What are classified and unclassified loans?

A loan is usually a certain amount of money that a person borrows from a lender for a certain period. This amount is paid off in monthly instalments or at certain intervals of time as pre-determined by the Bank or financial institution. Loans can be used for any requirements like purchasing a house or vehicle, to meet personal expenses, or to buy a home appliance or to meet the expenses of a student’s education...
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Can you have multiple personal loans?

Personal loans come in handy when you have an urgent requirement for some extra cash. Compared to most of the loans these loans are not difficult to get approved. Personal loans can be both secured and unsecured and you can apply for one through any bank, NBFC or financial institution. To meet a smaller financial need you can consider taking a loan against gold. The gold loan interest rate is quite low because these loans are taken against collateral security...
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What are the investment schemes of jewellery shops?

When it comes to buying jewelry the yellow metal gold remains the favorite among both men and women in India. So, it shouldn’t be a surprise when we say that India is one of the biggest consumers of gold in the world. Gold is always an investment. Whenever you have an urgent requirement for some extra cash you can consider taking a loan against gold if you have it in the form of jewelry or coins. Gold loan interest rates because it is taken against collateral security. A gold loan gets approved quite easily compared to the other loans like a personal loan or an educational loan...
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Can a student apply for a personal loan?

Imagine you have an urgent requirement for some extra cash. Maybe you have a medical emergency or have to meet the expenses of your loved one's wedding or engagement, or the reason could be you need some extra cash for your child's higher education or to buy a property. Whatever the reason may be one of the best ways to meet such a requirement is by applying for a personal loan. Personal loans are not secured ones and this means you do not have to pledge collateral security to get the loan...
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How does a fixed rate loan work? Is a fixed-rate loan better

When you are in search of a loan you'll come across loans with a fixed rate of interest and loans with variable/floating rate of interest. These rates may or may not change during the lifetime of your loan depending on the prime lending rate or interest index rate. To understand which type of loan would serve you better when it comes to repayment or financing you need to understand how fixed loan interest rates work. If you are looking for a short-term loan with a lower interest rate you can consider taking a loan against gold. Gold loan interest rates are quite low since it is secured...
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What is a fixed payment loan? How do you calculate the fixed interest rate on a loan?

Whether it is a home loan or a business loan or a personal loan that you wish to apply for, the main factor that determines how expensive the loan is its interest rate. The charge on the principal amount is collected by the bank or financial agency in the form of interest on the total amount borrowed by the individual. Higher the rate of interest on your loan the higher the cost you'll end up paying. This means you need to understand how the interest rates work in the particular loan that you wish to apply for and if those rates are likely to change over time. If it is a small amount that you wish to take as a loan you could consider taking a gold loan...
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How does debt consolidation affect my credit score? How long does debt consolidation stay on your credit report?

Getting a credit card approved is quite simple and quick today. Hence, several people have credit card balances on more than one account. However, paying off the amount every month is not an easy task as it carries high rates of interest. Loan balances that carry a high rate of interest could also be a real financial burden. Most of the people struggle to find enough funds to meet their wants and needs after paying off huge amounts of cash towards their credit card accounts and loan accounts. If you have a sufficient amount of gold jewelry you can consider taking a loan against gold to pay off your outstanding debts. Gold loan interest rates are quite low considering this loan is secured...
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Can we get an agricultural loan without any security?

The agricultural sector can be considered to be the backbone of our country’s economy. Millions of people living in the rural parts of India depend on agriculture as their main or only source of livelihood. A major part of the population in our country constitute of farmers. Most of the farmers and people involved in the agricultural activities struggle when it comes to finding sufficient funds to meet their on-going requirements or to expand their activities. Farmers who have gold jewelry can consider taking a loan against gold to meet their requirements. Considering this loan is secured the interest rate is quite low. However, not all requirements can be always met using a gold loan...
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Is insurance compulsory for an agricultural loan? What are its merits?

Agriculture is truly the backbone of our country's economy. Most of the people engaged in farming and agricultural related activities in India often struggle from a lack of sufficient funds. Loan against gold can be helpful to meet some of the immediate requirements of farmers if they have gold in the form of jewelry or other articles in their hands. The gold loan interest rate is also quite low because it is a secured loan. However, this loan wouldn’t be sufficient enough to meet all agricultural requirements. The best solution would be to apply for an agricultural loan. Banks, NBFCs and other financial institutions in India provide agricultural loans to people engaged in farming activities...
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What Is The Difference Between Secured And Unsecured Loans?

There are many reasons why you may need to borrow money- you may want to buy a house, there may be medical expenses to meet, you may want to send your child abroad to study. Borrowing money from friends and family may seem cheaper than taking a loan from the bank but this has the risk of spoiling relationships. So, when it comes to borrowing money, it’s always better to approach a bank. Loans can be broadly classified as secured and unsecured loans. Knowing the difference will help you choose the loan best suited to your needs...
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