Bank Loans

Loans are essentially capital borrowed from a bank or a financial institution. For some, bank loans are a way to meet emergencies while for others, loans act as a catalyst for growth. It all depends upon the purpose and the type of loans that the borrowers have availed. Various types of bank loans are available

Secured Loans
Secured loans are those loans that are provided against security like property. The borrowers need to furnish security for availing of secured loans. Some of the secured loans are Home Loan, Mortgage loan, Commercial property purchase Loan. In the case of secured loans, lenders face a lower risk of default by the borrower. This is the main reason why secured loans carry a lower interest rate than unsecured loans.

Unsecured Loans
Unsecured loans are provided against the income or the prospective income-earning capacity of the borrower. Since in unsecured loans, the borrowers are not required to furnish any security, the are a risky proposition for the lenders. Some of the unsecured loans are Unsecured Business Loan, Personal Loan, Education Loan etc. The lenders extend unsecured loans based on the documents provided by the borrower, their income potential, and their CIBIL history. This is the reason why lending institutions charge a higher interest rate for unsecured loans.

Since Equimax extends all kinds of financial advice and aid to the clients, we also help clients to secure bank loans at the best rate.

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