One India Multi Group: Pioneering Financial Empowerment in Bihar

Some FAQ’s

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- A loan is a financial arrangement where a lender provides funds to a borrower, who agrees to repay the borrowed amount along with interest over a specified period.

- Common types of loans in India include personal loans, home loans, car loans, education loans, gold loans, business loans, loans against property (LAP), and more.

- Secured loans require collateral (e.g., property, vehicle, gold), while unsecured loans do not require collateral but may have higher interest rates.

- Interest rates can be fixed or floating and are determined by factors like the borrower's creditworthiness, loan amount, loan tenure, and the lender's policies.

- A moratorium period is a specified time during which the borrower is not required to make loan repayments, typically applicable to education loans. Interest may or may not accrue during this period.

- Insurance is a contract between a policyholder and an insurance company. The policyholder pays regular premiums in exchange for financial protection against specific risks or losses.

- Life insurance provides a payout upon the policyholder's death or maturity, while general insurance, also known as non-life insurance, covers a range of risks such as health, property, and liability.

- Consider your needs, financial goals, and the risks you want to mitigate. Compare policies, benefits, premiums, and check the claim settlement record of the insurance company.

- Premiums are determined based on factors like your age, health condition, lifestyle, the sum insured, the type of policy, and the insurer's underwriting guidelines.

- A waiting period is the time you must wait before certain benefits, such as coverage for pre-existing conditions, become active in your health insurance policy.