Consumer Loan vs Purpose Loan

 

Question 1: What type of loan do I need to renovate my house or apartment?

Answer: The best option for renovation is the renovation/reconstruction/construction subtype of home loan. This is a mortgage loan with lower interest and longer term than average consumer loan.

Question 2: No, mortgage loans are purpose loans, which means you can only use them for real estate. The bank conducts monitoring throughout the term of loan to check how it is used.

Answer: Can I get a low-interest mortgage loan and use it for other purposes?

Question 3: Can I pledge a vehicle to get a mortgage loan?

Answer: No, mortgage loans can only be secured by real estate. :

Question 4: Can I pledge a vehicle to get a consumer loan?

Answer: Yes, consumer loans can be secured both by real and movable property. If certain creditworthiness criteria are met, you can also get a collateral-free consumer loan or line of credit, but remember that interest rate for collateral-free loans can be higher. :

Question 5: What are consumer loans designed for?

Answer:

Consumer loans can be used freely for a variety of purposes, such as purchasing domestic appliances, organizing family events or other spendings. If you don’t need a very big sum, consumer loan is the best solution.:

Question 6: What is the difference between a car loan and a consumer loan?

Answer: Basically, car loans can be viewed as consumer loans, however, a car loan is a purpose loan with lower interest rate and longer term and would normally be the option of choice if you want to buy a car. If you decide to buy a car from our partner dealers, you can enjoy special benefits.:
Updated 07.08.2017, 15:19

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