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If you think without any preconceived notions or with the advice of a person having knowledge of loans and finance, then you might be able to understand that home loan can be your asset if you take it and use it wisely. People who are not able to fulfill their requirements against a loan generally spread this rumour of loans being a debt trap but if you look at the brighter side they can provide you with a lot of benefits turning your liability into asset in a very short period of time.

 Although it might be said and true that a home loan is an asset but the home itself is an asset to the borrower. The lender maintains a lienon the property, but you are considered to be the owner of the home till the time you pay your obligations and mortgages on time. Therefore, home is without a doubt an asset and you can always increase the value of your asset by making changes in it such as home improvement upgrades. 

By making improvements in your asset you can increase its value manifolds which can pay you back with good returns. In addition to that there is a lot of competition in today’s market, so has the competition in financial market which has turned out to be very beneficial for the borrowers as it has become easier for them to compare various benefits and conditions of different banks or lenders and then come to a conclusion of selecting the most suitable source.

Banks have made home loans easier to avail, that is, earlier conditions used to be quite rigid but now they have become very flexible. Banks provide reasonable flexible tenure, requiring minimal documentation processes. Home loan interest rates have also become much more convenient now.

Now, it is always advisable that one should take a home loan from trusted sources to avoid any sort of fraudulent activities and to get a better opinion with financial decisions. There are many banks and money lenders that make big promises while sanctioning loans and afterwards turn their backs on you, therefore never go to the lenders or banks that are not trustworthy. One such bank which has years of experience and is quite well known for its successful servicing of clients is Dena Bank. So, Dena Bank home loan is advisable for people who don’t have any trustworthy connections in these financial times. Dena bank provides you with services to avail a home loan without any hassle or stress. 

They provide you with interest rates that are convenient such as starting from 8% and onwards and if you have a good credit score then you might even get some other benefits in the rate of interest. They charge minimal processing fees that are quite transparent. They have quite a good tenure structure that can be changed as per your convenience providing you a loan of up to 30 years. They also ask for some minimum eligibility criteria which can be easily fulfilled. Then, they require some documentation processes to be done such as:

• Identity proof, that includes, PAN card, driving licence, voter ID, Valid passport etc.
  
  
• Address proof, that includes, electricity bills, water bills, telephone bills, Aadhar card, PAN card, driving licence, voter ID, Valid passport etc.
  
  
• Income proof, for self employed and salaried individuals, this includes the salary slips or Form 60, bank account statements of the last 6 months etc.
  
  
• Other necessary documents such as passport size photographs, proof of 5 years of business continuity (for self employed individuals) etc. 

One should always remember to carry the original copy of the documents along with the photocopied documents so that the process can be easily done.

Also read this: Benefits Of Home Loan 

What is a personal loan? 

A personal loan is an unsecured loan that can be used for short or medium-term fund requirements. You can use the amount you get from a personal loan for various purposes like wedding, medical expenses, child's tuition fee, plan a vacation, debt consolidation or miscellaneous expenses. 

You can easily apply for a personal loan at a bank or NBFC (Non-Banking Financial Companies) in India. This increases the risk chance that you will face in the near future. So it's advisable to consider all the factors that affect the personal loan first and then make any decision regarding it. 

Factors to consider while applying for a ideal personal loan:

Credit Score:- 

It is a number between 300-900 that determines your creditworthiness. The higher the number is, the more creditworthy you are. The most accepted credit score is 750 or above. So it's essential to maintain your credit score. If your credit score is high, then your personal loan application will be quickly approved. But if your credit score is low, then a lot of banks will reject your application. However, some banks allow an individual with a low credit score to apply for a personal loan, but you'll have to pay a high interest rate on monthly EMIs. 

Loan Amount:- 

Deciding a loan amount is the most basic requirement for a personal loan. You'll have to decide the loan amount that you need. A lot of banks (like Dena bank personal loan and Canara Bank) do offer more money than required. So don't fall into that trap and only borrow the money that is needed by you. Because you'll have to repay that amount along with the personal loan interest rate, so it's easier to choose a loan amount that will be repaid in no time. However, banks allow you to take loan amounts according to your income. So if your income is low, you won't be able to apply for a high loan amount.

