It’s all about the Loans: Find out everything you need to know
Do you have a lot of questions about loans and different types of loans that you can opt for? Then you’ve come to the right place. Read on to find out more about some of the most basic types of loans and how to apply for them.
How Many Loans are there?
There are several different kinds of loans you can opt for in the market, depending upon your requirements. Here’s a list of some of the most popular loan types:
- Home Loan
These are loans borrowed from a lender to fund the imminent purchase of a house. Home loans are available in fixed and adjustable interest rates. There are several financial service providers, like Bajaj Finserv, that let you conveniently apply online for Home Loan at interest rates starting from 9.85 %.
- Personal Loan
Personal loans, unlike other loans, have higher interest rates because they give you, the freedom to spend a lump sum on anything. They are also one of the easiest loans to take, provided that you meet the basic eligibility criteria. Financiers, like Bajaj Finserv for instance, offer Personal Loans of up to 25 lakhs. Bajaj Finserv also offers an almost 100% approval rating within 5 minutes, if you apply online for Personal Loan.
- Education Loan
An education loan is an amount you take from a lender to fund your education. These types of loans are a little different from the other types, as you don’t have to pay interest or worry about repaying them until after you have completed your education and obtained a job.
How Many Loans Can You Have at Once?
There is no specified limit on the number of loans you can take at a particular time. As, it ultimately, boils down to your capacity to repay them. However, the number of loans you have and the amount of debt you owe has a direct bearing on your CIBIL score, so you need to know how to manage them. This could play a huge part in the financiers’ decision to approve or reject your loan application.
Can You Send Out Multiple Loan Applications?
Yes, you can. Again, as stated earlier, you have little to no control over the approval process. However, there are certain measures you can take to increase your eligibility for loan approval. Maintain a good credit history as it can go a long way in getting you the loan that you are looking for. It also shows that you are reliable and trustworthy – someone who lenders can rely on for repayments. Only then will they approve your loan and even allow you to take two loans at the same time. Applying for multiple loans at the same time could reduce your CIBIL score, so avoid unnecessarily applying for a loan.
Figure out your exact requirements and opt for a combination that suits you the best. Non-banking financial corporations like Bajaj Finserv offer Home Loans, Business Loans, Personal Loans etc with a lot of additional benefits.