loan. Here, property relates to real estate property. The loan is granted purely on the basis of the income of the borrower and his stated expenditure. As no big collateral is pledged against the loan so customer is safe against any type of forfeiture which is an obvious part in secured loans where collateral is a must. This loan options is, therefore, more popular among the borrowers as they can afford repayment which is charged every month in the form of Easy Monthly Installments (EMIs).
The amount of the EMIs is determined by the bank itself and it depends upon many things including the age of the borrowers, their income per month, the duration of their service left and obviously the amount of the loan granted. The repayment of these unsecured loans can be done quite easily by maintaining a steady balance in the bank account every month as the amount of loan is deducted automatically by ECS or Post Dated Cheques (PDCs). “>Loans are financial assistance to the people who need money to meet some urgent and unidentified expenditure. In India, two types of loan options are available for the borrowers. These are known as Secured Loans and Unsecured Loans. Both these types of loans are useful for the consumers as they have different terms and conditions. As far as unsecured loans are concerned, they are slightly safer for the customer as they available with better terms and conditions.
Unsecured loans are available without pledging any property against the loan. Here, property relates to real estate property. The loan is granted purely on the basis of the income of the borrower and his stated expenditure. As no big collateral is pledged against the loan so customer is safe against any type of forfeiture which is an obvious part in secured loans where collateral is a must. This loan options is, therefore, more popular among the borrowers as they can afford repayment which is charged every month in the form of Easy Monthly Installments (EMIs).
The amount of the EMIs is determined by the bank itself and it depends upon many things including the age of the borrowers, their income per month, the duration of their service left and obviously the amount of the loan granted. The repayment of these unsecured loans can be done quite easily by maintaining a steady balance in the bank account every month as the amount of loan is deducted automatically by ECS or Post Dated Cheques (PDCs).