Types of loan; Secured loans
There are so many type of loans which any can avail depending the eligibility of a particular person. Now first what is called as loan? Loan is a money borrowed from any institution or any person with certain percentage of interest on borrowed amount along with promise for return of borrowed amount within specified period. Borrower pay the interest percentage along with borrowed amount in installments. There are following types of loans:- 1. Secured loans 2. Unsecured loans Now in this article we will discuss about secured loans. Secured loans:- As clear from its name this loan is offered against certain security i.e. you may call that you have to place some documents of assets for securing these loans. If a person unable to pay the loan installments then the institution or a person from where secured loan is obtained by borrower will have the right to sell the asset against which l...