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Loan can be defined as the fixed amount of money that the borrower has to return to its provider with interest as per deal terms and condition. In modern era, individuals take loan from authorize bank or financial organization as per their interest and need to fulfill their various important tasks.
Bank and financial organization offers different loans types such as personal loan, home loan, education loan, vehicle loan, crop insurance and several others. These loans resolve instant need of money and provide you instant help. Applying for loan becomes even better and secure with the help of technology and to get instant loan online is easier than ever before.
Benefits of Loans
As it is understood that loan is a kind of debit and to use that user need to pay interest as per condition of respective service provider and there regulation. In most of the cases people apply for loan to fulfill all needs regarding their personal and business oriented needs. After tenure, applicants need to repay the complete amount. Money is one of the integral parts of everyone life and it can be required in any phase of life.
Profit Sharing is not important
If someone has borrowed amount for business prospect and earn some benefits by using that amount then, it is not necessary to share benefits with respective bank and just EMI based repayment is required.Easy to Purchase Expensive Service or Product
After loan availability, individual may look for expensive facilities like medial issues and other vital services with easy without thinking about any complication.Invest Related Flexibility
After approval of loan amount bank never makes any interfere on utilization of amount and individual have full authority to utilize their amount the way wanted to, they may invest amount in business or in stock market. Bank never creates any type of issue between other party and customer; bank just asks to pay EMI always on time to keep things easier and secure.Not necessary to repay amount
Customers need to repay overdraft amount on demand and this type of condition may create problem for respective customer. On demand repay is mandatory only in case of overdraft and in case of loan is not required to repay amount. In complete tenure, user avails guarantee to offer repayment facility of amount with ease.Features of Loan
Application regarding availing loan on certain amount mostly rely on requirement of individual. Loan amount may be large, medium and small. User will always find some difference between the amount he applied and what amount approved by respective bank. In most of cases, bank follows strict regulation and policy before approving the amount as per request made by individual.
Involvement of Parties
To perform loan transaction among one or more parties. In most of cases parties may be customer and respective bank. It may be rely on bank criteria and individual criteria and needs.Taking Final Call on Processing
End of the day, it is bank that is responsible for taking final decision on application and request of amount approval. Sometimes bank may approve amount on partially, section wise or approval of amount on single call. In most of cases, customers personal information, his/her credit history and other required transaction related processing.Loan Type or Mode of Loan
As we know that in most of cases, approve amount given is form of cash, in case of special requirement it can in other forms like input resources, raw material and required machineries to complete the task of particular person.Applicable Interest Rate
This is one of the most vital and important factor that decides the plenty of things like applicant request and eligibility criteria and several other integral part boost interest towards responsibility of both customer and respective bank. Rate may vary with time and market research to make things easier and affordable for customers.Distribution Pattern of Loan
A per policy of reserve bank of India (RBI), maximum number of time sanctioned amount transferred in current amount of existing customer and in case of new customer, bank ask to open current account first then further processing will be possible.Tenure of Loan
There are several factors that play special role in deciding tenure of loan; some of them are reason for applying loan, loan type, previous credit history and transaction record of candidate. In most of cases people opt for loan especially short term, prompt use, long term and mid-term basis.Repayment of Loan Amount
Bank avails loan on condition of repayment of approved amount along with applicable interest rate on monthly installment basis. Maximum times principal amount and interest rate play vital factor in repayment of total amount. In case of outstanding loan amount overall interest rate may affect the repayment amount along with repayment tenure.Steps to Apply for Loan Online
Steps to Apply for Loan Offline
Money has become among the top basic needs to survive a life for any individual. “Roti, Kapda, Makaan” still tops the list, but as a matter of fact, these needs cannot be fulfilled if one doesn’t have enough pennies in their pocket. With the inflating market prices of anything and everything, it has become quite a challenge to manage the needs and desires with the limited finances. This is when loan comes to the rescue.
Today, it is no more a surprising thing if someone borrows money or loan from the bank. However, every coin has the two aspects, while loan provides financial aid to the individuals, there are people who don’t hold enough knowledge about the process to apply for a loan offline or online. Therefore, they become easy prey to bluff masters.
