NEWS & ADVICE : PERSONAL LOAN
Get a loan to meet your any personal need
By Vaibhav Aggarwal
Print    Email    RSS   

Planning for a dream holiday or yearning for a lifestyle gizmo? Desiring to gift someone a diamond ring or thinking of renovating your house? Still more ... if you are looking to meet expenses for child's education or daughter's marriage or if it just a temporary cash crunch, personal loans answer all your needs and desires.

Understanding personal loan: The need

A personal loan is a credit extended to meet your personal needs / requirements. Generally these loans are unsecured, i.e. as a borrower you are usually not asked for security backup or collateral against the borrowed amount. The personal loan you get is based entirely on your integrity and repayment capability.

A personal loan can be availed from any of the major banks or finance companies.

Getting a personal loan: Loan amount & interest rates

The loan amount and eligibility criterion varies from bank to bank. The offering bank will assess you on basis of multiple parameters, which include your repayment capacity, place of work, past obligations, work experience, residence and age. The bank also considers these set of factors for determining the lending rate.

If the lending bank perceives higher risk in extending credit to an applicant, it may choose not to sanction the loan or charge a higher interest rate in accordance with the perceived risk. At times, banks ask for additional security in the form of a personal guarantee based on risk profile of borrower.

Thus, the interest rates on your personal loans could vary from anywhere between 15 to 25 percent depending on your risk profile, income level, and nature of employment.
Say for instance, if you are working in a reputed organisation you might get a loan at lower rate, when compared to a self employed individual who might end up getting a loan of the same amount at a higher rate of interest for the same period.

The basis for interest rates can be fixed, floating or flat. Personal loans on flat rates are most expensive and charge same interest on principal amount throughout the tenure of loans. In fixed and floating basis, rates are calculated on reducing balance and hence these loans are comparatively less expensive.


Page  | 12 |  
(Comments Posted : 511) Post Your Comments
1. Get rich today and take the risk of transforming your own life.Try and get an ATM card blank today (CLIFFORD JACKSON) of cliffordhackerspays@gmail.com and be among the lucky ones who are benefiting from this card. This ATM card in white set is capable of hacking into any ATM anywhere in the world. I have to know about this ATM card when I was looking for work online about a month ago..It has really changed my life forever and now I can say I'm rich because I am a living testimony. The less money I get in a day with this card is $ 8,000.Every now and then keep pumping money into my account. Although illegal, there is no risk of being caught, as it is programmed so that it can not track, but also has a technique that makes it impossible for the CCTV to detect you..For details on how to get yours today, email hackers:
cliffordhackerspays@gmail.com
María José (Posted: May 30, 2018)
2. Ofrecemos Préstamos Privados, Comerciales y Personales con tasas de interés anuales mínimas tan bajas como el 3%. Otorgamos préstamos dentro del rango de $ 1,000.00 a $ 500,000.00. Si está interesado, respondame ahora. Contáctenos en whatsapp +1(214)305-8945, correo electrónico: willianloanfirm6@gmail.com
MR WILLIAMS (Posted: May 29, 2018)
3. Do you need Finance?
Are you looking for Finance?
Are you looking for a money to enlarge your business?
We help individuals and companies to obtain loan for business
expanding and to setup a new business ranging any amount. Get a loan at affordable interest rate of 3%, Do you need this cash/loan for business and to clear your bills? Then send us an email now for more information contact us now via Email:maxcreditfinance@googlemail.com
max william (Posted: May 26, 2018)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Know about Personal loan against fixed...
Loan against Securities: A viable...
Personal loan: Lender of the last resort
Personal Loan Vs. Cash advance from credit...
Effect of employment on loan eligibility...


Model Escoℛts Service In Pune 8888IOO484 Caℓℓ...
What is the outstanding Amount for my personal loan
ho many month balance in My Personal loan

NEWS THIS WEEK
LVB bank joined hands with NCML Feb 18, 2015
Syndicate Bank hiring 5000 new staff Feb 12, 2015
SBI donated Rs 8.6 cr as a part of CSR activity Feb 11, 2015
Canara Bank tied up with NHBC Feb 9, 2015
Hiring for Probationary clerks in South Indian Bank Feb 5, 2015
News Archive