A personal loan is a great tool to come out of a temporary financial crisis. However, many people make mistakes while handling or taking their personal loan which haunts them for years or sometimes even more. This blog throws some light on eight mistakes that you should avoid while taking or handling a personal loan.
Applying for a personal loan is as easy as clicking a website. It is the very quick process if you apply through online. For getting a personal loan, you need to fill up the questionnaire and then click to Get Loan Quote. You don’t need to take the support of anyone if you are applying for personal loan. Also, if you are worrying about EMI, then there are personal loan EMI calculators that will help you to calculate EMI.
Personal loan is a great tool to fulfill the need of money in case of any emergency. Now, you can apply for personal loan online easily. Also, you can compare different EMI plans and select the best offer according to your need.
Unlike other kind of loans you can get a personal loan sanctioned in a matter of 2-3 days. When bank officials come to your house, you have to furnish all the required documents to them and if they are satisfied they will complete all the formalities and sanction the amount in 2-3 days.
Balance transfer of the personal loan, as the name suggests, is the transfer of the outstanding principal amount on the existing loan to another bank. Usually, this type of transfer is done to get the better interest rates and to save money. Just about all types of loans can be transferred from one bank to another. Thankfully, most of the banks and financial institutions offer this service.
There are many reasons why your personal loan can be rejected. Want to avoid that? Here are a few tips especially if you are applying for a personal loan in RBL Bank. Keep reading.
Loan may not be so pleasing to hear but during the financial crisis, loan is the only reasonable solution to rely on and to meet the requirements. Borrowing from friends and family, can be a solution but does it feel right to disturb their finances?
IFSC code stands for Indian Financial System Code which is inevitable in order to transfer funds anywhere in India. Basically, it’s an eleven character code, including four alphabetical characters representing the Bank name. Out of 11 eleven characters, the fifth character is Zero which is reserved for future use and the last six characters are the branch code.
As the name suggest, personal loan is for fulfilling all your personal needs. Whether you have dream of going on a dream vacation or you want to have a big fat wedding, personal is there to help you cherish all your precious moments without worrying about the funds. People also opt for personal loan during an emergency situation like medical emergency as the approval of personal loan is faster than the other loans and there are surfeits of lenders where one can get personal loan without any hardships.
Be it your dream of travelling, medical emergency or a business expansion plan, they all have one thing in common and that is money. Due to lack of funding, most of the people end up in a bewilder situation. However, solution is always available if we look around attentively, like loans which are, basically, an amount that you borrow from financial institutions with a promise to give it back within certain tenure.
EMI stands for “Equated Monthly Instalments”, which a person is liable to pay along with the interest that financial institutions charged if he/she has taken a loan from bank or NBFC. Loan, as you may already know, is an amount that you borrow from banks and NBFCs and it can be for any purpose whether you borrow it for an emergency or for a celebration. Borrower needs to pay back the borrowed amount and banks charged you interest rate on that loan amount, to bridge the gap between you being unknown to them.
There are times when you need financial help for which you can’t totally rely on your relatives or friends for the financial help because they have their own needs to meet. It can be your dream vacation or a medical emergency, which require a good amount of money and to get the aid quickly, you can possibly opt for loans because it’s one of the fastest ways to get the help.
Personal loan is a good loan. How? Well, it cares for you and helps you to come out of your problems. Whether you want to accomplish your dreams or you want to save more money, personal loan is there for you.
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There are a few important tips that you should take care of while you opt for personal Loan.
Personal loans sound very lucrative and of course help us out in tricky situations or to come off emergency situations, but one needs to be very careful and aware of what they are getting themselves into while opting for a personal loan!
The business of reporting consumer credit is highly regulated. Your Credit Information Report (CIR) plays a large part in the loan application process.
Need a personal loan in India? As a borrower, it is much easier to obtain a personal loan if you have a guarantor. In fact, due to the risky nature of unsecured loans, some banks may not actually approve a loan unless the borrower finds a guarantor who is willing to be responsible for his or her loan.
Loans or credit agreements can vary in terms of interest-rate structure, transaction fees, late penalties and other factors. A standardized computation such as the APR provides borrowers with a bottom-line number they can easily compare to rates charged by other potential lenders.
Every loan borrower has different financial objectives and priorities in life, and attitudes towards risks. Many consumers often find themselves in a dilemma when it comes to choosing between secured and unsecured loan.
Before you get tempted to bite the bait of ‘no strings attached’ personal loan, we recommend the five most important personal loan tips everyone must follow to avoid personal loan debt trap of high interest rates and or unduly repayment.
Consumer’s past credit actions comprises credit history. Potential creditors, such as mortgage lenders and credit card companies, use the information in a consumer’s credit history to decide whether to extend credit to that consumer.
If planned well and implemented with discipline, you can actually lessen your burden by shedding your liability, partially or fully. However, make sure that the cost attached to prepayment, if any, in the form of a penalty does not nullify the benefits.
How to determine on being a personal loan guarantor? The question you should ask yourself is whether you will be able to repay the loan if the primary borrower defaults. Remember, when you agree to become a guarantor for a personal loan, you are making a financial commitment, one that should be done only after considering all the aspects.
How often have you been lured to avail a personal loan when your relationship banker has offered you a ‘no rules attached’ personal loan?
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