Loan
Loan vs Mortgage – What is the Difference & Comparison?
India has a significant market for short-term, unsecured financing. Studies show that the demand for such credit has risen considerably in the last few years; the data showed the total debt amount at around Rs. 20 Lakh Crore, which is a substantial increase from Rs. 6 Lakh crore in the last decade. Both secured and unsecured loans are offered by lending institutions at affordable interest rates and minimum documentation, making it easier for a borrower to avail the benefits of such credit schemes. However, the type of credit (whether mortgage or unsecured advance) one needs to avail usually depend on their unique financial requirements. Short-term unsecured credits are ideal for emergency financial requirements, while long-term secured advances are ideal for large scale expenditures. It is...
How to make your Financial planning easy with a Personal Loan Calculator
In this century, when the cost of living is reaching heights, personal loans have emerged as an ultimate way to carry out unexpected expenses. You can also meet the intended financial goals using a personal loan. If you use a personal loan EMI calculator before opting for a personal loan, then you can have significant benefits. Because EMI calculators have inbuilt preset formulas that can help you to plan your repayment schedule. The output from the personal loan calculator is always correct, so it does all the hard work on your behalf. Easy ways to plan your finances using a personal loan EMI calculator Doing EMI calculations yourself can be challenging. All types of different loans require different kinds of formulas. When you use a personal loan EMI calculator, then the calculation is d...
Availing a personal loan in Pune? Go through these 5 tips to help you choose the best lender according to your needs
With the increasing cost of living in Pune, people in the city opt to take a personal loan to cater to a plethora of requirements. Since a personal loan is an unsecured form of credit, salaried professionals in Pune can opt for this type of loan without having to pledge any of their assets as collateral. Moreover, this type of loan can be utilized to cater to pay off credit card bills, fund your vacation or even medical expenses. This type of loan can be availed for a tenure of 12 months-60 months at low-interest rates. However, when opting for a personal loan you must follow the below tips to choose the best lender according to your needs. First, let’s understand what a personal loan is? A personal loan is an unsecured form of credit that is offered without any security and is given based...
A Quick Guide to Personal Loan EMI Calculator
Whenever we talk about loans, the first thing that comes across in mind is EMI. The abbreviation, EMI stands for Equated Monthly Installment. It is a sum that a loan borrower is liable to pay every month in the subject to repay the loan. The EMI amount is calculated in such a way that the loan interest is higher during the initial months and gradually reduces with each payment. There are three factors used in personal loan EMI calculation: Principal amount: This is the base amount that is borrowed by the customer as a loan. It may differ from lender to lender based on their evaluation of the customer’s profile. Rate of Interest: The interest rate is the percentage levied on the principal amount. This may vary based on the lender to lender. Loan Tenure: The loan t...
Top-up Loans and its Benefits
When you require additional funds, loans taken on top of your existing home loan can be a great choice. Learn about the features of such loans and their several advantages in this post. Banks and NBFCs (Non-Banking Financial Companies) offer top-up loans to customers over and above their home loan to finance their various expenses. Since the customer has an established relationship with the lending agency, these loans are easy to get than applying for a new loan. If your current lender/bank does not offer top-up home loans, you can transfer your loan to another lender/bank. But before you transfer the loan, it is advisable that you check with the new lender if they provide a top-up loan. Eligibility To avail a top-up home loan, you need to satisfy the following conditions: ● &nb...
What are the types of overdraft facility?
When you are getting off at a limit from your bank, then you know that this overdraft loan will save you from the hassle. This dropline overdraft loan makes sure that you have a certain amount of cash for daily activities and withdrawal. The loan against property also has a lot of facilities alongside it. For example, there are different types of this dropline overdraft loan which you can avail at the same time. What is an overdraft loan? A dropline overdraft loan helps you to draw a certain amount of cash for yourself. It is guaranteed by a lender from your bank or your institutions from where you are getting these features once you get the overdraft loan for yourself, there will a specific limit to it. And once you have made sure to draw your cash in from that limit, you will have ...