Documents Required for Loan
| Proof of Identity | Proof of Address | Proof of Income(Self Employed) | Proof of Income(Salaried) |
|---|---|---|---|
| Aadhar Card | Aadhar Card | Bank Statement | Bank Statement |
| PAN Card | Ration Card | ITR Statement | Salary Slip |
| Voter's Id | Rental Agreement | - | Employment Letter |
| Passport | Electricity Bill | - | - |
| Driving License | Telephone Bill | - | - |
Common Loan Types
Personal Loan
Individual look for this loan when he need money for buying consumer durable things, child education, holidays, hospital bills, personal needs, wedding purpose and several other occasion to get instant solution of financial issue. It can be said that this type of loan used for personal instant need to keep your life simple.
Before applying for personal loan check your eligibility, age, monthly income and other useful facts.Personal loan amount can be INR 10000, 20000, 30000, 40000, 50000 and any bigger amount as per need of individual to complete the task with ease.
Personal Loan Benefits
Features of personal loan
Flexibility of end usage
Everyone has a different lifestyle and so does their needs and thus, this is what adds a significant advantage to personal loan applications. Unlike a car or home loan, there is no restriction on the financial resources to be used for a particular purpose. Therefore, the sum borrowed can be utilized for meeting a range of end-needs such as wedding, travelling, asset purchase, medical expenses, and so on. It’s an easy way to get out of financial crunch immediately.No collateral needed
Another added advantage is the unsecured loan application that doesn’t demand any collateral against the loan, which means your assets remain safe in the process. Due to this nature, a personal loan tops the list while considering most affordable and significant sources to overcome emergency financial crunch.Quick disbursal
In most of the cases, applicants already are offered with pre-approved loan offers and thus, the process is quite quick and hassle-free. It is no doubt that having a good credit score is a game winner in this process.Fewer documents
Gone are the days when applicants need to submit a bulky file of required documents. Now, the loan application is processed with a fewer mandatory documents like KYC and income proof. This makes it faster to process the loan request.Flexible repayment options
Though this feature may differ from bank to bank, but what’s in common is that every financial institution has flexible repayment feature to look out for. Applicant can choose from a range of repayment options such as EMIs, post-dated cheques, cash, and online payment. Typically, flexible tenures are available seeking for everyone’s specific need and budget.Tax benefits
An additional advantage of a personal loan is the tax deduction an applicant can claim when using the sum granted for renovation or construction of a house. The benefit amount can be up to Rs 2 lakh as per Section 24B. However, it is essential for an applicant to provide adequate documentation or proof to show the utilisation of funds for the aforementioned purpose.Factors to consider while taking personal loan:
Credit score
Ultimately, this is the key factor considered by the lenders for any sort of loan approval. So, instead of getting the application rejected, it’s better to maintain a credit score of at least 700 or above to qualify the loan application. Checking the score earlier will give you a clear idea about your current financial position.Interest rate
Compared to secured loans, unsecured loans generally comes with higher rate of interest. However, the interest rate also depends on certain key factors including monthly income, debt-to-income ratio, credit score, eligibility criteria, tenure, and proposed loan amount. Though the rate varies from bank to bank, many leading banks and NBFCs are offering personal loan at interest rates of as low as 11%.Additional fees and charges
No, we are not talking about the interest rates, it’s about non-refundable fees and charges applicable on personal loan applications. Generally, the lender charges 2% or fixed amount processing charges to process the application further. Other fees and charges may include pre-payment charges, documentation charges, cheque pick up fees, and so on.Repayment options
As aforementioned, loan repayment options may vary from bank to bank. Thus, it’s better to check whether the option, in which you are comfortable, is available with the lender.Loan tenure
Check for the loan tenure period, which generally ranges from 3 months to up to 5 years.How to avoid personal loan rejection?
