Most people are likely to acquire a loan at some point in time. Whether it is for educational reasons, to support one’s lifestyle or to pay some bills immediately; it is common for people to turn towards loans in order to overcome their financial instability. Most of the borrowers don’t think twice about their loans, primarily due to flexible repayment options and seemingly low costs (interest).

Different types of loans are being offered by different institutions. They primarily differ in the terms and conditions of the loan. Here are the two most common categories of loans and their spec

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