Personal Loan is an unsecured loan that can help the borrowers fund personal and professional requirements. The loans are available at affordable interest rates and flexible tenors. To avail personal loan at lower interest rate petitioner needs to maintain the good credit score, income chronicle, etc. Many lenders necessitate the borrower to be a high salaried employee in a reputed organization.
Many wonder how to get a personal loan or why their loan applications get denied. The worry of loan dismissal has come to an end since now low salaried people (earning Rs. 12000-25000 pm) can also avail personal loans. Several banks provide personal loan for salaried person, such as Bajaj Finserv, HDFC bank, State bank of India, ICICI Bank, Axis Bank, etc.
Advantages of Taking a Personal Loan For a Low Salaried Employee Are:
Quick Approval: Typically a low waiting period can be a boon if you have immediate and pressing financial requirements. In most cases, the personal loan application is approved within 5-15 minutes. The loan amount is disbursed to the personal account of the applicant within one working day.
Collateral Free: The loan is unsecured, hence the borrower doesn’t have to submit any assurance to the lender.
Flexible Tenor: Reputed creditors provide loan to low salaried employees at flexible tenor ranging from 10-60 months. So, the populace can maintain their monthly expenses and pay their EMIs on time.
Large Loan Amount: leading banks offer personal loans up to Rs. 25 lakhs, enough in most cases to fund pressing medical, holiday, wedding requirements, etc.
Read More: How to Get a Personal Loan for Salary Under 20,000 in India
The personal loan appears absolutely helpful in times of need. From educational expenses to marriage expenses, personal loan is a great way to lower the burden of cash requirement.
But at times you may feel tensed when you have a personal loan to repay. In order to help you understand the best way to manage your personal loan, let’s talk in details.
In the end, one has to be sure of the budget they want as loan and above all, find the best lender.
When you pay back your home loan before its development, then banks might charge you an additional/extra amount. It is done to lessen the loss received by the lender. The main reason why people prefer prepayments is to save the amount added, on an interest. Although some banks might not charge any amount for prepayments, some funding firms may charge a minor amount as prepayment fees. Here are a few situations when a leader might put that charge:
If the Loan is taken by any Commercial Firm
When the home loan is acquired by a business organisation or a firm, then banks are authorised to charge you a pre-payment charge on the same. Use a home loan prepayment calculator to know the percentage of the fee.
If it’s a Fixed- terms Loan
Every type of fixed rate home loan is not covered when it comes to paying pre-payment costs. Therefore, if you have opted for a fixed/set rate home loan, then you will have to pay the price for foreclosing it. You can utilise/use a home loan prepayment calculator to see/get a clear picture of the amount and charges applicable.
If it’s a Dual Rate Loan
Dual rate loans are those that have a blend of fixed, as well as altering interest charges. If you repay the loan during the period during its first phase, then you have to pay the prepayment charge.
While taking a loan an individual has to repay the amount to the bank within the specific timeline to avoid fines/ fees and extra charges.
Reference Read: What is Home Loan Prepayment Charges Rules?
Planning to buy a land loan? Here are some important things that you must know before applying for a loan to buy a plot or land:
Type of Plot:
The very first thing to consider when applying for a loan for plot purchase is to know what type of plot it is. The plot can be independent or lying in a gated community. The lenders prefer funding a land in a gated community because it is more secure from the angle of encroachment. This means it will already have the basic required development done, such as developed roads, laid electrical cables, proper earmarking, the facility of sewerage and water pipes, etc.
The lenders can be specific about the location of the land. This is because they want to know the risk perspective of the land available for purchase. Since there are limited plots in the middle of the cities now, people often go for land purchase on outskirts. However, the potential risks in such areas are more compared to the land in the main towns or cities. Therefore, one must be aware of the geographical limitation of the land they’re going to purchase through a loan.
The loan tenure is usually up to 20 years for availing land purchase loans. However, there can also be some deviation as per the borrower’s profile.
Rate of Interest:
The rate of interest is usually similar to that of home loans and lenders float this scheme for a specific time period.
Reference Read: Points to Check before Applying for a Loan to Buy Land
Home loans serve several purposes. You can apply for one if you’re planning to buy a new house, renovating your current home, or even constructing a new one. Before applying for a home loan, it’s crucial that you go through the home loan eligibility criteria, so that you’re aware of what you’re getting into, and can even negotiate the terms and conditions. Take a quick look at the factors given below that makeup for home loan eligibility criteria.
Reference Read: Transform Your Dream of Owning a Home into Reality
Buying a home can be counted as one of the biggest financial decisions of an individual’s life. This statement applies on home purchase everywhere be it in Delhi, Mumbai or West-Bengal. That said, most people are already aware of home loan stamp duty and registration charges that would be levied in Delhi and Mumbai since these are big cities, and the information is already there on the internet. The same can’t be said for stamp duty and registration charges that would be levied on property purchase in West Bengal. Therefore, below is a simple guide shedding some light on stamp duty charges levied on property purchase in West Bengal.
Stamp Duty— West Bengal Rates:-
Stamp duty in West Bengal would vary based on different factors including the location of property. West Bengal is a very big state and Kolkata, as its capital, is likely expensive and so the stamp duty on properties located inside Kolkata would be higher. The same can be said for properties located near Kolkata or at a manageable distance from center of Kolkata. Apart from that, areas near Howrah, Hooghly river and Sealdah railway station are a little expensive compared to areas on the outskirts of Kolkata. So, the stamp duty varies depending on the property’s location.
To give you the gist, if you are buying a home for under Rs.25 lakh in corporation areas in Kolkata or Howrah, then you will be charged 6% stamp duty. In case of a house that costs more than Rs.25 lakh, the rate is 7%. Similar rates apply for houses at areas notified under corporation or municipalities.For other areas, the rates are 5% for properties that cost under Rs.25 lakh and 6% for properties above Rs.25 lakh.
Reference Read: A Guide to Stamp Duty Charges in West Bengal
Personal loan is an inevitable need; everyone knows they would need it at least once in their life. Thus, trying to ignore the need is utter foolishness; once should instead try and approve their loan eligibility to get approved for a low-interest rate on personal loan when the time comes. If that makes sense, below are some things you can do to improve your chances of getting approved for a low-interest rate personal loan.
The rich culture and colourful society of Thailand is a dream destination for travellers all around the world. With its clean sandy beaches and affordability factor, Thailand is one of the most sought after tourist destinations. Newly married couples looking to spend their honeymoon on the sea beaches can pay a visit to this colourful nation. While you are concerned about the overall budget requirement, you don’t really have to make large expenses. Touring within the tropical regions of Thailand won’t cost you much.
Along with its cheap accommodation Thailand offers convenient services such as visa on arrival for Indians. As a result, you can skip the initial formalities and get on with your budget travel to Thailand.
Travelling in Thailand is not an expensive affair. With abundant options of travel loan, you can easily plan budget travel budget travel to Thailand. That being said, in order to go on an affordable trip to Thailand here are some tips.
Also Read: A Guide to Explore Thailand Even with Low Budget
Having career in medical is quite promising, but to begin with it you need to have a good back up of
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.