Work on your credit score
Though the score is just a three-digit number, it is a key player in the finance sector. The credit score ranges between 300 and 900, wherein score close to 700 is considered good for loan application approvals. Therefore, if your score is below 700, try improving the score first and this could be done solely through making timely payments of ongoing loans and credits and maintaining a healthy debt-to-income ratio.Have a steady monthly income
Credit score is directly proportional to monthly income. Thus, in order to ensure timely loan repayments, assure meeting minimum income criteria of the lender. As the lender doesn’t demands any collateral against the unsecured loan, monthly income becomes a significant criteria considered by the lenders.Pay off existing debts
Chances are, personal loan application may get rejected if an applicant has higher prevailing debts. If an applicant possesses too many credit lines, the lender may consider the application as financially over-burdened and may end up in default. Thus, the best way to avoid such situations is by clearing existing debts first and then applying for a new one.Incomplete or misleading information
While filling the application, make sure of providing factual and exact information in order to avoid personal loan application refusal.Relevant loan amount request
No matter how much money you are required, the lender only sanctions the loan amount to which you are eligible for. If you apply for loan amount much higher than your eligibility, then chances are that the application might get rejected.Personal Loan Interest Rates Comparison
| Providers | Interest Rate | Processing Fee |
|---|---|---|
| Axis Bank | 11.75% - 24% |
1.50% to 2.00 % + GST as applicable |
| ICICI Bank | 10.99% - 17.99% |
Up to 2.25% per annum of Loan Amount plus GST |
| TATA Capital | 11.99% - 18.00% | Up to 2.00% |
| Punjab National Bank | 11.30%-15.05% | 1.80% of the Loan Amount |
| State Bank of India | 11%-15.4% | 1% of the Loan Amount |
| Bajaj Finserv | 14.99%-15.75% |
Up to 3.99% of the Loan Amount |
| Fullerton India | 20% to 49% per annum | Upto 6.5% of the loan amount |
| IndusInd Bank | 11.29%-17.99% | Upto 2.5% of the loan amount plus tax |
| Citibank | 10.99%-14.25% | Decided by the bank on the basis of loan amount and eligibility criteria |
| HDFC Bank | 11.25% to 18% | Up to 2.50% of the loan amount subject to a minimum of Rs. 1,999/- & Maximum of Rs. 25000/- for Salaried customers |
| Kotak Mahindra Bank | 10.99% to 19.5% | Up to 2.5% of the loan amount + GST and other applicable statutory levies |
| Standard Chartered Bank | Decided by the bank on the basis of loan applicant’s Credit history and repayment capability | Upto 2.25% of the loan amount |
| HSBC Bank | 10.99% p.a. to 17.5% p.a. | Up to 2.5% of the disbursed loan amount |
| Bank of Baroda | 11.65% and above | 2% of the loan amount |
| Central Bank | MCLR (12M) + 3.00% | Rs 500 + S.T |
| Corporation Bank | 12.95% | 1.50% of the loan amount subject to a minimum of Rs.500/- |
| UCO Bank | 11.4% - 12.8% | 1% of the loan amount (min. of Rs. 750) |
| Bank of India |
Fully Secured: 1 year MCLR + 4.50% Clean/Unssecured: 1 year MCLR+5.50% For citizens aged 60 & above for loans Up to Rs 50,000 : 1 year MCLR + 3.50% Financing secured under tie ups arrangements: 1 year MCLR + 4.50% |
One time @ 2.00% of loan amount Minimum of Rs 1000 and Maximum of Rs 10,000 |
| Dena Bank | 13% to 14% | 1.00% of the loan amount |
| RBL Bank | 12.99% - 16% | Decided by the bank on the basis of loan applicant’s Credit history and repayment capability |
| Allahabad Bank | MCLR + 4.50% | 1.60% of the Loan Amount, minimum amount Rs 1068 |
| Canara Bank |
With Salary tie-up: 13.00% Without salary tie-up: 14.00% For BSNL Employees: 11.00% |
0.5% of the Loan Amount subject to a minimum of Rs 1000/- and maximum of Rs 5000/- |
| IDBI Bank | 12.00% to 14.00% | 1% of the Loan Amount |
| Bank of Maharashtra | 12.75% | 1.00% of the Loan Amount (Min.:Rs.1000/-) |
| Andhra Bank |
For state and govt employees: For Private employees, non salaried: |
Nominal |
| Yes Bank | 10.75% to 16.99% | Up to 2.50% of the loan amount subject to a minimum of Rs 999/- plus taxes |
| Syndicate Bank |
Unsecured: 1 year MCLR + 4.85% p.a. Secured: 1 year MCLR +3.85% p.a. |
0.50% of the loan amount with minimum of Rs 500/- |
| Vijaya Bank |
One year MCLR Rate is 8.55% V Cash for Pensioners: |
0.75% of the Loan Amount + GST |
| Indian Bank |
Where Check off facility and undertaking Where Check off facility and undertaking |
0.51% on the Loan Amount with a maximum of Rs. 510 |
| Union Bank of India |
Under Tie ups Non tie up: 1 year MCLR+5.00% (Floating) |
0.50% of the total Loan Amount, subject to minimum of Rs 500, plus applicable GST |
| Federal Bank | 11.49% to 14.49% |
Decided by the bank on the basis of loan amount and eligibility criteria |
| Capital First | Varies from customer to customer | As per assignment |
| IDFC Bank | 11.49% to 14.49% |
Decided by the bank on the basis of loan amount and eligibility criteria |
Note: The statics provided in the table are indicative subject to change from time.