Repayment:- 

Customers have the flexibility to choose the repayment tenure and structure according to their income. Banks offer a lot of repayment structures so that you can pay your loan amount along with the interest rate within the loan tenure. However, it is advisable first to calculate all the expenses and then deduct them with your income to choose your EMI amount. With the help of the EMI amount, you can select a repayment structure that is best for you. It is ideal for keeping your loan tenure as short as possible because you might end up paying more money as interest. 

Personal loan interest rate:- 

The interest rate usually differs from one bank to another. So different banks have different interest rates for various loans. Interest rate is the primary source of profit for banks. It's the extra amount they take to give you money for the loan. So it's essential to choose a credible bank that provides a low-interest rate. The interest rates on Personal Loan usually varies between 8%-18% per annum. So it's better to compare all the choices and then choose the one that provides the lowest interest rate.

 Eligibility Criteria:- 

The eligibility criteria also differ from one bank to another. So it's essential to check whether or not you fit into the bank's eligibility criteria perfectly. There are online tools like 'eligibility criteria calculator' that are provided on each bank's website. You can use that tool to check whether or not you're eligible to apply for a personal loan at your bank. 

Conclusion:-

It is crucial to choose all the options available and then choose the best one for you. So it would be best if you chose all the banks and then select the one that has more credibility and provides a low interest rate. Many banks offer various unique facilities, so do some research and then choose the right lender for you. 

Also read this: Loan Against Property vs. Personal Loan 

After deciding on going for a home loan, the next step is to step into the real estate market and conduct thorough research of all the offers and discounts provided by numerous lenders. The decisive action of choosing the best interest rate, and highest loan amount, along with the most trustworthy lender, is a tough and important one. Since this decision can impact your finances for the next 20-25 years, You should carefully consider the most convenient and financially beneficial deal. You should check how much Home Loan Processing Fees, foreclosure charges, and part-payment penalties is the lender imposing. 

Many financial institutions like Yes Bank provide different interest rates on their home loan scheme. The interest is computed using the Home Loan EMI calculator. 

There are two methods to calculate the rate - 

(i) Fixed-rate method 

(ii) Floating Rate method

The existing and new customers can opt for either of these methods to get a Yes Bank Home Loan.

Fixed Interest Rate Method : 

People can choose to pay the same amount of monthly instalments throughout the loan tenure. The interest rate is computed before the term starts, and it remains constant till the loan amount gets repaid fully. People who do not want to take any risks with the home loan prefer to go for the fixed rate method. Since the real estate market is continuously varying, the rates may be favourable at one point and may become high when the market is down, and losses are high. The trend of the market rate is essential while choosing the Home Loan Interest Rate. If there is a certainty that the rate will not fall further beyond a specific limit, the borrower can quote a reasonable interest rate to get the best deal.

Floating Interest Rate Method : 

As the market rises or falls, the interest rate and demand for real estate get affected likewise. This is a volatile interest rate that gets calculated after each instalment is paid. It is dependent on the base rate offered by the lender. If the base rate fluctuates, the interest rate is automatically updated and revised. The floating rates are relatively cheaper than fixed rates. They start at 1%-2.5% lower than fixed interest rates. Initially, both parties decide the rate based on the market rate, and it keeps getting modified without any influence from either party thereon. 

The following table compares the floating and fixed rates over specific parameters - 

Since home loans are long-term loans and a proper financial structure is needed to keep sufficient funds to repay the amount, a fluctuating or floating interest rate can be a problem as it can either act in your support or against you. The instalments can become challenging to repay, and the borrower's savings might also get affected.

Conclusion -

Many banks offer the facility of switching from fixed rate to floating rate and vice-versa. There is an additional switching/conversion charge of around 2% of the total loan amount that the applicant should pay. Age also plays a part in deciding the type of interest rate method. Both these methods have their advantages and disadvantages, and the applicant must consider all these factors along with his financial position while making the final decision.    

