happens within minutes. Follow the steps given below to avail the different types of loans-
Navi’s technology-driven model does not prescribe any specific criteria for availing the different types of loans; it verifies the details you have entered and approves the loan based on its algorithm.
There are certain basic parameters that have to be fulfilled to secure the different types of loans:
|Age Criteria||The minimum age limit to apply for the different types of loans is 18 years, whereas the maximum age is 65 years.|
|Occupation Criteria||You have to be a salaried employee or a self-employed individual to avail the different types of loans.|
|Income Level||The income levels vary based on both the type of loan and the moneylender.|
|Credit Score||The minimum credit score that is required to avail of any type of loan is 650+|
The few documents required by the Navi App to process the loan application are:
Most often, the Aadhaar Card and PAN card suffice as identity proof, age proof, and Address proof.
Apply for all the different types of loans in India at the convenience of your home using the user-friendly Navi App. Simply download the Navi app and register your mobile number to access the different types of loans in India. Upon submission and verification of your loan application, the loan amount will get credited to your bank account within a few minutes.
So, Download the Navi App and apply online now!
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