A loan is a helping hand in finance, a help that comes with a price of interest for higher gains. There are many types of loans available for various purposes, and at different lending interests. One of the most basic types is secured and non-secured loans.
A secured loan is easy and can be explained as a loan that comes with a security provided to the lender, so that the risk involved in minimized. Due to reduced risk involved, the borrower can be benefited in return as his repayment comes at lower interest rates. Lower interest rates means easier repayment, and thus the person who takes a loan is stressed lesser. The security provided is usually a property or any valuable that s valued equivalent (almost to the sum taken as loan). This is called as collateral.
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Non-secured loan, does not involve collateral, so it means just loan at higher risk to the lending party. So in this case the interest rate is higher. There are also loans available for shot term, loans available for the unemployed etc.
One section of our population that can avail easy loan is teachers. Teachers are the foundation of our children, playing an important role in shaping the future of the society. Financing institutions are easy with teachers and offer loans with lesser restrictions and at attractive interest rates. One of the main reasons behind this is, teachers' are the employed stable population who fall under the category of steady income group. So the risk of default payment is very low. Besides, there are many programs that are useful for teacher's to make their loans and repayments further smooth.
If a teacher is a full time employee, he/she can avail a low and reasonable down payment, and also a concession in the price of the home. Some plans except the account keeping fees that is common for others. Those who wish to have a large loan can get up to even 95 percent of the desired sum. The only care to betaken is, like every loan the repayment should be managed well and should be made regularly.
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