Also read this: What is down payment in home loan 

As of 2021, Home Loans can be available in banks. These banks offer various low-interest rates, processing fees and tax benefits. These repayment systems are also helpful in banks. These banks provide varied interest rates, and these interest rates range between 7-9 percent. In these home loans, the eligibility criteria is critical. Based on these eligibility criteria, and only you can use these home loans. The home loan amount is also based on eligibility criteria. So eligibility criteria also play a significant role in home loans. The home loan interest rates may go up or down. It depends on the interest rates and the tax benefits. Banks like State Bank of India and HDFC will quickly approve the home loans. So in this way, you can use these home loans interest rates. These interest rates range between 7-9 percent. Home Loan EMI Calculator is used in many banks, and by using these home loans calculators, you can calculate your brown home loans calculations. In this way, you can use all these calculations. In this way, you can use all the home loan benefits. 

These home loans can be available in banks. Banks offer varied tax benefits, and these tax benefits range from 1-2 lakhs. So in this way you can use all these tax benefits. In-Home Loans, there are flexible repayment systems. These repayment systems are flexible, and you can use these repayment systems with varied interest rates and use all these interest rates for home loans. So in this way, you can use all these home loans. In-Home Loans, you can avail of various benefits apart from these interest rates. For home improvements, people are using gold loans. Apart from using gold loans, use home loans. 

These home loans can be available in many banks. There are different eligibility criteria in these home loans, and these eligibility criteria are based on home loan amounts and home loan property. So by using these things only, you can get various interest rates. So make sure to use all these interest rates in home loans. SBI Home loan has a market percentage of 34 percent, and this is the first bank for home loans, and it is the best bank for home loans. So in this way, you can use these home loans. 

HDFC Ltd. has a market percentage of 24.13 percent, and in Housing, the market percentage is 05.83 percent, and in ICICI bank, the market percentage is 13.10 percent. So in this way, you can use all these home loans. These home loans have varied interest rates too. The market percentage has various things in the market like interest rates, processing fees, and tax benefits. So in this way, you can use all these home loan benefits. Use these home loans for the construction of your home. Canara Bank Home Loan has various advantages, and in these banks, the interest rates are too low, and there is no processing fee, and the repayment systems are flexible. These repayment systems are used in various loans. So in this way, you can use all these home loans in banks.

So in these home loans, there are many benefits. As of 2021, taking home loans is very beneficial for home improvement or home construction. There are different eligibility criteria for home loans. So use these home loans for other banks. So use all these foreign banks in home loans. So use all these home loans in banks, and these banks offer various interest rates, and these interest rates range in between 7-9 percent. So in this way, you can use all these interest rates and in-home loans. There are various eligibility criteria, and these eligibility criteria are based on the home loan amount and home loan property. So use all these home loans in banks only. Banks offer varied home loans. This is the best choice for you if you avail loan.

Also read this: Home Loan Low Interest Rate 

Is your cash flow sinking? need help? personal loans are available, but with give comes take, as the interest rates are surging and the economic prices are flooding, you are finally only adding interest on interests and all that seems to do is dent your account irreparably which is a bad place for anyone to be. A personal loan calculator is available on most banks and NBFCs official websites to give you a crystal clear idea of what you are dealing]g with. Personal loans are beneficiary with cross lines and limits that if crossed might do you a great job of hindering your future possibilities of availing a loan. But, it can’t be the only way to lend you resources right, without maxing out your account? And that’s is why you have more than one option to fend for in a highly legit way. Here are a few other options to swell your account.

Loan against property: 

(LAP) Property loans are available in all banks and Non-Banking Financial Institutes(NBFC) where you can place your property as collateral and receive about 80% of the property’s value, as the rate increases the value of your property floods. The property can be land or home.

Loan against Public: 

Provident Funds(PPF): With very minimum documents and without wreaking your PPF agreement an applicant can avail a loan on this for a maximum tenure of 2 years and can avail another if they are in the period between 3years-5years if and only if the loan pays the first loan on full.

Loan against Fixed deposit: 

Customers who have fixed deposits in the bank avail  this loan where the bank allows the customer to take 90% of the maturity amount as principal amount, however, to avail this loan the customer must visit the bank in person.

