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Besides the personal loan interest rate, what else is there to be wary of?

Avik Chakravorty

The one thing that a borrower may be able to reduce is their personal loan interest rate and rightly so. A reduction in the interest rate would result in a lower cost of the loan to the borrower. Besides, a low-cost financing solution is always up for grabs. It should come as no surprise, that the basis of comparison or evaluation of loan options for most people is lower interest rates. Nonetheless, the low-interest rate is not the one and only matrix for comparing and evaluating personal loan options. There are other matrices that borrowers ought to consider prior to applying for a personal loan. Credit score Prior to applying for a personal loan one ought to be alert about one’s credit score. One ought to be aware of one’s credit rating even if it's over 750; the reason being the credit bureau may erroneously make entries resulting in a ripple effect of the relegation of one’s credit scores which in turn affects one’s eligibility negatively. Besides, even if one’s score is over 750, the score can be further improved. The crux of... Read More

Get Personal Loans Online for Quick Access to Funds

Avik Chakravorty

In this day and age, there are varieties of loans available catering to one’s specific requirements including car loan for purchasing a brand new car, two-wheeler loan for purchasing a new bike, a home loan for financing one’s dream home and last but not the least, education loan for funding one’s higher education. Nonetheless, individuals who aren’t applying for either of the loan categories may avail of a personal loan. As a financing tool, a personal loan is just right for alleviating one’s crisis situation. Personal loans are quite flexible for the borrowers seeking financing for fulfilling their current goals resulting in an improvement in their present situation. A personal loan is essentially a loan that banks, financial institutes, and credit unions provide to individuals for fulfilling their comprehensive personal expenditures including wedding, medical, business expansion, foreign vacation, debt consolidation and so on. The money is not to be used for funding any unlawful activities, and according to experts, it wo... Read More

Personal loan mistakes to be avoided

Avik Chakravorty

Personal loans are usually hasslefree and therefore much sought after. If one is in a financial pickle, one can count on a personal loan on-demand for financial relief. Therefore under any circumstances; a medical emergency for example or if one needs funds for travel purposes or for an upcoming wedding in the family, there is absolutely no other alternative other than a personal loan. However, one ought to ensure that one refrains from making the following mistakes wittingly or unwittingly while applying and repaying one’s loan. 1. Applying without any comparison During the submission of a personal loan application, it's quite obvious that one badly needs funds on-demand. Nonetheless, one ought to compare the facets of personal loans offered by varied lenders regardless of how hurried one may be. One ought to inquire about personal loan interest rates offered by a gamut of lenders as well as the loan amount, tenures and processing fees prior to opting for a loan. Following this procedure would result in finding the most favorable... Read More

What to keep in mind when comparing personal loan

Avik Chakravorty

Comparing personal loans is among the crucial steps while one submits one’s application for personal finance ensuring that one is able to avail the most lucrative and feasible deal available. Nonetheless, for most borrowers; the ones that are taking a personal loan for the first time, in particular, analyzing options may seem as though it’s a problematic task. The most vital aspects to be mindful of while comparing personal loans are 1. Comparing the amounts offered At the outset, one ought to compare the offered loan amount. It's not that the upper and lower limits of the loan amount offered by lenders would typically be the exact same amount. 2. Tenures Tenures are extremely vital. Lenders offering protracted tenures are easier to repay. Nonetheless, there are lenders offering very short tenures in comparison with others. Therefore the defaulter rate is higher on personal loans with short tenures as a result of financial meltdown leading to cash crunches. 3. Processing fees This is a non-refundable amount or the cost of app... Read More

What To Do After Taking a Personal Loan

Avik Chakravorty

These days, people increasingly are choosing to avail a personal loan owing to skyrocketing costs of essential as well as luxury items. Individuals and families alike are aided as the chasm between income and expenses become narrower through a personal loan. A personal loan is an absolutely unsecured loan and therefore there is no collateral or security as backing. People often avail of personal loans from either banks or non-banking financial companies (NBFCs). As the risks attached to a personal loan are higher to the lenders, therefore the interest rate on a personal loan is equally higher in comparison with a car or a home loan. The decision of taking a personal loan is a decision rooted in considering the outcomes carefully and researching the lenders thoroughly. The things to bear in mind to avail a personal loan are: First and foremost one ought to ensure that one is eligible for a personal loan. The next thing in order of priority is ensuring that one has stable employment followed by adhering to or fulfilling the age crit... Read More