Home Loan
Home loan is amount that is borrowed by individual to purchase home from any authorize bank or financial intuition. Banks have their own criteria and guideline to approve a home loan. If someone is looking to get home loan then he must explore the best offers. Always remember one thing about home loan is that do your complete analysis and survey about that particular offers.
Always go with offers which offer lowest interest rate. As, we all know that interest rates of bank changes regularly as per guideline of Reserve bank of India. There are two factors which play vital role in final approval of a home loan. One of them is always selecting your monthly EMI as per your monthly expenses and another one is that rate of property is not going to be decrease in near future.
Procedure to Apply for Home Loan
Benefits of Home Loan
Top Banks and NBFCs Offer Home Loans in India
| Name of the Best Banks | ||
| Abhyudaya Co Operative Bank Home Loan | HDFC Bank Home Loan | Reliance Home Finance Home Loan |
| DHFL Home Loan | PNB Housing Home Loan | Yes Bank Home Loan |
| Federal Bank Home Loan | Punjab National Bank Home Loan | RBL Bank Home Loan |
| Dena Bank Home Loan | LIC Housing Finance Home Loan | Uco Bank Home Loan |
| Allahabad Bank Home Loan | HSBC Bank Home Loan | Saraswat Bank Home Loan |
| Andhra Bank Home Loan | ICICI Bank Home Loan | South Indian Bank Home Loan |
| Axis Bank Home Loan | IDBI Bank Home Loan | Standard Chartered Bank Home Loan | Bank Of Baroda Home Loan | Indiabulls Home Loan | State Bank Of Hyderabad Home Loan |
| Bank Of India Home Loan | Indian Bank Home Loan | State Bank of India Home Loan |
| Bank Of Maharashtra Home Loan | Indian Overseas Bank Home Loan | State Bank Of Mysore Home Loan |
| Canara Bank Home Loan | IndusInd Bank Home Loan | State Bank Of Patiala Home Loan |
| Central Bank Of India Home Loan | Jammu Kashmir Bank Home Loan | Sundaram Finance Home Loan |
| Citi Bank Home Loan | Karnataka Bank Home Loan | Syndicate Bank Home Loan |
| Corporation Bank Home Loan | Karur Vysya Bank Home Loan | Tamilnad Mercantile Bank Home Loan |
| Cosmos Bank Home Loan | Kotak Mahindra Bank Home Loan | Tata Capital Home Loan |
| Deutsche Bank Home Loan | Muthoot Finance Home Loan | Union Bank Of India Home Loan |
| Dhanlaxmi Bank Home Loan | Oriental Bank Of Commerce Home Loan | Vijaya Bank Home Loan |
| Bajaj Finserv Home Loan | India Infoline Finance Limited Home Loan | State Bank Of Bikaner And Jaipur Home Loan |
Business Loan
Any financial amount that someone borrows for commercial purpose is business loan. This type of loan helps organization to resolve instant financial issues and help to consistently work for your business growth. In India there are plenty of authorize financial institution and banks that provides loan financing facility for small and major corporate sector companies.
Major corporate houses use different approach to get business loan form financing organization. Before granting loan to companies, banks ask them to complete the procedure of getting loan. Its good to explore the best plans and their condition to avoid any future conflict.
Benefits of Business Loan
Eligibility Criteria for Business Loan
Educational Loan
If someone borrows money for their child basic or higher education then it is known as education loan. Main benefits of this loan are that it is completely tax free and all eligible candidates may easily apply and avails this money. Respective individual may use this amount for their higher education not only in India but in abroad too. After the completion of education amount can be easily repay to respective bank or financial organization. As we know that cash advance is another popular name of loan or borrowed amount.
