Retail loans are those loans which are given by the banks to individuals so as to meet there personal needs, retail loans are smaller in size as compared to corporate loans. Given below are various types of retail loans which are given by the banks –
- Housing Loans – Most individuals take housing loans and when it comes to retail loans, housing loans is right there at the top. Banks give housing loans to individuals so that can buy apartment or construct new house if they already have the land.
- Educational Loans – This type of loans is given by the banks to students so that they can pay for the tuition fees, hostel expenses, foreign education and other such expenses.
- Vehicle or Auto Loans – This type of loans are given to individuals who are looking for buying cars whether new or second hand, auto loans are also given for two wheelers to individuals.
- Personal Loans – Personal loan are the loans which are given to individuals for purposes such as marriage, traveling to abroad, loans for covering hospital expenses and other such loans which individual may need depending on his or her needs and situations.