Loan against Gold: 

Gold loan or loan against gold is a type of loan where the gold articles act as collateral to the principal amount. Few banks and NBFCs don’t accept gold coins or bars but other than that all kinds of ornaments are permitted and considerably has a lower interest rate. The bank or the NBFC has the right to auction the gold article if the consumer refuses to pay the monthly instalments on time or doesn’t pay the principal.

Loan against insurance policies: 

Insurance amount can be used as collateral to avail this loan. Banks and financial institutes provide up to 90% of the insurance amount and have low-interest rates. This loan can b paid off at any time during the insurance time and if not paid the banks and NBFCs automatically detect the due money.

Loan against Employee Provident Fund:  

The maximum loan tenure is 24 months and you must’ve had the Employee Provident Fund(EPF) for a minimum of 3 years. You can avail up to  90% of the fund.

Loan against mutual funds: 

A loan on mutual funds can be availed after making an agreement with the lender meaning you should mortgage your unit. A margin is the  principal a bank sanctions on the mutual funds which are always less than the market value of the mutual fund.

Loan on shares:

Loans can be availed on the shares you invest in a business or a trust or society etc.., only if the company has approved securities and each bank has its own list of the eligible securities. The principal amount depends on the security and the value of the share. But, in general, the granted amount is much less than many other loans.

Conclusion:

Indian overseas bank personal loan is a profitable loan that has affordable interest rates and flexible tenure in addition to all the above-mentioned loans. However, any loan availed should be used wisely and paid shrewdly without dues on the given date.

Also read this: Personal Loan for Marriage 

There are many services are there in the market which have influenced and will influence life. Among those, loans and advances are playing a significant role. As in the other side of the corner, if there are loans and advances are filled with different kinds of services like that of the fixed deposits, current deposits one hand, and on the other hand, it has benefits like that of the home loan, gold loan and all the different sorts of loans. If we talk about the home loan, it is a type of loan where a loan is available to take a house on an EMI basis. 

The person is entitled to pay the EMI, which includes the interest and the principal regularly, and once the final repayment of the loan, then the possession of the home will be claimed for self. Many basic things need to be followed while following the home loan procedure. First of all, a person will have to do some pre-checks while going for the home loan to not be any problem. There are different ways of applying to get a home loan. The home loan can be used either through the inline as well as through the offline mode. The steps in the application are something like this from the following sentences.

 
First of all, a person will have to fill the application form where a person will have to fill up the necessary details like name, address, phone number, employment status, learning capabilities, and many more. On the other side of the coin, all this information is essential to examine the proper situation and the position to make a profile of the applicant and judge the applicant whether he or she is eligible for the loan or not.

 
This is done very minutely by the banks as there are the chances of the risk and the losses from the viewpoint of the loan providers. Vijaya Bank Home Loan follows such steps to ease out the customers. Then the verification of the document will need to be executed to make sure that the things are correct or not as per the information provided in the application. If anything is found to be incorrect or if it is seen that intentionally someone wants to avail a loan by fraudulent activities, then there will be too much problem, and the person might have to face legal punishment as well. During this time, one might face the face-to-face interview as a call for that will be arranged by the bank in their premises or the NBFCs. This is done to authenticate the people whether the right person is availing the loan or some fraud is going to happen. In the safeguard of law and order, these things are done.

A background verification like that of the visiting and inspecting of the house and that of the office and some interrogation with the head officials of the employer is to have a correct raw data so that the person who is availing the loan should not do any back up with the words of the promise while creating the loan agreement with the bank or the NBFCs. After all the things are done, and when the banks and the NBFCs are satisfied, then a sanction letter will be sent to the customer or the loan applicant to complete the approval process and communicate that the home loan for the person is approved.