While on one hand, government is launching schemes to promote right of education, on the other hand, education costs continually soaring to sky, leaving aspiring students in the wake while pursuing their educational dream. Education loan comes as a great relief to aspiring candidates who wish to pursue higher degrees, but, cannot afford their fees in full.
The Education Loan market is very mature today and there are plenty of options available for students to choose from including Public Sector Banks, Private Banks and NBFCs. There are several banks and non-banking financial institutions that offer education loan at affordable interest rate and wider loan coverage. No collateral is required against the loan, though, parents/guardians assures of timely loan repayment.
Courses Covered
Post Graduation including degree & diplomas from UGC / Government or other authority approved institutions both in India and abroad. Professional courses like Chartered Accountancy are also covered.Items Covered Under the Loan
Fees to the Institute, Library Fees, Cost of Course Material, Purchase of a Computer (upto 20% of the total Fees payable), Caution Deposits and likes (upto 10% of the Fees), and Cost of a Two Wheeler up to Rs. 50,000.Loan Against Property
If loan is borrowed against the mortgage of property then this amount can be easily known as loan against property. In another term it is known as secure loan because banks avails this loan against the security of your property. Loan against bad credit can be easily avails by the respective individual and applying online for loan is of the most convenient approach these days.
As the name suggests Loan against property is the loan where an applicant can avail loan or credit by mortgaging the property. Several banks and financial institutions are offering such kind of loans with competitive features and benefits. The banks provide loans at a certain percentage of the market value of mortgaged property and this can be up to 50 to 65%. It is a secured loan and is offered at low interest rates compared to other secured and unsecured types of loan.
Features of loan against property
Easy availability
The key feature, or say aspect, of loan against property is that they are easily available. The whole process is quite convenient and hassle-free. The loan is available to both salaried and self-employed individuals and thus, there is no professional barrier to avail the loan.One loan for all needs
Unlike car and home loan, there is no restriction on the end use of the sanctioned amount. This is somewhat similar to personal loan, but the only difference is an applicant needs to mortgage their property against the loan. Various needs like wedding arrangements, medical expenses, etc. can be met and thus, it is called as one loan for all your needs.Lower interest
As it is a secured type of loan and doesn’t involve any risk of non-repayment of loan, the lender provides the loan at comparatively lower interest rate, which doesn’t leave any financial burden over the borrower.Tax benefits
Borrowers can enjoy tax benefits if the loan against property is used for expanding the business. Though to avail the benefits, borrowers need to provide enough proof of the end usage of the loan amount.Quick processing
Gone are the days when applicants need to stand in long queues and wait for their turn to fill a loan application form. With the digital transformation in technology, it is now easy to apply for loan online and get it sanctioned within 72 hours.Loan Against Security
It will be approved on basis of personal asset of individual or any organization. One of the most sticking feature of this loan is that interest rate will be applicable only when someone borrow amount from account. User need to pay amount on basis of certain tenure and it is easy to afford, as per individuals personal financial condition.
Gold Loan
Borrowing loan against saved gold is one of the easiest of loan availability. One of the major benefits of this loan is that there will be no need of credit score and at the same time loan provider never ask for previous credit history and bank statement. They just approve amount on basis of current financial condition only value of gold is important not any other factor. As per policies bad credit and poor credit of applicant matters a lot but not for this loan.
According to several surveys, India own nearly 11% of all gold in the world and this percentage is more than the combined gold reserves of IMF, U.S., Germany, and Switzerland. Of course, we don’t need any introduction to gold that it is a precious metal as we all own though in different quantity.
With the rise in gold rates, it is also considered as one of the great methods of investment. Going with the expanding gold market, several banks and financial institutions have came forward offering gold loans.
What is gold loan?
