How much personal loan should you take and why should you pay your personal loan EMI on time?

May 21st, 2010 by rupeetalk.com

Assess the amount your loan requirement and then decide the amount of personal loan you need. Do not borrow more than you need just because your bank is providing you with it. After all it comes at a cost and in this case at a high cost. Also let the loan amount be such that you would not have trouble re-paying the loan. Repaying the loans in time is essential for
- Maintaining your credit history: Banks provide details on your repayment history to CIBIL, the credit rating agency. CIBIL takes this data into consideration and arrives at a credit score for you. Delays in repayment/defaulting will impact your credit score which in turn will impact your borrowing cost, if you were to go for a new loan in the future
- Managing costs: Banks levy penalty on late payments which will increase your cost of taking the loan. So it is essential you pay off your loan in time to avoid escalation in the cost of the loan.
Published on May 21, 2010 · Filed under: Personal Loan Tips; Tagged as: CIBIL, credit history, personal loan, personal loan charges
5 Comments

neeta said on August 10th, 2010 at 5:49 am

eligiblity of personalloan
neeta said on August 10th, 2010 at 5:50 am

want a personal loan upto rs.500000
Amreen said on February 6th, 2011 at 9:57 am

Want a persolnal loan upto 200000 rupees.
bhavna jadhav said on January 18th, 2012 at 9:37 am

i want a personal loan upto Rs. 1,00,000/-
and for that there is any process or terms then please send on my email-id
raghu said on February 10th, 2012 at 10:54 am

2 bank offered me perosonel loan

1. 1 percent processeing fee & 15% reducing balance emi

other bank
9% fixed interst with 1-2 % processing fee

which is better