Vikash Raghuwanshi
Hello friends, today we will understand about loan, what is this loan, from which loan are there, from where should we take loan, there are advantages or disadvantages in taking loan, we will discuss about all these.
Then friends loan means to borrow money from someone and return it later with interest, the rate of interest is different everywhere and a separate penalty is also imposed for not paying the interest at the right time.
Why do we need a loan
We all need loan at some point of time in life, whether rich or poor, everyone needs money, no matter what kind of need it can be like, for the need of the poor, for marriage, etc. A loan is required, similarly a rich person needs money to start a project company.
Along with the common man, the state and the country also need a loan, as the state government takes loan from the central government and the central government delays the loan, similarly the central government takes a loan from the World Bank and the world bank gives them a loan. Rate remains Different interest rate has been fixed for different schemes
where to get loan
You will have to go to a private bank or government bank to take a loan or you can also take a loan from a third party company. If you want to take low interest then government bank can be a very good option because there interest rate is very low but the process of getting loan is very difficult. They say that this is the problem, that is the problem, if you have complete documents, then very easily you will get the loan in the government bank too, just have to feed a little.
If you have a little less documents, then some private banks provide you with a loan, they do not rotate you much and you can get a new round of the bank, in this you may have to pay a little more interest rate and penalty may also have to be paid.
Even if you do not have proper documents, third party company would give you the loan and may have to pay the highest interest and penalty with the highest hidden charges.
The process of getting a loan takes place in some three ways-
Short Term – In this, the loan amount is divided between 6 months to 3 years, in which the interest rate is low, the rate may be different in different places.
Long Term – In this, the loan amount is repaid between 2 years to 20 years, in which the interest rate is high, this type of plan is mostly used in home loan vehicle loans
Ultra long term loan plan- This type of loan is provided as a loan for a time period above 20 years and the interest rate is also high, this type of loan is called corporate loan. Man takes this type of loan for big project like Nirav Modi, if more amount is given in it then there is a fear of the person taking the loan and running away from the country.