Requirement of a financial assistance in the form of 'Loans' can arise for a wide variety of needs such as education, housing, automobile, personal needs, business needs, etc. There are many banks and private institutions in India which extend facility of loans to its customers. These institutes and banks usually fund the loan requirements from their customer deposits and the loans provided by them carry interest rates which is charged beyond the principal amount.
Extension of loans is an important exercise which helps in addressing the shortage of funds required for business and personal needs. The loan facility is a win-win exercise for both the loan facilitator and the recipient. The short-term contingency needs are addressed for the latter and the former benefits from the profits through the interest rates charged on the loan provided.
There are different kinds of loans provided by the banks and private institutions addressing various types of needs such as automobile purchase, housing loans, education funding, business expansion funds and personal loans to meet personal cash needs. These loans are extended to customers with a clearly laid out loan re-payment plan which enlists the Equated Monthly Installments, tenure of the loan, interest rates and other important terms and conditions.
Banks usually extend loan facilities to their customers based upon a collateral which is usually in the form of an asset. Banks and financial institutions also extend collateral-free loans to their customers based upon their assessment of the loan getting paid back.
Repayment of loans is usually done through Equated Monthly Installments (EMI) wherein the bank fixes distributes the principle loan amount into short payment intervals which usually also include the interest rates. Presented below is valuable information related to the various Public Sector and Private Banks operating in India and providing loan assistance to their customers.
| HDFC Bank | www.hdfcbank.com |
| ICICI Bank | www.icicibank.com |
| ABN amro Bank | www.abnamro.co.in |
| Standard Chartered Bank | www.standardchartered.com |
| CitiBank | www.citibank.co.in |
| Bank of Baroda | www.bankofbaroda.com |
| State Bank of India | www.sbi.co.in |
| UCO Bank | www.ucobank.com |
| United Bank of India | www.unitedbankofindia.com |
*Terms and conditions may vary from bank to bank.