Table of Contents
- 1 Is personal loan a retail loan?
- 2 What are retail loans?
- 3 What is the difference between a loan and a personal loan?
- 4 Is banking a retail?
- 5 Which loan is cheaper as per interest rate?
- 6 What is the difference between a personal loan and a business loan?
- 7 What’s the difference between a credit card and a personal loan?
Is personal loan a retail loan?
Retail loans in India fall under the larger umbrella of credit given by financial institutions to consumers for their financial needs such as buying a house, paying for college education, owning a vehicle and personal loans that are short-term in nature.
What are retail loans?
Retail Loan means a loan arising from a retail sale of consumer goods in a purchase transaction by a retail merchant.
What is the difference between a loan and a personal loan?
A personal loan differs from a line of credit in that with a loan, you borrow a fixed amount of money and repay it at a fixed payment amount over a fixed period of time. With a line of credit, you can borrow up to your maximum limit, repay the funds and borrow again as needed.
Which of the following is retail loan?
Loans given to individual consumers are called retail loans. Personal loan, home loan, auto loan, student loan, gold loan, credit cards, loan against property etc., fall under the category of retail loans. They can be further categorized into secured loans and unsecured loans.
What are the different types of retail loans?
What are the types of Retail loans in India?
- Housing loans: Considering the fact that real estate is expensive, and it may take years for someone to save the amount of money required to purchase a house, a Housing Loan is the most commonly availed Retail loan in India.
- Educational loans:
- Vehicle loans:
- Personal loans:
Is banking a retail?
Retail banking, also known as consumer banking or personal banking, is banking that provides financial services to individual consumers rather than businesses. Services offered by retail banks include checking and savings accounts, mortgages, personal loans, credit cards, and certificates of deposit (CDs).
Which loan is cheaper as per interest rate?
A good credit score can get you lower home loan interest rates….Home Loan Interest Rates of Top Lenders in India.
| Home Loan Lenders | Rate of Interest (in per annum) |
|---|---|
| State Bank of India (SBI) | 6.70\%-6.90\% |
| Axis Bank | 6.75\% – 7.20\% |
| ICICI Bank | 6.70\% – 7.55\% |
| Bank of Baroda | 6.75\% – 8.25\% |
What is the difference between a personal loan and a business loan?
In plain English, a personal loan is used for your personal needs (or wants), and a business loan is for business uses. But that’s truly an oversimplified look at the two loan types. What if you personally want to start a business and can’t qualify for a business loan?
What are the different types of personal loans?
1 Personal Loans. 2 Credit Cards. 3 Home-Equity Loans. 4 Home-Equity Lines of Credit (HELOCs) The home-equity line of credit ( HELOC) works like a credit card but uses the home as collateral. 5 Credit Card Cash Advances. 6 Small Business Loans.
What are the most versatile loans?
Personal loans are the most versatile loan type on the consumer lending market. While mortgages, car loans and student loans must be used for a specific purpose, personal loans can be borrowed for debt consolidation, day-to-day living expenses, vacations or credit building, among other things.
What’s the difference between a credit card and a personal loan?
The big difference between a credit card and a personal loan is that the card represents revolving debt. The card has a set credit limit, and its owner can repeatedly borrow money up to the limit and repay it over time.