One of the primary reason for hike in Indian economy is the easy availability of loans and its cheap interest rate. Nowadays Indian banks are giving loans against various durable and non-durable things. Indian Government encourages common people to take loans for certain purposes. For example, housing loans by giving tax concessions. Now various types of loan are available in India. These includes Education loan, Home Loan India, Marriage Loan, Personal Loan, Auto Loan, Business Loan, Education Loan, Loan against shares etc.The maximum borrowed loans are Personal loans. Now people requires monetary help for a variety of purposes. Therefore, loans have become a part of modern consumerism. Nowadays people are showing much more interest in personal loans in India as they can access to their needed funds as per their requirements and circumstances. The lenders approve these kind of loans for any personal purpose like for vacations, higher education for your children, buying a car, daughter's wedding or for building a new home. You can borrow from Rs. 25 thousands to Rs.15 lakhs. Almost all types of people can borrow these type of loans. The borrower gets an option to repay the loan amount in a period of 12 to 48 months. The personal loan are of two types: secured and unsecured.Business loans are also in high demand among business entrepreneurs. Indian government is taking liberal steps to speed up to make easy availability of business loans. A report of the World Bank says that 'for getting business loan', India has climbed to 36th position as compared to 62nd position in the year 2007. These kind of loans are used for expanding, improving and modernising small to medium scale business. Like personal loans, these type of loans also can be secured and unsecured. Secured business loans are those loans in which the entrepreneur keeps something as security against the loan amount taken. On the other other hand, the unsecured business loans require a security.Now many Indian banks are offering loans for Non-residential Indian (NRI) also. They can take loans for building or purchasing a house in the country. It has been noticed that NRIs are mainly takes loans for purchasing or building home in the country. NRI loan interest rates are not very different from that of the Indians living in the country. But the loans are only sanctioned for short periods. The NRI loans also can be of two types - secured and unsecured. Secured NRI loans borrower can borrow the loan amount up to เธƒ1 lakhs for the time period of 25 years. In this case, the NRI loan interest rates will also be lower than the normal loans.There are various banks who do offer loans to the NRIs such as State Bank of India, ICICI Bank, HDFC bank etc. All the Banks follow the Reserve Bank of India guidelines. Some banks like SBI (State Bank of India) offer loans to persons of Indian origin holding a foreign passport. An NRI can get 85% of the cost of his loan eligibility. There are exceptions like ICICI bank Bank which has tied up with several builders in Delhi, NCR and Mumbai and provides 100% finance if one purchase property from any one of them. These builders include Raheja Corporation, Evershine Builders, Neelkhanth Group etc. in Mumbai, Unitech-Uniworld, DLF-Trinity and Aashiana-Orchid etc. in Gurgaon and Noida.The amount of loan amount depends upon the borrower's repayment capacity. HDFC offers loans for up to Rs. 10 billion and SBI gives a maximum loan up to 24 times the borrower's net monthly income. The eligibility of an NRI is calculated in the same way as it is calculated for an Indian resident.Finally, this can be easily said that the Indian Banks have all the world-class features for giving loans to Indian residents and NRIs.
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