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A loan is a word which is known as lending money from one individual or entity to another. The loan comprises of the following three main components:

Principal amount or the money which is borrowed.

The rate of interest at which the loan has to be repaid.

The tenure or the time period or the duration for which the loan is availed.  


The loans can be given by either an individual or an entity such as a bank. But one thing which is a must note is that any of the institutions look onto these three above mentioned components. 


Category of loans

There are many types of loans which can be broadly categorised but they all come under just two categories: secured or unsecured. The Secured loans are the ones which have been backed by collateral or security in the forms of assets such as property, gold, fixed deposits and PF. The Unsecured Loans are those loans which are given by the bank or NBFC (Non-Banking Financial Company) without any security deposit and by purely relying on CIBIL score of the person along with the PERSONAL MATTERS track records. 


Types of loans

There are many types of bank loans which are present in the market which is available. Some of the most common types of bank loans are as mentioned below:

Home loans

Car Loans

Education Loans


Business Loans

Gold Loans


Benefits of bank loans

The following are the benefits of having bank loans:

There is financial flexibility which lets you meet the requirements which you have to meet financially. When you take a loan then you attain financial freedom and can have (materialistic) what you wanted to

It provides you with easy availability because most of the loans are easily available within a matter of a day or two.

The amount which you deserve would be provided to you after looking at your income and financial history.

The bank allows you to repay the loan in tenures which range from 12 months to 60 months or more.  

There are many of the tax benefits which are offered.


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FAQ - Frequently asked questions

Can I get loan on mutual funds?

To avail of a loan against equity or hybrid mutual funds, you can approach a non-banking financial company (NBFC) or a bank. If you are considering visiting a bank, you need to pledge your mutual fund units as security for the debt.

What is loan against mutual funds?

Loan against mutual fund units is in the form of an overdraft facility and interest is charged only on the amount availed as credit. The loan can be availed via online or offline modes. Application process involves marking of lien on the mutual fund units in favour of the bank/financing institution

Can a NRI get loan in India?

NRIs can get the personal loan amount from the bank in their NRE or NRO accounts. Most lenders provide the loan amount in Indian rupees. However, some banks also provide these loans in foreign currency.

Can a NRI get a home loan in India?

SBI NRI Home Loan allows many NRIs (Non Resident Indians) to get home loans when investing in properties. Financially, it makes sense to purchase a property through home loan rather than through personal financing especially when you can invest your personal funds somewhere else for better returns.

How many types of loans are there?

There are 4 main types of personal loans available, each of which has their own pros and cons. • Unsecured Personal Loans. Unsecured personal loans are offered without any collateral. ... • Secured Personal Loans. Secured personal loans are backed by collateral. ... • Fixed-Rate Loans. ... • Variable-Rate Loans.