A personal loan would assist you with your finances. It is a short term loan, unlike the business loan or a mortgage loan which is of a longer term and you have to fulfill a lot of formalities as that would be a kind of secured loan where collateral has to be given to the financial institution which is lending you the money. Whereas a personal is a form of unsecured loan and it is been taken for personal use for example vacation, education, purchase of air conditioner, household repairs etc. But this kind of loan would come at a cost for the borrowers, as it is unsecured and the lender has a fear of the loan turning into bad debt, the interest rates charged on these loans are much higher than usual. Personal loans are usually given on fixed rate of interest. If your credit score i.e. your financial behavior in the past has been good, then there are chances that the borrower might get the loan at a lower rate of interest. A lower rate of interest would be great as it would mean that the borrower would not have to pay an even larger amount than the actual cost.
The biggest advantage of such loans is that the borrower would not have to risk ceasing of any of his property in case of non-repayment of the loan that has been taken. This may also be cheaper than using your credit card for any cash advances. As the credit card fees and interest rates charged on it are higher than the interest that is to be given on a personal loan. The demand for personal loans in the tier I cities have always been higher than the tier II cities. The applicants for personal loan in Delhi are increasing which is a positive sign for the loan industry in Indiaduring the time of rising interest rates and a hovering financial crisis. This also shows that the consumers have now started spending and are more prepared to lay a debt onto them. This in turn would help the economy in recovering faster as the consumer spending will work for the slowing GDP of this country to grow. Almost all banks are offering personal loans for example HDFC Bank, Axis Bank, SBI, etc. The interest rate ranges from 13.5% to 19.5% as per the salary bracket of the individual. The" Properties and loans" website would give you holistic views of what kinds of loans are available in the market and the product that suits your needs. The borrower can also do a comparison of the interest rates offered by different banks.
The biggest advantage of such loans is that the borrower would not have to risk ceasing of any of his property in case of non-repayment of the loan that has been taken. This may also be cheaper than using your credit card for any cash advances. As the credit card fees and interest rates charged on it are higher than the interest that is to be given on a personal loan. The demand for personal loans in the tier I cities have always been higher than the tier II cities. The applicants for personal loan in Delhi are increasing which is a positive sign for the loan industry in Indiaduring the time of rising interest rates and a hovering financial crisis. This also shows that the consumers have now started spending and are more prepared to lay a debt onto them. This in turn would help the economy in recovering faster as the consumer spending will work for the slowing GDP of this country to grow. Almost all banks are offering personal loans for example HDFC Bank, Axis Bank, SBI, etc. The interest rate ranges from 13.5% to 19.5% as per the salary bracket of the individual. The" Properties and loans" website would give you holistic views of what kinds of loans are available in the market and the product that suits your needs. The borrower can also do a comparison of the interest rates offered by different banks.
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