Q - Should one take a personal loan in place of other loans like home loan, business loan or is it very expensive?
A - A personal loan significantly has a higher rate of interest when compared to a home loan. On the other hand, the loan repayment tenure of a personal loan is also shorter, when compared to that of a home loan. Hence it depends on your power to repay and the amount of loan you require.
Q - Which is the bank giving lowest rates in personal loan?
A - There is nothing like a 'best bank' or a 'best rate of interest'. You need to look around before you finalize a lender or bank.
Q - Can one avail more than 1 personal loan from the same/different banks? What are the interest rates? Which documents are required?
A - Anyone can apply for more than one personal loan from the same or different bank(s) conditioned he/she are eligible for the same according to their income and other relevant details or documents. The interest rates would range from 13% to 21%. The document required are:
1. A copy of your passport or driving license or voters ID or PAN card or photo credit card or employee ID card (in case you are employed with a government owned company) as identity proof and signature proof.
2. A copy of your passport, or ration card, or utility bill, or voters ID, or LIC policy receipt as residence proof.
3. The proof of income
Q - Does SBI provide personal loans?
A - SBI provides personal loans only to the employees of selected organizations only. If the person doesn't fall under that bracket then they may not give a personal loan to that person.
Q - What is risk behind taking a personal loan of Rs. 6 lakhs for down-payment of house for a period of 6 months?
A - As already told before, there is no such thing as the "best loan rate". If such would be the case, all other banks and schemes would have no consumers at all. Different banks are strong in different areas depending on the type of client, the type of property and specific loan needs. You will have to explore the market to find the best loan rate suited to your needs.
Tuesday, January 8, 2008
Subscribe to:
Post Comments (Atom)
1 comment:
Hello. This post is likeable, and your blog is very interesting, congratulations :-). I will add in my blogroll =). If possible gives a last there on my site, it is about the CresceNet, I hope you enjoy. The address is http://www.provedorcrescenet.com . A hug.
Post a Comment