BANK LOANS PROCEDURE IN INDIA:
Banks in India with the way of development have become easy to apply in loan market. The following Loans are given by almost all the banks in the country:
• Personal Loan
• Car Loan or Alito Loan
• Loan against Shares
• Home Loan
• Education Loan or Student Loan
In personal Loan, one can get a sanctioned loan amount between Rs 25,000 to 10,00,000 depending lipon the profile of person applying for the loan. SBI, ICICI, HDFC, HSBC are some of the leading banks which deals in Personal Loan.
Almost all the banks have jumped into the mar¬ket of car loan which is also sometimes termed as auto loan. It is one of the fast moving financial product of
- banks. Car loan / auto loan are sanctioned to the ex¬tent of 85% upon the ex-showroom price of the car with some simple paper works and a small amount of processing fee,
Loan against shares is very easy to get because liquid guarantee is involved in it.
Home loan is the latest craze in the banking sec¬tor with the development of the infrastructure. Now people are moving to township outside the city. More number of townships are coming up to meet the de¬mand of 'house for all', The RBI has also liberalised the interest rates of home loan in order to match the repayment capability of even middle class people. Al¬most all banks are dealing in home loan. Again SB!, ICIC!, HDFC, HSBC are leading.
The educational loan, rather to be termed as student loan, is a good banking product for the mass. Stu¬dents with certain academic brilliance, studying at recognised colleges/universities in India and abroad are generally given education loan / student loan so as to meet the expenses on tuition fef:/ maintenance cost/books and other equipment.