Features and benefits of gold loan:
Instant assistance
Financial crisis can occur anytime, mostly when they are least expected. And at such situation, no one has enough time to rush to the bank, stand in long queues, and do all the formalities to apply for the loan. Therefore, gold loan comes handy at such times. All you need to do is deposit your gold with the lender and take home the sanctioned loan against the precious ornaments.No CIBIL score check
Since it is a secured loan and doesn’t involve any risk of non-payment, the lender approves the loan without checking for applicant’s credit history or income. Also, the loan doesn’t have much impact on your CIBIL score.High loan value
Applicants can avail loan for up to Rs.10 lakhs or even more without presenting any income stability proof. The loan is sanctioned based on the gold value, instead of applicant’s eligibility. Thus, you can rest assure to get the loan or credit for which you are in need.Accurate evaluation
Another feature that tops the list of gold loan is that the applicant gets the fair value for the pledged gold. Lenders conduct an in-house evaluation of gold with a carat meter, which ensures additional security.Flexible tenure
Applicant can choose the tenure according to their repayment capacity. The lender charges an interest rate on monthly basis, which the borrower has to repay along with the principal amount. There is no pre-payment or foreclosure charges involved and this makes the loan even more affordable.Car Loan
When someone plan to buy new car for their family members especially for your parents, in case of any financial circumstances, individual prefer to borrow amount to buy car. Loan offering company gives plenty of times to respective person to repay the amount. Sometimes it is known as auto loan. Customer just needs to repay amount as per approved EMI on monthly basis to complete the repayment cycle on time.
The days when a whole family use to travel on a single bike or scooter are long gone as today it is quite affordable to own a four-wheeler. Even the middle class family can now afford owning a car. Undoubtedly, banks and financial institutions have made it possible by offering customized car loan offers to every income class.
Car loan has become an increasingly most popular way to prefer the comfort and safety of four-wheelers. With the increasing demand, banks and other financial lenders are competing with each other to win the customer by offering best competitive interest rates and other terms and conditions. However, with an abundance of choices, it seems challenging to pick the best car loan with the best interest rates and flexible EMIs along with other terms. Since the choice completely depends on individual circumstances, there are certain factors to be compared while getting a car loan.
Car loan comparison:
CIBIL score
This is the key factor considered by the lenders and the rest of the loan terms are customized accordingly. Though each lender may have different minimum CIBIL score criteria, it is significant to check whether you meet the required criteria or not. Also, your credit report determines your eligibility for a loan. So, if the score is on the other side of minimum requirement, work first to improve the score.New car vs. used car
While buying a new car is enticing, it is important to look at how much you could save by opting for used car instead. Meanwhile, look whether the lender offer used car loan and at what interest rates? Apart from the cost concern, there are other terms too for pre-owned and new car loans. So, compare those factors and terms to determine what suits best to your needs.Interest rates
An interest rate is usually a key factor to choose the best car loan. The interest rate is the rate charged for the sanctioned money or principal value. Getting the best interest rates can actually help you save a lot of pennies.Flexible EMIs
Not everyone falls under the same income class and thus, it becomes necessary to check the repayment options. However, it is better to go for short-term EMI plan as shorter the EMIs, lesser will be interest charged.Lender’s market value
With the hype in car loan demand, several lenders have stepped into the finance world. They try to lure the customers with attractive deals, though with hidden terms and conditions. Therefore, before sealing the loan deal, it is significant to check for lender’s market value. It is probably not a good idea to go with a start-up financial institution unless it owns a good market value and goodwill.Popular Unsecured Loan
Bank Overdraft Facility
Peer to Peer Lending
Credit Card Debit Facility
Maximum Corporate Bonds
Steps to Apply for Loan from ApplyKaroo
Step 1. Go to URL https://www.applykaroo.com/loans and following window will appear on screen.
Step 2. Enter name of your city, loan type, monthly income and click on the search button.
Step 3. Then, as per user detail relevant loan facility providing companies list will appear on screen.
Step 4. Then, select the best loan offer as per your interest and click on the APPLY NOW button.Step 5. Enter your authentic information in the application form of respective bank or financial institution.
Step 6. After successful submission of application, Bank will grant loan to you.
Short Term Loans
Gone are the days when taking a loan was a taboo in Indian society. Today, despite having a good financial management, it is common to take a loan in order to bridge the gap between income and expenses. Therefore, it is no doubt to mention that cash crunches are common these days and as expenses never come invited, anyone can need a loan at any point of time. Be it a medical emergency or some repairs, it’s hard to predict when all such additional expenses can occur. This is where short term loans come as a convenient solution to meet all such expenses without shaking the fixed deposits or bank balance.
So, before you get one, it is important to first get a brief understanding about what are short term loans?
Well, we all are quite aware and familiar with the terms like loans and credits, and short term finance is no different term. Thus, it can be simply defined as the amount borrowed for a shorter tenure period, usually for less than a year. However, the tenure period or terms may differ from lender to lender.