Loan Detail

Loan Detail FAQ: Types of Loan , Credit Card

This Blog is the most important Blog for Loan Detail FAQ. Everyone before applies to want to know about the Business Loan, Personal Loan, Home Loan, Unsecured Loan, Meaning of Loan, KYC, Detail about the Credit Card, Debit Card  & Types of Card. Other Loan Offer:  Car Loan | Bike Loan | Home Loan | Gold Loan | Business Loan | Personal Loan

Loan Detail

 

What is Business Loan? 

Business Loan is borrowed capital that helps small businesses, Self-Employed, startups, and Entrepreneurs to meet their Finance Requirements. There are various types of Business loans. Traditional loan is the most popular source of Funding. By the way, it is not easy to get this loan, you have to impress the lender to get it.

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What is Personal Loan?

A personal loan is one type of Unsecured credit amount provided by the Bank and any Finance Institute. A personal loan is also known as a multipurpose loan which could be used for Marriage, Travel, Medical purposes.  Finance institutions provide this Based on Employment History, Credit Score, income.

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What is Home Loan?

Loan Detail FAQ: When some amount of money is borrowed from a Bank or Money Lending Company with some interest rate to purchase a new house, is called a Home Loan or a House Loan.

What is an Unsecured Loan?

Loan Detail FAQ: An unsecured loan is a loan that does not require any collateral.  In case of default, the lender cannot use any collateral to recover the loan amount from the collaborator. For example, Credit Card, Personal loans, Student Loans are Unsecured Loans.

 

What is Loan? 

Loan Detail FAQ: In Simple Language, a Loan is when an individual or Business Borrowed some amount of Money From a Bank or any Financial Company with the assurance of returning it in the future along with an interest rate.

Meaning of Loan in the respect/term of Banking & Finance

In the Banking and Finance Sector, the meaning of Loan is Providing a Fixed Amount of Money to the receiver. Then, The Receiver is repaid the money to donate with the interest in a fixed period of time.

 

What is KYC in Banking?

Know Your Customer (KYC) is the mandatory action to identify and Verify the real client Identity when they open an account in Bank. Common tasks associated with KYC include Verifying Aadhar Number, Epic Number, PAN card Number.

 

In other words:

KYC is all about Knowing the Account Hoder Real Information by Government Approved Document.

What is Credit Card? 

A credit card is a small plastic or metal card issued by Bank and Financial Company. It allows the Card Holder to Borrow Money during purchasing something if their Card Balance is Zero.

 

What is Debit Card?

A Debit card is a payment card that makes payments by deducting money directly from a consumer’s Bank Account. It is issued by the Bank which has the basic functions of an ATM card and a credit card to get the Cash quickly from your Bank Account.

 

Types of Credit Card

There are 100 of Different Credit Card names available which are issued by Different banks or Finance Company Names.

So, here is the classified credit cards into 10 broad categories

  1. Balance Transfer Credit Cards
  2. Rewards Credit Cards
  3. Student Credit Cards
  4. Secured Cards
  5. Entertainment Credit Cards
  6. Shopping Credit Cards
  7. Fuel Credit Cards
  8. Prepaid Credit Cards
  9. Airline Credit Cards
  10. Cashback Credit Cards 

Content Reference:- Offical Website RBI RBIBANK 

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