Low Interest Personal Loan: Your Financial Companion in Times of Need

May 10, 2010 · Posted in Bad Credit Check Loan · Comments Off 

 

The quickest and easiest way is to take personal loans. Loan taking for personal purpose such as for purchasing a expensive electronic accessory, daughter’s marriage etc. comes under the category of personal loan. These are the unique retails loan products offered by a number of Banks nowadays in India. The personal loan is available in various types such as Consumer Durable Loan, Marriage Loan, Pension Loan, Festival Loan and Personal Computer Loan. Though, the personal loan is broadly categorised into two types – secured and unsecured. In secured personal loan the borrower has to keep his property to the bank as security where in unsecured personal loan, there is no need to keep any security near Bank.

There are very minimum documents and eligibility criteria are required for taking personal loans and if the bank is satisfied about the borrower’s credentials and repayment capacity, the loan dispersal is almost immediate. To get this kind of loans the borrower has to pay some charges to the banks. This processing fees and administrative charges vary between 1% to 5% of the loan amount. Indian banks usually do not demand for any security, guarantor or collateral for issuing personal loans, they just keeps in mind about the the repayment capacity and regular income of the borrower.

If the borrower wants to prepay the amount of personal loan the banks will usually charge a prepayment penalty. This penalty is usually up to 5% of the outstanding loan amount. Though State Bank of India do not charge anything for repayment of loan amount. By having the SBI’s Saral Personal Loan one can pay more than the EMI amount, without attracting any prepayment penalty.

To get the attraction of more people Indian Banks come with additional benefits to those seeking personal loans Like the HDFC bank offers the unique personal accident cover insurance to the borrowers of personal loan, which ensures the borrower’s family and comes with a very nominal premium. On the other hand, the UTI bank comes with the offer of free personal accident insurance cover which gives zero balance savings account facility to their personal loan customers.

The personal loan market in India is growing day by day. If the borrower has a satisfactory track record, a credit card with good record for the previous one year and/or a clean credit history of any previous loan repayment then he can bargain for the best rates with the bank for the personal loan. Various Banks offer different personal loan interest rates. Some of them offer really low interest personal loan to their customers. For taking low interest personal loan, the borrower will need to have a really exemplary credit history. If he has ever defaulted on a loan before there is no chance you will get a low interest personal loan. The bank will check the borrower’s sources of income and his ability to repay the loan amount.

To get a low interest personal loan, the borrower is required to prove himself/herself and convince the bank that he/she is the kind of client that they want to deal with. That can be done by showing a clean credit record, previous year’s paid taxes and the documents of income. By having all the necessary documents and presenting himself in a professional manner, the borrower will increase his chances of getting a low interest personal loan.

For more information about personal loans in India and best credit cards. Please visit our website: http://www.paisawaisa.com/

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Flaunt your luxurious four-wheeler dream this season with the help car loan

November 13, 2009 · Posted in Fast Cash Loan · Comments Off 

Recently, just when Navratras began, a surge in car-purchasers confidence was seen for family-cars like Maruti Swift, Dzire and even A-Star.

Beside the trusted Maruti Car models, other established car brands like Hyundai, Chevrolet and Honda are also catching eyeballs, recording a increase in demand levels within the range of 7-10 percent in the current season alone.

However, such revivification has also gained strict examination since people are reflecting over the fact that what has prompted this sharp Now the question arises that how can one be so sure of reviving economy that buying a new car is his first choice now.

The answer is quite uncomplicated. It is the inexpensive sedan funding schemes that are being made available in a convenient style.

Both Private sector such as ICICI Bank, IDBI Bank, HDFC Bank, Kotak Mahindra Bank, Tata Capital, Canara Bank as well as public sector banking entities like State Bank of India have been extending comfortable financing deals that has not only delivered goods for the makers but has also resulted into growth in demand levels from rural areas.

Speaking of private loaners, the largest of them all, ICICI Bank is offering the car loan products up to the max. limit of 90% of ex-showroom price of any vehicle and that too with the repayment term of 5 years.

However, the availability of these loans also counts on certain pre-defined conditions like the annual income as well as past repayment records.

HDFC Bank is another corporate banking entity name in the Indian banking industry that has been offering 100 percent car-financing facilities to its client.

However, the legal specifications here too changes for salaried person as well as for self-employed person.

Loan products with a repayment term of 1-7 years, are being rendered by banks. In case of public-sector bank, State Bank of India, country’s largest bank, is supplying auto loans @ 8 percent rate of interest which will be step-upped to 10 percent in the second year.

Canara Bank is supplying car loan at set ROI of 8 percent in 1st year; 9 percent in the IInd year and 10.5 percent in the IIIrd year, which will eventually carry on to Vth year.

IDBI is also out with the similar kind of loan deals. Best offers can also be secured through the banks which are already in an agreement with car dealers.

The recent event of Hyundai inking MoU with Bank of Rajasthan and Central Bank is suggestive of fact that customers can now get auto loans at comparatively lower interest rate and with convenient repayment tenure.

Government bank, RBI is supplying alleviation to banks which in turn are passing on the advantage to customers by providing car loans at as low as 10.5 percent (with no processing fees and foreclosure prices).

This exercise of passing benefits to customers is actually pulling in lot of attention from loan aspirants which might help banking segment from revival from liquidity crisis’ after-effects.

The author is a business writer for finance and credit products. Know more on personal loan, home loan visit www.paisawaisa.com/

Article Source:http://www.articlesbase.com/loans-articles/flaunt-your-luxurious-fourwheeler-dream-this-season-with-the-help-car-loan-1455126.html

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