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What are the three main types of loans that banks offer?
Answer:
Answer by Student
- Personal loan : A personal loan is a loan that customers can take for any personal purpose, such as medical expenses, wedding expenses, travel expenses, etc. It usually has a high rate of interest and requires minimal documentation.
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Home loan:
A home loan is a loan that customers can take to buy or construct a house or property. It usually has a low rate of interest and requires collateral security.
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Car loan:
A car loan is a loan that customers can take to buy a car or vehicle. It usually has a moderate rate of interest and requires the car as collateral security.
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Education loan
: An education loan is a loan that customers can take to pursue higher education in India or abroad. It usually has a low rate of interest and requires the student’s academic performance as collateral security.
- Business loan : A business loan is a loan that customers can take to start or expand their business activities. It usually has a variable rate of interest and requires the business plan and financial statements as collateral security.
*Write any three points.
