Hi Basu sir,i want some suggestion about personal loan.I m working in Prasar Bharti as engineer since jun 2015. I need personal loan amounting to 5 lac. Can u suggest me Best personal loan? All PSB’s asking me 2 yr IT retun filed including SBI(my salary account). In such case other options are ICICI,HDFC,BAJAJ FINANCE. I am living on rent basis at my place of work, so they are asking Rent Agreement now problem is that Owner’s are hesitant to give rent agreement as they dont want to show their rent income,what i should do in such scenario?Also
1.I opened Hdfc bank account in sept 2011,they are charging me for non maintenance of AQB and my balance is -5000(minus).Will this affect my CIBIL score?If what i should do?
2.your valuable suggestion on Bajaj finance as the internet is flooded with negative reviews about their personal loan.
I hav to payback some standing informal means loan(2 lac at 24% pa)and remaining for my marriage.
My net payment 35000.
Again how risky is it to go for floating Rate of interest?
pls ans my prev que. also.
But do you feel the personal loan is cheaper than 24% loan (after adding processing charges and all)? Its bad idea to go for personal loan. Try to clear off loans from existing saving. Otherwise, increase your savings to save more. This is my personal view.
I think to go for personal loan is better.
1.I can pay in EMI as compared to accumulating funds and then paying(24% wil b charged while accumulation time)
2.If i can hav personal loan at say 15% then i can save two third amt. towards interest compared to 24% over same tenure(say 3 yrs)
Amt. 5lac,tenure 3yr
Total interest-3,60,000(at 24%)
and 2,25,000 (at 15%)
calculated flately at the end of tenure bt decrement in principal wil b applicable samely in both case
so can save 1,35,000
minus processing charge and other charges say 25000 stil can save upto 1 lac.
what u say? correct me if i m wrong.
I understand your calculation. But what is my concern is, don’t rely too much on personal loan or credit card habits. They kill your life. You can go ahead and clear off the loan which is at 24% interest rate. However, for your marriage, try to save more and more.
Firstly Personal loan is nothing but an unsecured loan it doest has any asset. Personal loans should be taken only in emergency conditions or personal issues. A personal loan has the tenure also very short in between 3 to 6 months. But don’t misuse the personal loan facility otherwise you won’t be able to get the loan in your life.
As you are a salaried employee you can easily avail of personal loan from various NBFCs and private lenders. Only the requirement is to fulfill the eligibility criteria & documentation procedure. I have also applied for the loan from Fullerton India 6 months ago. It is an NBFC which provides personal loan for salaried with a minimum interest rate.