Debit Card Loan

By: EconomyWatch   Date: 6 October 2010

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One can avail of different types of debit card loan. The different types of debit card loan may range from a student's loan, real estate to auto loans as well.

Compliance:
The features of a debit card loan may vary from bank to bank but the norms by which a debit card loan is compiled with, remains more or less same or deviates slightly.

Essential features of a debit card loan:

  • One can communicate directly with an official of the bank from where an individual intends to take a debit card loan and put across ones financial needs.
     
  • Mode of payment for repaying the debit card loan can be arranged for and selected according to ones needs.
     
  • Automatic deductions from the account to which the debit card is linked can be arranged for. Instead of repaying by monthly EMIs (easy monthly installments) through cheques one can opt for auto adjustments from the account when applying for the debit card loan.

    The different debit card loan products available is listed below:

  • Auto loans:
    Loan Term : 1 year to 5 years.
    Debit care loan may also include a 100% financing but certain conditions may apply.
    Debit card loan also permits loan for a used vehicle under some circumstances.
     
  • Real Estate Loans
    Debit card loan permits one to avail of a home loan for variable terms. It may range from 5 years to 30 years under different conditions.
    The rates of interest and fees may vary from bank to bank depending on the type of debit card loan applied for.
     
  • Personal Loans:
    Debit card loan can also be availed off for loans needed for personal needs. The term may range from 12 months to 30 months. It may also range from 31 to 48 months.One may borrow money ranging from $500 to $15,000. This debit card loan has a fixed repayment plan.
     
  • Holiday/ Seasonal loans:
    To drive away all the stress which one is subjected to, one may ask for a break for rejuvenation. Debit card loan comes into play. It can grant a loan for the stressed out.


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