What are Loans?
Loan is when you borrow money or financial assistance either from your friends and family or from financial institutions like Banks, NBFCs for a certain period of time to fulfill your personal financial requirement. Loans can be many and can cater to different purposes. One can apply for a Loan when they are in a need of urgent money, if you wish to pursue higher education, if you have a medical emergency, for a wedding at home, to set up or start your own business or to buy/renovate a home. Loans can be helpful in any situation that needs monetary assistance.