Conclusion

To conclude, we can say that after the property documents are being processed, the loan amount will be dispersed into the bank account of the applicant or to the third-party tie-up of the homemaker's company. Based on this, before availing of the loan, the customer must look forward to the things like that of the credit score, age limit, income capacity, and the few important things which are very important for getting a positive response while availing of the home loan.
Also read this: Rules And Regulations On Home Loans 

The Personal loan has its own set of benefits, making it a preferable choice of borrowers as it doesn’t have any spending constraints. This money can be used to fund whatever you wish to finance like for education purposes, wedding, Travelling, debt consolidation, medical treatments etc. One must know about the personal loan disbursal process in detail and read the lenders’ terms and conditions carefully. These terms and conditions are subject to change sometimes, so each and everything should be consulted with the bank or lending financial institution before availing of a loan. One must do market research to get the best deal for a Personal loan with less incurred interest rate and a long tenure period. While obtaining a Personal loan, always read the documents carefully and abide by the rules of banks. At the same time, choosing a lender, lookout for the best offers, easy to meet eligibility parameters and instant disbursal of loan. An individual having a good credit score has higher chances of getting his/her loan approved. A good credit profile is often putting a good impression of the applicant in front of lenders. 

The rate of interest should be the first thing to compare while looking for loans. The interest rate is the one that has to be paid upto the end of tenure, so it must be negotiated to make the loan affordable. A good credit score or a good relationship with the lender can help you in getting less incurred interest rates. The factors such as credit score and repayment capacity with a track record of past repayments help the lender determine the rate of interest based on the applicant’s profile. Now Personal loan Apply Online has made most of the process convenient where you can compare and get the best deal on a personal loan. There are certain other factors such as processing fee, prepayment options, foreclosure charges, documentation charges and some miscellaneous charges. These charges vary from lender to lender and must be estimated before availing of a personal loan. Don’t avail of a low-interest rate with many miscellaneous expenses as it can cost you more than the estimated amount. Having a good credit profile can aid you in getting a pretty good deal for a Personal loan. As with the EMI option, the debt can be repaid conveniently by the borrower. Upto 50% monthly instalments can be reduced if you finance your debt wisely using an EMI Calculator.

Repayment schemes such as bullet repayment and Overdraft scheme are given to the borrower to avail as per their choice. This scheme makes the burden of debt somewhat easier to complete the obligations. In case of missed repayment, a penalty is charged by the creditor. The tenure can be extended or lessened after every six months as per the paying ability of the borrower. Some repayment options like post-dated cheques, standing instruction and Equated monthly instalments are pretty famous amongst the borrowers for clearing the dues. The repayment has to be done monthly or quarterly by an individual chosen by an individual while obtaining a personal loan.

While opting for Allahabad Bank Personal loan, an individual must fulfil all the eligibility parameters. A steady income stream is mandatory in this loan as Proof of income as nothing is kept as a mortgage. The income requirements can differ across cities and states owing to the present economic condition there. A Personal loan can also be availed with a low credit score with prepayment options or buying an asset for this loan.Taking out a personal loan to complete all of your objectives or dreams is a wise move, but only if you thoroughly grasp the terms and circumstances and can afford it. True, you need money now, but that does not imply that your future deserves to be burdened by an unneeded weight of high EMIs. Thus it is always best to select a suitable loan amount as per your need.
Also read this: Time Effectiveness Of Personal Loan 

There are certain factors that we need to consider before availing of a loan. 

1. The interest period
2. The flexibility in repayment
3. Customer-friendly service 
4. Experts, knowledgeable people who know what they are doing when you ask them queries. 

Based on this, you can conclude by choosing which bank to take your loan to.

The eligibility criteria for applying for a home loan is: 

1. The applicants for the above-mentioned home loan should be in the age range of 18-70 years. There are some banks that have different minimum ages for salaried and self-employed people.
   
   
2. The net monthly income earned should be more than 25,000 /-
   
   
3. If the net monthly income ranges from 25,000-40,000/-, then the applicant can be eligible for the loan if the EMI of this loan does not exceed 50% of the income.
   
   
4. For people who are having a net monthly income that is greater than 40,000/-, then they would be eligible for loans if the pre-existent and current EMI does not exceed 65% of their income.
   
   
5. For people who are earning a regular salary, timely salary credit is essential for loan eligibility.
   
   
6. The maximum loan tenure for a home loan can be up to 35 years, that is, until the individual turns 70 years at the maturation period. Some institutions offer lower tenure periods as well.
   
