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What are the Kinds of Personal Loans Available for People?

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    16           What are the Kinds of Personal Loans Available for People?
    AUG
    2013         by jesicakendall


There must have been instances in your life where you must have acquired a personal loan. For those who do not know what are personal loans and the kinds,
below few lines are for them to read.


A loan is said to be a personal loan if he or she requires money for some assistance in cars, vacation or even for building or renovating homes. The loan is
received from a financial institution majorly. The borrower of the loan returns the said sum in a period of time by paying monthly amount along with an
interest rate.


The varied kinds of these instant loans include those with fixed rate of interest and those with variable interest rate. They are also categorised into secured
and unsecured loans. The loans with fixed interest rates are those that have a fixed rate to give to the bank at the end of the month .A loan with variable rate
of interest is one in which the interest rate varies with each month. These kinds can be quite attractive in the beginning but later can prove fatal when the
rates increase.


Due to an increase in rate of interest, the EMIs also increase.  Secured loans are ones that require a security amount of which the loan amount is a percentage.
If in case the borrower fails to repay the bank then the complete collateral is gone. The time required to pay back the amount depends on the kind of the
security .For homes the time period is much more compared to cars. For cars, it is usually between thirty six to seventy two months.


Unsecured loans are ones that do not require security. If in this case the borrower fails to pay back the loan amount then the banks have nothing to
repossess. The time periods of unsecured loans are between twelve to forty eight months. The time frame is dependent on the kind of the loan, the rules of
the bank and the preference of the buyer.


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Description: There must have been instances in your life where you must have acquired a personal loan. For those who do not know what are personal loans and the kinds, below few lines are for them to read.