- Would taking a personal loan at the end of the financial year, for tax planning, and repay in next would be a good decision?
Personal loans can be pretty expensive and the repayment charges and EMIs make them even more so. If the requirement is of credit for a few weeks, then it would be better off by making the investment through the credit card rather than by taking a personal loan.
Have heard that some banks provide personal loans at floating rate of interest. Which is the best way for PL?
Fixed rate of interest for personal loans and also most banks provide these only.
Outstanding bill of Rs 55,000 on credit card. Is it a good idea to take a personal loan and clear all outstanding on credit card?
It is a good idea as long as you are not going to use your credit card for taking up fresh debt. Also,there are chances of you facing difficulty in getting a personal loan if you have already defaulted on your credit card payment.
- Is personal loan useful for running a business or are there other options available?
A better option is a secured personal loan or commonly known as loan against property / security (such as a house/ office/ shop or financial security such as jewelery, shares, units, insurance policies, etc) which are cheaper than normal unsecured loans.
