Loans come in various forms, including personal loans, home loans, car loans, and business loans. Each type serves different purposes and has unique features. Personal loans are typically unsecured and used for various personal expenses, while home loans are secured against property for purchasing or refinancing a home. Car loans are tailored for purchasing vehicles, while business loans cater to the financial needs of businesses. Understanding these differences helps borrowers choose the right loan for their needs.

Loan eligibility depends on various factors, including income, credit history, employment status, existing debts, and financial obligations. Lenders assess these factors to determine the borrower's ability to repay the loan. Meeting eligibility criteria increases the likelihood of loan approval and may also impact the loan amount and interest rate offered.

The required documentation varies depending on the type of loan and the lender's requirements. Common documents include proof of identity (such as a driver's license or passport), proof of income (such as payslips or tax returns), bank statements, proof of address, and details of existing debts or financial commitments. Providing accurate and complete documentation helps streamline the loan application process.

The time taken for loan approval varies depending on factors such as the lender's processes, the complexity of the application, and the type of loan. Some lenders offer fast approval processes, with decisions made within hours or days, especially for personal loans or smaller amounts. However, for larger loans or complex applications, approval may take longer, ranging from a few days to several weeks. Applicants can expedite the process by ensuring all required documents are provided promptly and meeting eligibility criteria.