|Author: Mahesh 18 Jun 2016 Member Level: Gold Points : 2 (Rs 2) Voting Score: 0|
Most of the people prefer to keep something in liquidity in order to get the loan. Some of the most common things that can be liquidated for loan are -
These things can be used to liquidate in the bank or the personal loan giving agency. And based on the valuation of such property you can get the loan. And this in turn helps people to get the loan. Do note that you should only liquidate the property which you can get back by repaying. Otherwise there is a lot of hassle with the personal loans or with such type of loans.
Most common personal loan these days is using the gold for the money. And this can be good considering you can get the gold at good price when the market is good. If in case you can't pay it back, then unlike land and property, you don't feel much attachment.
|Author: Kailash Kumar 18 Jun 2016 Member Level: Platinum Points : 3 (Rs 3) Voting Score: 0|
There is no alternative to personal loans. All other options are likely to prove even costlier than the personal loans offered by the banks. The best thing is to develop a habit of saving. Going through this logic, the only alternative to the personal loans is only the savings of the individual concerned. The total income of the individual, whatever it may be, should not be treated as his/her actual income. After deduction of the savings component which may be as low as 5%to 10%, the remaining amount should be treated as the net income and budget should be made accordingly. In this manner, a certain minimum amount will always be available with the individual for emergency requirement.
|Author: Swagatika Pattanaik 25 Jun 2016 Member Level: Gold Points : 1 (Rs 1) Voting Score: 0|
Although there are cheap loans available as compared to Personal loan, but the eligibility criteria for personal is very easy.
Also as there is no collateral, guarantor required for which banks charge around 15% for personal loan. It is purely depend upon either on your salary or Income tax return amount.
SO I do not think you can get any other way to get cheaper loan with this same condition.
But if you are having a salary account and taking the personal loan from same bank then you might get some discount on processing fees as well as interest rate around 12%.
|Author: Tara 05 Jul 2016 Member Level: Silver Points : 2 (Rs 2) Voting Score: 0|
Persons availing personal loans from banks will not be having any source of guarantee or holding for the banks other than salaries or sureties and these types of loans are high risk loans for the banks and to cover these risks they charge flat rate of interests which are rather more than other loans which are specified as priority loans. Personal loans are classified as non-priority loans.
To have a cheaper rate of loans you should have deposits in banks against which loans to the extent of 90 percent will be granted and the rate of interest will be 2 percent extra above the rate of interest on deposits. If you belong to economically weaker section then you can avail Differential Rate of Interest loans which are granted at the rate of 4%. If you are availing under any government sponsored schemes then also the rate of interest will be cheaper than personal loans.