The Features and Benefits of Personal Loan

Avik Chakravorty

Personal loans are usually instantly approved and disbursed within a day! One can borrow several lakhs without any collateral pledged. Nonetheless one has to fulfill the simple criteria for eligibility and submit one’s mandatory documents to avail the funds that one may need. Loan repayment is easy with flexible repayment schedules ranging anywhere from a year to twelve years. Some of the features and benefits of a Personal Loan are • Lower EMI payment Expenses do not skyrocket rather they are within reach of what one can afford as installments are reduced substantially paying only the interest part of the EMI; not the principal. One can borrow frequently from one’s personal loan account without having to apply over and over again for further documentation. • Instant approval With the basic eligibility criteria met, by sharing a few details, one could have approval on one’s application for a personal loan instantly. • Minimal documentation By following the simple steps in the process of applying for a loan one can submit the m... Read More

BANKS' COMMITMENTS TO CUSTOMERS AND WHAT CUSTOMERS CAN EXPECT FROM THEIR BANKS

MyEazyLoan

Banking Codes and Standards Board of India (BCSBI) which was registered on 18.2.2006 in Mumbai as a society under the Societies Registration Act sets out the right commitments and standards to be followed by the Banks. Under the aegis of BCSBI a customer can expect the following commitments from the Banks; 1. To act fairly and reasonably in all dealings with the customers by the banks; 2. To help customers to understand how financial products and services work; 3. To help customers to use their account or services by providing regular appropriate updates and keeping them informed about changes in interest rates, charges or terms and conditions; 4. To deal quickly and sympathetically with them when things go wrong; 5. To treat all personal information as private and confidential 6. To provide a copy of the Code to the customer; 7. To adopt and practise a non-discrimination Policy irrespective of age, race, gender, marital status, religion or disability. Under the prescribed provisions of BCSBI the Banks are obligated... Read More

ASSET - LIABILITY MANAGEMENT BY BANKS

MyEazyLoan

In liberalised financial markets, banks’ assets and liabilities variations are considerably influenced by interest rate and exchange rate volatility. The competitive environment in the banking system due to removal of various barriers in their operations has added pressure to the importance of financial management. Banks have to manage not only credit risk but a variety of other financial risks including interest rate, exchange rate, liquidity, settlement, and transfer risks to maximise profit and minimise risks. The complexity of financial risks requires that a strong and dedicated risk management system is put in place covering: (1) assets, liabilities and off-balance sheet risks, (2) information and scientific risk management techniques and (3) dedicated asset-liability managers or committee (ALCO). Asset-Liability management as a means of risk management technique is an important function in a bank. It primarily focuses on how various functions of the bank are adequately co-ordinated, essentially covering planning, directing, and... Read More

Five tips while considering a Personal Loan

Avik Chakravorty

The vast majority of people during their lifetime avail some sort of loan. Regardless of the tenure of the loan; whether short term or long term what's important is being smart and ensuring one is aware of all the nitty-gritty. A personal loan essentially is about borrowing money from a bank or any other credit institution who are lenders and the borrower has to repay the loan through fixed EMIs. Since a personal loan is an unsecured loan, it means there isn't any collateral, like one’s home as one takes out a mortgage bond - the bank’s security is one’s home which the bank can sell if necessary for the recovery of the debt. The five tips below are intended to enable loan applicants to make informed decisions. 1. What is the true cost of the loan? As one is looking for the right loan one ought to ensure that one is comparing similar loan products. The real cost of a loan takes into consideration the interest payments, any additional charges, and payment due dates. Preferential rates are offered by some banks to customers with... Read More

Step-by-step Guide to Prepayment of Personal Loan

Avik Chakravorty

Prepayment of Personal Loan One can manage one’s personal finances with a great tool like a Personal Loan which most of us need. However, to get approval for a personal loan is fairly hasslefree with minimal eligibility criteria. Besides, there is a copious amount of lenders providing a personal loan. Since one has a personal loan, the next thing one ought to be concerned about is repayment of the loan amount. The interest rate on a personal loan is higher than any other loan type and consequently, repayment is tougher. The personal loan tenure is lower, which puts even more financial burden on the borrower. Hence, planning the strategy for prepayment of one’s personal loan has to be planned which is the initial step towards averting any error in mishandling a loan and avoiding a debt trap. Steps towards quick payoff of Personal Loan Loan Amount should match requirement Prior to applying for a personal loan, one ought to ensure that one applies for the exact amount that one needs. If one takes a loan amount in excess... Read More

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