Personal loans

#2
Its surprising to see that no one has answered your question as I am also looking for the same answers. It may seem too easy to procure one but then these are also essential at several aspects of life and one does require them in the long run. But I am always looking for suggestions and advices which can help me to get a secured loan which is hassle free. But I would love to hear more on this, so suggestions are welcome.
 
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#3
No my dear, a personal loan is not easy to procure. These private players make it easy to take. Do you know Personal Loans are also offered by PSU Banks. It is just that they don't popularise them as they may face recovery problems.

Almost all the formalities are same in case of you are taking a Personal Loan. It is just that in case of Private Banks, their Representative picks up all the documents on a phone call. and in case of PSU Bank, you have to go every time to the Branch to submit the documents. So, one feel that it is easy to get PL from Private Banks. But my dear interest rates are really high in case of Private Banks.
 
#4
Well, I found personal loan is the most easy & hassle free way to get the loan. One thing u can do is negotiate the interest rates with these agents of private banks..... talk to 3-4 banks & try to find the best deal...they do reduce their int rates when you tell them that xyz bank is offering me xxx rate, can u offer the rate lower than that ?

if u r going for big amounts u certainly get good rates.

I have a couple of personal loans going on at 11 % reducing balance.
The only drawback is the repayment period is max. 5 years.

Thanks,
 
#5
I second 173232,

Private banks do negotiate the rates but the same is not true for PSU banks. Their rates are fixed. Also, due to shorter repayment schedule in comparison to Housing Loans, the EMI also worked out to be preety high. In some cases even 7000 per lac. I think the benefit of Personal Loans is for those type of people who took money on much higher interest from local financers. Local financers charge very heavily. Their money almost doubles every six months.

Dear 173232, you must be having good track record of repayment as they are offering you 11% rate of interest. Also, you have picked a unique username. Anything special about it????
 
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#6
Nothing special about user id...its my user id in office, so just trying to keep it same across.

Personal loan helps in case when you are not able to produce necessary documentation for land purchase...e.g. In case you want to buy agricultural land, nobody offers loan like they offer in other cases.

I think, one should never fell for local financers, there is always better deal available in market that can beat local finacers.

Thanks,
 
#7
Not always 173232,

Sometimes people has no option but to go for local financiers, as they can get easy loan in quick time from local financiers. Sometimes, people have not enough time to go for Personal loan as PL takes about 7 days minimum and many a times, a person can't wait for 7 days. Nevertheless, nice comments. Please keep it up dude.
 
#8
it's not the same for everyone. getting a loan can be tricky and hard especially when you're new to it. there are lots of information out there on getting a loan. you should read before making your final decision.
 
#9
Transparent Floating rates lower than fixed rate.

Yeah correct... one should make sure all info is taken b4 a loan is taken...

I read abt transparent floating rates somewhere...

Some advantages
i. Transparent floating loans are at least two per cent cheaper than a comparative tenure fixed rate home loan.

ii. There is safety in numbers. Over 90 per cent of home loan consumers opt for floating rate loans. This is a potent, large community which politicians cannot ignore.

To check whether your bank offers a transparent floating interest rate on home loans, request for its record of benchmark rates in 2002 and 2003. This will help you gauge whether it has been transparent in its dealings.

More such info is given by the ceo, apnaloan.com

check out this link... Click
 
#10
Personal Loan

Sir,

Getting a personal loan is difficult. And the interest rates are high for the personal loan. It would be better to get a loan against car but for that you need a car. The interest rate on a loan against car will be much lower than the personal loan.
 
#11
Personal Loan

Sir,

Getting a personal loan is difficult. And the interest rates are high for the personal loan. It would be better to get a loan against car but for that you need a car. The interest rate on a loan against car will be much lower than the personal loan.
Hello sir, now getting a personal loan is easy compared to the gone times. You can now avail by setting your preferred rates and selecting your own tenure for the loan to be repaid. HDFC Bank has emi calculator which helps you do the above activities easily. You can find emi calculator on the HDFC Banks website.
 
#12
You should consider overall yearly and monthly interest rate on that. Something like ability to return it in some interest-free period if possible and especially sort of punishment for you if loan provider will not get it on time from you. So something like that;)
 
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