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SBI Pension loan scheme helps you get funds for your child’s marriage, to buy your dream house, plan for a vacation and especially for medical emergencies. Eligibility of personal loans for central and state government pensioners, defence pensioners and family pensioners will each have it's own criteria.
Tenure is the time period within which you would have to pay your loans back within the given time. When you’re in need of a personal loan and you want to make sure you get the ideal tenure deal, its better to take into consideration a few factors.
As long as you have a good credit score and meet the eligibility criteria for either of the loans, you can avail them. The lender has to be convinced enough to know that you would be able to handle both the loans and make payments regularly.
Personal loans are unsecured loans and can also be secured loans sometimes that can be availed for meeting your immediate financial needs. If you are planning to go on a trip and are in need of funds, then you can go for a personal loan.
The overdue amount on any personal loan would fall under the unpaid EMI for the specific month. The borrower has failed to pay the EMI on or before the due date. Failure to pay the EMI on-time may result in a penalty that would be a certain percentage of the EMI.
Personal loans are not bound by salary slips. But, all lenders will ask you to submit proof of income. Personal loans are offered to both salaried and self-employed individuals. When you mention your occupation in your personal loan application as ‘Private’ or ‘Salaried’, it can be mandatory that you need to submit the salary slips. On the other hand, the self-employed individuals are not needed to submit payslip.
Personal loans from Tata Capital are flexible. Interest rates are fair and tenure periods are longer. Eligibility while considering an individual’s salary is less. The fees and charges are not too much either. You can decide the quantum of the loan according to your needs and pick the EMI that you are comfortable with. There is no need of collateral or any kind of security.
Prepayment is a process where the borrower decides to pay his loan partially in maximum amount before the loan closure period. HDFC Bank allows you for the partial payment of a personal loan if you have taken HDFC Bank Personal Loan, on or after 1st of April 2018.
Pre-closure or pre-payment is a process where the borrower chooses to pay his loan fully or partially before the due date. Before taking this step, the borrower should make sure that he has sufficient funds to close his loan early. It is also advisable that the borrower finds out with his lender if there is any penalty for pre-closing his loan.
A personal loan is an unsecured loan and the lender would want a strong proof for repayment. Your salary is a major factor that determines your loan eligibility. Most lenders do not entertain candidates with income less than Rs. 10,000.
Personal loan is a popular loan that can be availed easily from any bank without security. HDFC Bank provides pre-approved personal loans to both existing and non-HDFC Bank customers. You just need to check the eligibility by visiting their official website.
To check whether you are eligible for the loan, you need to visit the official website of the bank and check out loan section. You need to enter your personal and contact details. You will instantly know if you have a pre-approved offer. If you are a customer of ICICI Bank, you can just login to the net banking and see the eligible offers.
Yes, it is possible to have multiple personal loans from banks as long as you meet their eligibility criteria. Also, the number of loans you have are dependent on your debt to income ratio and your credit score.
If you make your EMI payments for your personal loan on time and in full, your credit score will improve as you will be considered a responsible and creditworthy customer. This is very useful as a good credit score can get you better credit offers in the future.
If you have a good credit score that is above 750, the interest rates that you will receive for your personal loan will be lower. A credit score is a three-digit number that shows your creditworthiness. Banks use your credit score to assess your reliability.
It is possible to get a personal loan without having any credit history, it can be hard. Here are a few tips to keep in mind when applying for a personal without any credit history.
It isn’t about which is the best bank for personal loans, but which is the bank that is right for your personal loan needs. Each bank has different eligibility criteria which may not be applicable in the same way to everyone. For example, you are likely to get a better personal loan with the bank where you have a savings or salary account than with the bank where you have no relationship at all.
An Equifax credit score of above 750 is considered to be a good credit score for a personal loan. Most lenders check an individual’s credit score in order to judge their creditworthiness. So, if you have a credit score of above 750, it reduces your risk factor to the lender as you will be considered a creditworthy customer.
A personal loan has a lot of advantages. It can help you provide immediate finance for your wedding, vacation, education, purchase of gadgets, home appliances, medical emergency, etc. As it is an unsecured loan, getting a personal loan with lower interest rate is a challenging task. However, with the good eligibility criteria, you are very likely to get a personal loan with low interest rate.
There are a few differences between a personal loan and a bike loan (two-wheeler loan). Here are the differences:
If you are looking to buy a two-wheeler with the help of loan, then there are advantages to taking a personal loan and a bike loan. Based on financial and personal requirements, one can choose what is best suited.
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