Loans are of many kinds, all of which falling under two categories; either secured or unsecured. Most of the loans you apply for in Chennai require a proper credit history check before approval. There would be documents like proof of address and identity and other documents related to property and finance that would also be required. Here are the top four types of loans; home loans, car loans, personal loans and loan against property described:
Home Loan: These days many financial institutions are giving out loans at reasonable interest rates. The bank or financial institution uses the home or property at the time of granting the home loan. The house falls as a collateral that’s why it becomes a secured loan. The amount of the loan offered to you will vary on the basis of the income you show. If you are married you can apply for the loan with your spouse. You will get longer repayment options. Your credit history will also matter in getting you a higher loan amount. You will be paying EMI(Equated Monthly Installments) to repay your loan.
Car Loan: Car loans is applied for when you need to purchase any kind of a car, be it new or second hand. In Chennai, people prefer to take a car loan and purchase cars which are over their budget because of the quick approval process. The applicant can apply for a car loan for up to 1.5 crores, comprising mostly of the on-road price of the vehicle up to 100%. To get a car loan approved, you have to be salaried for at least a year in the same job, a business owner, or self- employed with proper income. Your age should fall in between 21 to 65, and you should be an Indian.
Personal Loan: A personal loan is apply by individuals needing of finance for any use. It can be to spend their holiday somewhere, buy a costly phone or home appliance or pay off bills. In Chennai when you apply for a personal loan always be careful of the charges that the institution is charging. Look for the option where there is zero processing fees, zero penalties and pre-payment options. Find out about charges like payment delivery and interests. To be eligible to get a personal loan you have to show your salary details, you must fall in the require age category and your credit history should be excellent.
Loan against property: Loan against property are loans that are encouraged by financial institutions in Chennai. This is considered to be an excellent way for debt consolidation. The process is always quick and hassle free. The approval are guaranteed most of the times. This is a secured loan, therefore, financial institutions feel safe in offering this loan. The amount of loan offered ranges from 3 lacs to 1 Crore depending upon your property value. The rate of interest will vary from company to company, but these are usually low. You must be an India and above 21 years of age to apply
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