Different types of loans?
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What is a loan?
A loan is an amount taken by the borrower from lenders or 
NBFCs. Once these loans are taken, the borrower is required 
to pay interest rate on monthly basis and clear the loan 
amount within the mentioned tenure period. There are two 
ways loans can be differentiated, they are: Secured loans and 
Unsecured loans.
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What are the 
different types of 
loans?
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Personal loans: 
Personal loans are the type of loans that can be used for various purposes. These loans are 
used for immediate requirements of the customer and is an unsecured type of loan.
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Unsecured loans: 
The borrower can take unsecured loan types for fulfilment of his financial needs. If the borrower has 
regular income then he can apply for this loan kind, as the loan is approved based on the income level.
Secured loans: 
Secured loans are where the borrower is required to put collateral as surety with the lender. 
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Bad credit 
loans: 
These loans are for the 
people with bad credit 
history. This can be used to 
fulfill the financial 
requirements of the 
borrower.
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Debt consolidation loans: 
It is a type of loan that is taken to pay off other debts or liabilities. This will decrease the 
burden of paying small interest rates for multiple loans.
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Home improvement 
loans:
Home improvement loans are unsecured type of loan which are used for home improvements like fixing of 
racks, renovating the house, building extra rooms, etc.
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Car loans: 
It is also called as auto loan 
which is taken by the borrower 
to purchase his dream car. The 
car being the surety, upon non-
payment of loan amount, the 
car will be seized by the lender.
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Holiday loans: 
Your vacation expenses can be covered 
with holiday loans. They are unsecured 
loans, provided based on the income level, 
credit history and other factors.
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Wedding loans: 
Wedding loans are the saviors for the ones who want their wedding to happen lavishly. This wedding 
loan amount is taken to cover the expenses of a wedding.
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Thank You
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