Personal loan articles

Personal loan is considered as one of the easiest that an individual can take. There are generally no questions asked, no need of proofs, no criteria to be met. This is unlike other loans, such as those for education, where you require giving evidence of admission, or a home loan, where your house will be [...]

For Indians, gold is considered as an essential investment from a cultural, emotional and safety perspective. One bought, is a dead investment. It tends to lie in the locker not earning you any money. Why not make use of it in your time of need?  You can monetise this idle asset to help you tide [...]

Bank fixed deposits are one of the most common savings scheme open to an average investor. Fixed deposits also give a higher rate of interest than a savings bank account.  The facilities vary from bank to bank. Some of the facilities offered by banks are overdraft (loan) facility on the amount deposited (or loan against [...]

Have you got a call, sms or email from a bank saying that they have pre-approved a personal loan for you? Pre-approval of loans, is a marketing strategy adopted by banks and financial institutions, to enhance their credit disbursal, by cross selling products- in this case loan products to customers based on the existing information [...]

Rajesh has been a credit card holder of a foreign bank since the last 2 years. He recently got a letter in the mail from the same bank saying that it had approved a Rs 2,14,000 loan for him at a lower interest rate than what was being offered to other customers. The letter said [...]

Banks have changed the mandatory minimum savings account balance amount from time to time. A rise in the amount can be a cruel blow to many account holders in these tough times. There is a financial implication of the change as it would end up blocking a larger amount of funds for account holders. While [...]

Prepaying a personal loan is the effective way to get the debt money off your back. But keep in mind that it comes with a hefty penalty. Most banks have clauses regarding prepayment included in a loan agreement and charge a fee, up to 5%, on the outstanding principal amount. Hence, it is a good [...]

Interest Rate
Like in all other loans, the component that bothers one most in a personal loan is the interest rate. Personal loans are known for their high interest rates, falling in the range of 14% to 25% per annum. So it goes without saying that the lower the interest rate, the better it is for [...]

Jyoti is looking for a personal loan. Out of the five banks considered a couple look good to her and hence she is thinking of choosing between these two offerings. One factor that has been at the back of her mind is the time period for the repayment of the loan. She would prefer a [...]

Shekhar is a self-employed professional who is looking for a personal loan. But he is worried whether any bank will actually give him the loan as his net annual income is around Rs 1 lakh. The worry stems from the fact that the income level might not be enough for the loan approval. The other [...]