   
7. Adding the name of another working family member as the co-applicant can increase the chances of getting the loan. One such bank that offers some of these features is Axis Bank under the Axis Bank Home loan.
   
   
8. Other extended family members or friends cannot be taken into consideration as co-applicants.

How do we get to know or determine if a home loan is good for us?

You can decide which loans work the best for you and meet your needs and expectations, but you also need to check for these factors. They are: 

1. We need to check if it is covering your need to take a loan for your home.
   
   
2. We need to check if you would be able to pay that interest monthly along with your other expenses.
   
   
3. We need to have the required surety to provide to the bank to avail of this loan.
   
   
4. We should have a stable job.

These are some of the factors that need to be considered when it comes to home loan and be kept in mind while applying for any other kind of loan.

How do we know if the home loan that we are applying for is safe for us?There are two basic things that you should cross-check before deciding on availing of a loan for your safety.1) You have to decide first if you want a home or a home loan? What if you need money immediately and it takes time to process the loan? What if the owner of the land wants the money as soon as possible? You need to think about it 2) Are you in a stable job that would be able to handle paying for interest and your other expenses?

Conclusion: 

Home loans are one of the safest and the most secure forms of loans available. It is built on the trust the customer has in the bank and vice-versa. It can do you good if you cross-check the factors and analyse exactly why you need a home loan and how you are going to pay it. If you are clueless and just take a home loan and are suddenly not able to pay it, it works against you.

Also read this: Home loan for Unemployed 

Here are few things to keep in mind before you avail a Gold loan:

1. The loan amount
The price of gold is constantly fluctuating. So, in order to obtain a gold loan, the loan value is calculated in a variety of ways. Some calculate the last two weeks' gold prices and then use an average price to determine the rate per gram of gold, whereas others use the daily rate to value your gold. Gold loan per gram gives you an estimate of the amount of loan you can get against your gold jewelry.

2. Rate of Interest
The rate at which you obtain the loan is one of the most important factors to consider when applying for a loan. The interest rate on gold loans is lower than the interest rate on personal loans. However, there is a distinction between the interest rates offered by NBFCs and those offered by banks. It is preferable to apply for gold loans through banks because their interest rates are lower than those charged by NB. Dena Bank gold loan Rate per gram is ₹ 3,506.

3. Short Term
Gold loans are only intended to be used for a short period of time. Typically, they provide a 12-month repayment period. Make certain that you will be able to repay the loan within the time frame specified. Gold loans are an excellent way to obtain immediate cash to meet emergency needs. One significant disadvantage is that it is not recommended to take out a gold loan because they can be risky if you are unable to repay them.

4. Credibility
In most cases, there is no evidence or paperwork received from a local vendor for gold loans. Gold loans are so quick that you may receive them much sooner than other types of loans. The lender will obviously feel secure because he has the gold as collateral in the event that the person does not pay back. However, you do not have to hold any guarantees from the lender, which raises concerns about the safety of gold.

5. Reimbursement structure
Explain every one of the questions in the agreements of the moneylender, to reimburse the credit prior to profiting one. Gold advances have an adaptable reimbursement structure when contrasted with some other credits. In each bank, the reimbursement design of gold advances may differ. In certain banks, you can choose paying the premium through EMI for the entire time frame and toward the finish of the residency, you can pay the chief sum and reclaim your gold. Yet, in certain banks, it's anything but so. You may likewise be approached to pay some piece of chief sum alongside interest in your EMI. Along these lines, it's smarter to comprehend the terms cautiously prior to profiting the gold credit. On the off chance that you are needing gold credits, know about all the above focuses any place you get it from. Ensure you pick the most solid and dependable individual for benefiting gold credits.

6. Tenure
The gold loan usually has a short term ranging from 12 to 48 months. As a result, before taking out a gold loan from any lender , make sure you know your repayment capacity . Because missed payment will have an influence on your credit score and you may be subject to additional fees. So bear this in mind while deciding on the length of your gold loan and the mode of repayment.

