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Juan Seymour

Personal bank loan Basic Information - 0 views

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started by Juan Seymour on 13 Aug 12
  • Juan Seymour
    Exactly what is a Personal Loan?

    A personal loan is actually an unsecured loan you can use to solve a variety of needs for example medical, education, vacation, household extension/repairs and also to purchase consumable items. In the contrast towards the loans used for business or commercial purposes, the individual finance is unsecured naturally and thus doesn't involve collateral security and borrower's credit history consideration.

    Benefits Of Personal Loans

    The borrowed funds will help you solve all your family and personal needs like education/vacation/holidaying and medical.

    The loan is used to sort out needs related to buying consumable items for example computer, television, air conditioner, refrigerator yet others.

    You can use it to hide household expenses such as home improvement, home renovation and home extension.

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    To be non-secured loan, borrower's credit rating and collateral security are not considered.

    The loan can be availed easily without wading through piles of paper works and documentations.

    Using personal finance is much better option than allowing credit cards to fulfill your individual needs.

    Personal Loans - Negative Points

    Personal loan interest rate is higher when compared with other borrowings

    Eligibility criteria for borrowers take time and effort because of non-requirement of collateral security and minimum documentations involved.

    The repayment capacity is taken into account strictly to determine if you can continue repayment in future.

    Banks or lenders follow a group of approved categories for borrowers because of the risk involved in lending the loan.

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    The speed of interest is generally higher, which range from 12% to 30%, as the prepayment penalty and repair charges are also very high.

    How you can Avail Personal bank loan

    Make contact with as many lenders as possible and focus your finance offers before choosing the best of them.

    The chosen lender's selling agent pays a visit to your house address to collect documents substantiating your identity proof, resident proof and proof of income. Other credentials like copies of IT returns, salary slips, bank statements, ration card, passport and driving license will be asked to produce.

    Once the documents submitted, the bank double checks them to make sure the facts provided in the documents stand undisputed.

    When the lender is content with authenticity of your documents, the requested loan is approved and it is subsequently disbursed through cheques or demand drafts.

    Conclusively, an individual finance can help you solve a number of needs related to personal, family and household fronts. This is unsecured finance and thus don't have you to secure your home whatsoever. This is a short-term loan and is used to fulfill immediate needs.

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