Loan

A loan is like borrowing money from someone. You promise to pay it back later, along with extra money called interest. Loans can be used for many things, like buying a car, a house, or paying for school.

There are different kinds of loans:

Personal loan: For things like vacations or home repairs.
Car loan: To buy a car.
Mortgage: To buy a house.
Student loan: To pay for school.
Business loan: For businesses to grow.
Payday loan: A short-term loan, but it can be expensive.
Home equity loan: Using your house as a way to borrow money.
Line of credit: Like a credit card, you can borrow up to a certain amount.

Lap

A Loan Against Property (LAP) is like borrowing money using your house or other property as a guarantee. Because it’s safer for the lender, you usually get more money and a lower interest rate compared to borrowing money without a guarantee.

Here’s what you need to know:

Collateral: Your property is the guarantee.
Loan amount: You can borrow a big amount, usually about half or more of what your property is worth.
Interest rate: It’s usually lower than other loans because your property is a guarantee.
Repayment time: You can pay it back over many years.
How to use the money: You can use it for anything you want, like a wedding, business, or paying off other debts..

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