Types of loans

Secured Loan :

A secured loan is a loan in which the borrower pledges some asset as collateral. Home loan or mortgage loan and vehicle loan are secured loans.

Unsecured Loan :

Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages. Personal loan and credit card loan are unsecured loans

Loan Payment :

Compound Interest

Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This addition of interest to the principal is called compounding.

Floating or Fixed rate :

This method for a particular period the interest rate will not change or fixed interest rate. The EMI amount is same in all months for a particular year.

Diminishing Balance :

In Diminishing Balance Interest Rate method, interest is calculated every month on the outstanding loan balance as reduced by the principal repayment every month. So the EMI amount is vary in each month.

EMI Calculator :

This calculator will help you to plan the monthly payment of Loan.