Posted by admin in Mortgage
How to get the best interest rates for Personal loans?Loans are most sought after in today?s financial market. Many people need loans today for various purposes. Most of the loans are taken for specific purposes such as for buying real estate, for getting educated, for buying vehicles, for buying various home appliances. Other type of popular loans are gold loans.
But, a different type of loan is also offered, that does not come under any of the above mentioned categories, which is personal loan. Personal loan is one of the most sought after loans today. Many people are ready to take personal loans because of the ease of getting one. Today, personal loans are given by banks, non-bank financial institutions, private finance companies and private money lenders.
There is good amount of demand for best personal loans that are offered.
One of the reasons is that lenders do not have to furnish any kind of collateral as security and more over, lenders may not also reveal the purpose for which they are taking personal loan India. With such advantages, there is bound to be demand for personal loan India.
The minimum amount of personal loan that can be taken is Rs.20,000 and the maximum amount is Rs. 2,000,000.
People take interest in applying for best personal loans at banks. The reason for many people to choose banks over other financial institutions is because of high interest rates that they charge. But, banks on the other hand charge less interest in comparison to non bank financial institutions, private finance companies and money lenders.
Taking personal loan from banks is much better than taking loans from private finance companies and money lenders. One of the reasons is that they charge exorbitant interest rates irrespective of the credit worthiness of lender and repaying capacity. Secondly, unlike banks, private finance companies and money lenders do not allow for premature closure of loans through full settlement. This is the second disadvantage of loans from private finance institutions.
But, terms and conditions of banks are flexible in comparison with private and other lenders. Usually, interest on personal loans charged by banks can range between 14% to 18% per annum. Banks charge interest on personal loan depending upon annual income and disposable income of the individual. This is because, the higher the pay, the lesser the chances are to default. While, on other hand, private finance companies and lenders charge 24% to 36% depending upon their rules and regulations. Interest charged by private money lenders can be much higher.
In order to know interest rates about best personal loans, one can search online. Nowadays, banks are providing information about personal loan India, the concerned interest rates and other details on their official websites. One can choose and apply for best personal loans online. Before applying online, they can check their eligibility through online calculators. There are other platforms such as PolicyBazaar which provide online EMI calculators for personal loan India. These online calculators will give brief information about the amount of interest that the lender will have to pay and also help in forwarding online personal loan application to relevant bank for further processing.
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Source: http://www.publiclaw-events.com/how-to-get-the-best-interest-rates-for-personal-loans/
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