Also read this: Should I Avail Gold loan 

One can avail of car loans very easily at a very attractive Interest Rate. Interest rates may vary according to different lenders. A borrower should always compare different banks and non-banking financing companies(NBFCs) before applying for a car loan. Car Loan Interest Rate may also vary depending on the car model, age etc. Eligibility of different cars may vary. One should be well aware of all the processes before applying for a car loan. c

Car Loan in ICIC Bank can be availed easily by submitting the required documents. The bank offers a very attractive interest rate on car loans. The interest rate on car loans at ICICI is as low as 10.75%. One can avail of various discounts on car loans just by applying at ICICI. The bank is recommended for getting a car loan. 

The process of application is very simple and easy. After submitting the required documents, one can get approval faster. Financing a car has become easier nowadays as anyone with a good credit report can easily get approval for a car loan. One can also visit online websites or apps of the bank or non-banking financing companies(NBFCs) for more information regarding car loans and different schemes available. 

One can apply for a car loan easily. A borrower can choose to apply for a car loan either online or offline as per convenience. The process for applying for a car loan is mentioned below:- 

• Check the eligibility of your car with your lender. The eligibility of the car might change depending upon the age of the car and the model of the car. Before applying one should check the eligibility of the car. 
• Apply online or in-person, whatever is more convenient for you. The online application process is faster and paperless. 
• After filling the application form, decide the tenure of the loan amount. Deciding on tenure is a very important step. Many banks and non-banking financing companies(NBFCs) offer different tenure on the car loan. A borrower must select the tenure as per the financial conditions.
• The next step is to submit the required documents to the lender. The required documents include:-  Passport Size photographs, Aadhar Card, PAN Card, Valid Driving License, Valid Passport, voter id card, Salary slip, Income tax return documents, Employment proof, Bank statements, Income proof, Age proof and  A credit score of 750 or more.
• After submitting the required documents your documents are verified by the bank or whichever financing company you choose. After the verification of the documents, your loan is approved. 
• After the approval, you can easily purchase the desired car. The documents verification takes upto 24 to 72 hours. 

Conclusion 

The process of applying for a car loan requires proper documentation and a good credit report. Getting a car earlier was a very big deal because of its high price but these days getting a car is not a big deal. Anyone can finance a car from almost every bank and non-banking financing companies(NBFCs). This has become a very common loan. One cannot imagine a life with a four-wheeler. A four-wheeler has become a very important part of daily life. It is one of the most convenient mediums of transportation. 

In the coming times, the demand for car loans is going to increase more.  One can also avail of various discounts and schemes offered by various lenders on car loans. One can also apply for a joint car loan in times of financial difficulties. A joint car loan reduces the burden as it is divided between two people. The lenders provide joint car loans easily if the co-signer is related to blood. For getting more information about car loans one can refer to the above article. The entire process of availing of a car loan is mentioned above.

Also read this: What Factors To Look For While Obtaining A Car Loan 

What is a gold loan?

Gold loan is often called a secured loan, it is always at a lower interest rate than the other loan options, because of lower interest rate, the repayment amount is low, therefore there’s a less burden on the borrower. This is the reason why people choose a gold loan over others. Based on the current market value and the current market value and the quality of gold, the gold amount offered in a proportion of gold, usually up to 80%. Gold loans are short-term loans that might last anywhere between a month to a few years to repay. This form of loan may be a smart alternative if you need money for an immediate need and expect to be able to repay it within a short period of time. 

Why choose a gold loan ?

Gold loans provide a lot of advantages such as a lower interest rate. Having lower interest rates than personal loans as they're a relatively low-risk loan for lenders because they are using your gold as security, these process quickly and don't need any proof. Gold loans can be a smart option for consumers who are looking for a loan for a short term , and it also brings the gold to use because keeping it in a bank is better than keeping it in the houses. 

When compared to other loans, gold loans can be granted faster Because the gold is used as a collateral, banks are already at a lower risk of losing money in the event of a loss. As a result, banks are more likely than personal loans to approve your loan quickly, making it a great option during times of need. Manappuram Gold Loan helps the customer to lower the risk of loss by providing some of the policies like: 

How might a gold loan help you lower your risk of losing money? 

