Loan is a payable amount which is lent to a person or company at a cost which is repaid in form of interest. The borrower has to repay the amount after a certain time which is pre-decided but facilitates the buyer in times of need.
Several financial institutions are known to offer loans of different types. Also, there are different types of offerings which facilitates the users monetarily under additional restrictions being secured or unsecured. Banks follow the same pattern, offering commercial mortgages or corporate bonds that mix and match with commercial entities to provide businesses as well as individuals benefit.
So, um, you guys must be thinking, what’s with the loan thing. Actually, the loan isn’t my agenda. I am here to tell you about the loans of Summit Bank. This bank is a renowned institution providing effective services to its customers. I’ll talk about each loan but the choice is entirely yours.
Let’s check the talk of the town!
- Personal Loan
Duh! Who isn’t aware of this type? Nearly all in the line are offering some kind of personal loan to individuals. But wait, in case of Summit Bank, the bank is here to help you whenever you require some money as the slogan says RIGHT ON TIME, WHEN YOU NEED THEM.
The minimum amount starts from Rs. 25,000 and goes well over to Rs. 1,000,000/-. Great huh. So, whether it’s about paying any outstanding expenses or fees of your kid’s school, Summit Bank is all about providing ease and comfort to all salaried individuals.
2. Auto Loan
Who says it is difficult to buy a car these days? With Summit Bank’s Auto Loan, you are just as near to owning a car as anything! The bank will provide a phenomenal amount up to Rs. 6,000,000/- with a maximum tenure of 5 years. By the way, a minimum Rs. 300,000/- will also do. You just got to be a salaried or self-employed person. The basic 15% as minimum down payment is mandatory.
3. Summit Gold Loan
This is perhaps the best loan type offered by the bank. Summit caters to the needs of those requiring emergency funds with Summit Gold Loan. The concept behind this type of loan is that there isn’t a necessity to sell gold for fulfilling your needs. You just got to follow the gold limit which is 60% of the value to get a minimum amount of Rs. 50,000/- and a maximum amount of Rs. 2,000,000/-.
4. Auto Shield
Summit bank brings an easy way to use auto insurance with state-of-the-art payment method which can be directly paid through monthly installments. This makes it easier for the consumers who own vehicles to get auto coverage in case of accidents or thefts such as snatching. The premium rate offered in the Auto Shield is 2.9% without tracker and 3.9% with tracker on the total value of the car.
5. Home Finance
Buying your very first house is always a challenge which everyone wants to overcome. With financial constraints as part of the life, it becomes even a bigger one. Thanks to Summit Bank, there is not just one but numerous home loan schemes that are backed with exquisite services to help you make the right choice. Loan tenure starts from 1 year to a maximum of 20 years.
With the Home Finance from the bank, you can:
- Buy a home
- Build a home
- Renovate your home
- Purchase land for construction
- Home Debt Consolidation
For more news on Summit Bank, visit the banks previous post.