Importance of Calculating Personal Loan EMI Beforehand
A personal loan is an unsecured loan, often considered as the best fit for coping with urgent cash strapped situations. This type of loan can be repaid over a due course of time, wherein the loan amount is distributed into EMIs as per your repayment convenience. Personal loans have gained immense popularity among loan seekers because these are offered without any collateral or security. Moreover, banks also offer competitive interest rates on personal loans, which usually start from as low as 10% for a period of 12 to 60 months. So, be it your wedding, higher education or medical needs, a personal loan has always got your back. However, it is important to remember your personal loan EMI before opting for one. To make sure you don’t default on EMI payments, you must access a personal loan E...
Can People with Low Income Take Personal Loan?
When it comes to crediting Unsecured Loans, banks and NBFCs primarily take into consideration Credit Score and Credit History of the borrower to assess their pre-eligibility for the Loan. However, if you are a first-time borrower, the eligibility criteria may differ a bit. In the latter case, as you would lack the credit history, your salary and income sources would become the most important factor for the lender. It doesn’t imply that those who currently have low take-home salary (for they have just started out their career or are working part-time due to other life goals) stand low or no chance for Personal Loan approval. However, the process could vary a tad bit for the borrower. It is a myth that you cannot raise credit in the early days of your career. For, if that had been the case, ...
How does the home loan calculator work?
Planning for a home is one of the most important endeavours of life. Whether it is planning for a housing loan, or planning to directly buy the property, a good planning is crucial to enhance the investment opportunity. With the rise of aspirations for buying one’s own home, and with the value of property increasing day by day, owning a home is a viable solution from both buyer and an investor point of view. Precisely why home loans have become one of the most sought after loans at present age. Home loan is usually taken for a longer period of time, upon which a certain percentage of interest is levied. And here the home loan eligibility calculator plays an integral role. Hence a well planned EMI calculator is an important tool which will assist in solving all doubts and queries. How does ...
Loan Against Shares: Things You Need to Check
Financing is a big concern for every small business owner. Whether you want to expand your business or take care of daily operations, you need to find the best way to fund your business. At this juncture, a Loan against Shares (LAS) can be an excellent option to meet your financial needs. Here, you can put your shares as collateral against a loan. The best part, you still get to enjoy benefits such as dividends and bonuses during the loan term. But before you take the loan, there are a few things you need to check: List of pre-approved shares Every lending institution puts out a list of shares eligible as collateral for Loan against Securities. So before you apply for the loan, ensure that different lenders accept your portfolio of stocks. Generally, this should not be a big problem becaus...
How to Get a Personal Loan if you are a New Employee?
Your first job opens up a range of new possibilities for you. It is seen as a steady source of income. This has several benefits, including the increased chances of getting a personal loan. Personal loans for salaried individuals are easier to obtain. Unlike other loans, the personal loan eligibility criteria are quite relaxed. So, even if it is your first job, you still stand a chance of getting a personal loan. One of the main factors for getting a loan is your ability to repay it. When giving a personal loan, the lender has to make sure that the borrower is financially equipped to do so. Having a job, even if you’re a new employee, reassures the lender that you’ll have a monthly salary to repay the loan amount. Both banks and financial institutions offer personal loans, but their requir...
6 Tips to Make Sure That a Payday Loan Lender Is Not a Scammer
A payday loan is a short-term loan, and it’s very beneficial when it comes to needing money for important essentials and emergencies. A lot of people resort to it because it’s quick to process the application, and the money can easily be handed to them just right in time. Payday loans are also of easier access compared to other borrowing and lending options. And because more and more people consider getting a payday loan, also a lot of companies are benefiting, and many also are starting the business. In the middle of numerous payday loan lenders you can see online, the challenge is getting a legitimate, trustworthy, secure one. Scammers and their twisting tactics are prevalent; that’s why nowadays, it is vital to be very wise, careful and alert. It’s about money, and you know how money ca...
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