What are the different types of credit (e.g. credit cards, loans, lines of credit)?

In India, the different types of credit that are commonly available include:

1. Credit cards: These are revolving lines of credit that allow you to borrow money up to a certain limit, which you then repay over time with interest. Credit cards are commonly used for everyday purchases, travel expenses, and online shopping.

2. Personal loans: These are unsecured loans that can be used for a variety of purposes, such as home renovations, medical expenses, or to pay off highinterest credit card debt. Personal loans typically have fixed interest rates and a set repayment period.

3. Home loans: These are secured loans that are used to purchase a home or property. Home loans have long repayment terms and can be either fixedrate or adjustablerate mortgages.

4. Auto loans: These are secured loans that are used to purchase a vehicle. Auto loans have a fixed interest rate and repayment term.

5. Education loans: These are loans that are used to finance education expenses, such as tuition fees, books, and living expenses. Education loans can be either secured or unsecured, depending on the lender.

6. Business loans: These are loans that are used to finance business expenses, such as equipment purchases, working capital, and expansion. Business loans can be either secured or unsecured, depending on the lender.

7. Gold loans: These are secured loans that are given against gold as collateral. Gold loans have a lowinterest rate and a short repayment period.

8. Overdrafts: These are a form of credit that allows you to withdraw more money from your bank account than you have in it. Overdrafts are typically used for shortterm cash flow needs.