Home Loan is offered to individuals who wish to purchase or construct a house. The property is mortgaged to the lender as a security till the repayment of the loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.
The vehicle is hypothecated to the lender, as collateral. The repayment is based on your income and other requirements; it is typically between 12-84 months. Lenders fix interest rates depending on the type ofvehicle and loan amount. Interest rates are usually fixed for auto loans.
An education loan is a loan taken to help pay for an education, usually at a college or university school, but may also be used to pay for private schools or prep schools as well. These loans are available in several different types.
