Summary: Indian loan scenario is continuously reformulating itself to provide newer and newer versions of consumer finance solutions. Through efficient service and the support by the related institutions in the field, very supportive financial modules have been devised to help the individuals in meeting their monetary requirements.

It is now possible for the persons of both good and bad credit rating to avail borrowings from the advanced distribution networks with the help of a branch-less banking scenario. In fact there is a very rich online knowledge base regarding the funds and loan-products. There are so many financial solutions which enable the financial institutions to cater to the requirements of clients of different categories. Online loan process is quite simple, secure and hassle-free.

On the home loan front, housing finance companies are helping the people in realizing their dreams of a happy home. To get such a borrowing the applicant must be at least 21 years of age. Also, the borrowing period must terminate before the applicant crosses 65 rears of age. Further, he/she must have a regular source of income. The amount of funds one is eligible for is decided by factors like the income, qualification, status of the children and the dependents.

Car loan is the emerging borrowing category in India. To become eligible for this borrowing, ones annual income must be at least one lac. As far as the employment status is concerned, the client must have completed at least two years of regular employment with the added condition that he/she must have completed at least one year in the current service.

To avail personal loans the client has the options to apply directly through the on-line procedure. Though most of the banks do not charge any processing fees for going through the applications submitted to them, yet some of the institutions charge a nominal fee. Different banks have various plans regarding the terms and conditions of repayments. Mostly the choices before the client are—through equated monthly installments, with the help of post dated cheques, by standing instructions and with the help of ECS debit from the personal account.

Business loans and loans against property are setting up newer and newer financial parameters to help the clients in fulfilling their needs and requirements. All in all, the loan scene in India is emerging and enlarging at a very fast pace to meet the challenges put forward by the new circumstances. Indian banking is reaching out to meet the challenges put forward by the globalisation of our economy.