Gold Loan to Home Loans: 7 Different Types of Bank Loans in India

These loans typically have longer terms (20 to 30 years). The lender checks your credit score before approving the loan request.

A loan against gold is a secured loan in which gold is used as security or collateral against a loan amount equal to the market value per gram of gold on the day of a pledge.

A car loan bridges the gap between your desire to own a car and the reality of purchasing one. 

These loans might be either short- or long-term. They can be used to provide working capital for crop cultivation or to purchase agricultural equipment.

Most banks provide personal loans to their customers, which can be used to cover any expense, such as paying a bill or purchasing a new TV. Typically, these are unsecured loans. 

An education loan aims mainly to cover educational expenses for school or college. The borrower is the student, and any other close relative can be a co-applicant.

When using a credit card, you must understand that you will be responsible for repaying all purchase amounts after each billing cycle. 

Payday loans are often termed wage loans. These are unsecured short-term loans that require the customer to be working and have a consistent income.