Loan types basis on objective or goal

Borrowers can take loan basis on their need, for the same we have various categories for loan. For example to purchase or reconstruct home borrower can take Home Loan. Similarly for different objectives we have different types of loan. Below are examples of different types of loans:

• Personal Loan: It is a kind of loan which borrower take to manage their personnel expenses for example paying bills, or any other major expenses.


• Home Loan (Mortgage): It is a kind of loan which borrower take to purchase a house or construct a house.


• Auto Loan: It is a kind of loan which borrower take to buying a vehicle.


• Student Loan: It is a kind of loan which borrower take for funding their education expenses.


• Business Loan: It is a kind of loan which borrower take to start or expand their business.