Repleading- The number of times the same piece of jewellery, gold coins, or bars can be pledged is limitless. This permits clients to take out multiple loans on the same asset. In contrast to personal loans, which are dispersed based on the customer's ability to repay the loan, gold loans have this feature.

Bullet Payments- The most significant benefit of a gold loan is the ability to pay the loan principal and interest in one lump sum rather than the more common method of repaying other types of loans—equated repayments, or EMIs. This provides with a lot of options or ways to repay which takes the burden off the borrower, thus making it easy and thus loss free. This feature encourages small-business owners and traders who are suffering a severe economic shortage to take out gold loans rather than alternative loan options with monthly EMIs that begin the month after the loan is approved. 

As we've seen, gold companies are effectively securitizing their receivables in the form of short-term gold loans in order to generate liquidity. Securitization is a viable method for generating liquidity in small doses, but it has apparent risks when it becomes the primary source of capital for expansion, Thus decreasing the risk of losing money.

Conclusion- 

Gold loans being one of the most secured loans available with low Gold Loan Interest Rates, reduces the risk of loss for both the lender and the borrower, being in Indian household shows how important gold is for the people so the gold rates generally don’t fall therefore minimizing the risk of losing money.

Also read this: Gold loan for medical emergencies 

About gold loans Gold loans are basically loans that are offered against your gold articles at a fixed interest rate. Even though the interest rates can vary from bank to bank, it usually lies between 7 to 12 percentage depending on the loan tenure. Other than banks, there are financial institutions that specialize in handing out gold loans, some of which are quite famous, like Muthoot Finance Corporation and Karur Vysya Bank Gold Loan. But just like any other service in the market, there are certain myths regarding gold loans as well. The processing fees of such loans can be from 1% to 3% of the loan amount. Gold loans can be acquired for amounts as low as Rs.1500. We will, in this article, try to bust some of these myths.

Myth 1 :- 

Gold loans can be a hassle-inducing process Many believe that gold loans can be a tiresome process including a lot of paperwork and documentation. Truth be told, it is literally the opposite. Unlike normal loans, as you are giving something in return for the money, the process is more of a smoother sail. The loan provider has not got to worry about getting the money back as they have your gold as security, and hence gold loans are easily handed out. Nowadays, on proper documentation being presented, gold loans are even handed out on the spot!

Myth 2 :- 

It has high interest rates Many people may or may not go forward with gold loans thinking the  Gold Loan Interest Rate are low/high compared to personal loans. But gold loans do have varying interest rates, ranging from anywhere between 7% to 26% on average depending on the financial institution. Also, the interest rates depend on your credit score and overall profile.
Myth 3: Only jewelry is accepted against a loan This is a major myth, but the government has provided detailed guidelines which mention that gold articles can also be mortgaged against a gold loan.

Myth 3 :- 

Security concerns Many people opt out of gold loans as they believe it is not safe. But if you choose a legally registered, well-reputed institution, there is nothing to worry about.

Myth 4 :-

Confusion regarding repayment tenure Many customers are misguided about the repayment tenure. The common repayment tenure for the gold loan ranges from 1 to 7 years.

Advantages of a gold loan :- 

The major advantage of a gold loan is that it is instant and can literally be received within hours. Therefore it is especially useful if you urgently need cash in hand. A gold loan is secure and you need not worry about the safety of your gold. The loan to value (LTV) ratio is higher when it comes to gold loans. There are various payment options for customers where either you can pay the interest/principal amount at first or pay via the EMI method.

Conclusion :-

Things to be aware of :- Every financial aid that we can avail from the market has its own upsides and downsides but is always necessary to be educated and informed about the right information regarding the same. Myths that go around can sometimes cause losses to us in the long run. Hence always before seeking financial solutions, make sure that you research very well regarding various options and go forward with the most viable one. Many customers get attracted by the low interest rates and quick transaction speed and jump into it but end up struggling to pay. So while availing gold loan, make sure that you get into one that can be afforded by you, where you can repay the EMI from time to time regularly, as the financial institution has the right to claim ownership of your gold otherwise.