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Loans by Mind Map: Loans

1. Loan from employer

1.1. very low interest rates between 4% to 10% p.a.

1.2. These loans are available with minimum conditions attached.

1.3. Less processing time

1.4. No processing charges or pre-closer charges

1.5. Not much documentation

2. Loan against bank FD

2.1. We are eligible if we have a tong term fixed deposit in bank

2.2. The interest rate is 1% to 2% higher than our fixed deposit's interest rate.

2.3. Eligible loan amount is up to 80% of fixed deposit.

2.4. This is good option if loan tenure is short term.

3. Loan against Insurance policy

3.1. Eligible loan amount is 85 to 90% of the Surrender Value of the plan

3.2. Eligible for loan only after 3 years premiums paid.

3.3. Need to pay interest every six months.

3.4. Minimum tenure is 6 months.

3.5. If we want to pre-close the loan before 6 months, we have to pay interest for at least 6 months.

3.6. Applicable interest rate is 10.5% per annum in LIC.

3.7. No processing charges

3.8. Other Insurance companies also offer loans against policy with higher interest rate compared to LIC.

3.9. Not much documentation required. We need to surrender original policy document to LIC.

3.10. No additional security.

3.11. We get a lot of flexibility to repay the principal. There is no EMI. We need pay the interest 6 months once.

3.12. We can repay the principal when we want. It can be very useful when we are facing cash flow pressure.

4. Loan against securities,NSC/Bonds

4.1. If we have investment in shares & mutual funds,NSC bonds, we can use these as collateral

4.2. Eligible loan amount is 50% to 60% of the total security value.

4.3. The interest rate is between 13% to 16%

5. Loan against Property

5.1. Banks offer this type of loans for residential, commercial properties and plots.

5.2. This is good option when the loan value is large in size say Rs 5+ Lakhs.

5.3. Eligible Loan amount is 60% to 80% of the property value.

5.4. Interest rates is between 12% to 16% p.a.

6. Loans against gold

6.1. The Loans can be against gold ornaments, gold coins and gold bars.

6.2. The Interests rate is between 12% to 15% p.a.

6.3. Eligible Loan amount is up to 80% of gold value.

6.4. This is good option when the loan tenure is short term.

6.5. The processing time is one day.

7. Top-up loans for home loans

7.1. This is good option if you already have a home Loan and looking for medium term loan for any personal commitment

7.2. Interest rate is between 11% to 14% p.a.

7.3. Minimum documentation

8. Home loan

8.1. Loan for Land Purchase,repairing and extension of home, for building a new home

8.2. Lowest rate of interest and is usually taken for a very long duration.

8.3. We get income tax exemption benefit on interest paid & principal repayment.

8.4. Check Home loan Mindmap for more details.

9. Personal Loan

9.1. Eligibility is only for Salaried Individuals & Self Employed Professionals

9.2. Processing charges may be 1 to 2 % of loan amount

9.3. Interest rates may differ based on your CIBIL score.

9.4. Processing time is 1 to 4 days after completing documentation

10. Vehicle loan

10.1. Loan for buying new vehicle or used/pre-owned vehicle.

10.2. Loan amount is up to 85% of vehicle value.

10.3. Interest rate is higher for used vehicle compare to new vehicle

10.4. Processing charges may be 1 to 2 % of loan amount

10.5. Processing time is 1 to 2 days after completing documentation

11. Education Loan

11.1. We get income tax exemption benefit on interest paid.

11.2. www.vidyalakshmi.co.in a web-based portal for the benefit of students seeking Educational Loans.

11.3. website providing single window for Students to access information and also make application for Educational Loans provided by Banks.

11.4. www.scholarships.gov.in students can apply for various Government Scholarships.

12. Agricultural Loans

12.1. It is a good option if you have agricultural land and gold as collateral.

12.2. Interest rate is 7 to 8%. if you pay the interest on time(quarterly/half-yearly), you get rebate on interest rate around 4%.

12.3. Loan tenure is 1 year. After 1 year if you are renewal the loan, interest rate will increase.

12.4. Processing time is 1 day.

12.5. Not much documentation.

13. Business loan

13.1. The interest rate is really high for this category because of the risk involved.

13.2. Check the Pradhan Mantri Mudra Yojana Scheme(PMMY)

14. Over Draft

14.1. If we have this option enabled, the customers withdraws more money than he has deposited from bank.

14.2. Bank will charge interest on withdraw amount.

14.3. No need of providing security & documentation again and again

14.4. It is a short-period facility & available to current account holders

15. Loan against PPF

15.1. Only get loan from the 3rd year to the 6th year

15.2. The amount of loan will be only 25% of the balance in the account

16. Loans from friends, Relatives

16.1. We may end up losing money and relation, if not properly discuss & without document proof like Promissory Note & Loan Agreement.

16.2. If the loan is taken for the purpose of buying a home we can claim tax exemption on interest paid as per section 24.

17. Contact

17.1. Visit www.prathapmindmaps.com for more mindmaps.