bluedee3000 asked:


I have a FICO score of 554. Are there any places that will still give me a personal loan?

REBECCA

tusharcosmic asked:


I am a trader of textiles,maintaining a good balance in my savings account and have a good credit history of more than one year. I am going to apply for a lot of credit cards as well as personal loans. What general precautions should be taken so that I may be able to get maximum number of credit cards and loans with good credit limits?

GLADYS

 

Money always plays the most important role in human lives. The desire to fulfill personal needs come to everybody’s mind but affording for that is not always possible. But in a country like India, that can’t be a barrier to fulfill your and your family’s desires. Because, there are hundreds of banks and other financial organizations in the country who provide loans for personal reasons. These kinds of loans are known as personal loans. India is situating on one of the top positions in terms of providing these types of loans.

Personal loans are simply those retail loans which are provided for the purpose of fulfillment of personal needs and expenses of individuals (prospective loan borrowers). The personal loans in India primarily are provided under five major categories. Though the loan amount and the rate of interest vary from bank to bank, but the purposes of providing these loans are same. Apart from the personal purposes, if someone possess the desire to establish his own business then also the Indian banks always welcome by providing the business start-up loans. Here, we will discuss about these kinds of loans.

Consumer Durable Loans : – These kinds of loans are being provided for purchasing consumer durable products like television, music system, washing machines and so on. These are one of the unique kind of loans that are provided by the Indian banks to attract more and more people towards them. Under this category of personal loan, you will get an amount ranging from Rs.10,000 to Rs.1,00,000. But there are several banks which provides a minimum amount of Rs.5,000 and the maximum amount of Rs.2,00,000 under this loan. Banks provide this loan for maximum of a time period of 5 years.

Festival Loans : – This kind of personal loan is provided to help people to fulfil their personal and family’s desire during the festival time. Usually, leading banks of India provide this loan on the festive season at cheaper or discounted rate. This is the best type of loan for those people who want to avail a small amount of loan. Under this category of loan, banks do provide an minimum amount of Rs.5.000 and you can get an maximum amount of Rs.50,000 under this type of loan. But the festival loan is restricted up to 12 months. Repayment is to be done by equated monthly installments (EMI). The rate of interest on this loan varies from bank to bank.

Marriage Loans : – Nowadays, this type of personal loan is equally getting popular among the people of urban and rural sectors. The loan amount depends on various factors including age of the applicant, security pledged by the applicant (if secured loan), repayment capacity of the applicant etc. Under the marriage loan, the rate of interest is governed by the prevailing market rate at the time when the loan is disbursed.

Pension Loans : – There are several banks in India which take care of the old aged people as well. That’s why the people who have retired from their jobs will also be able to avail personal loans. This type of loan is called a Pension loan. Under this kind of loan, the banks provide the maximum amount which is up to 7 to 10 times of the amount which was received as the last pension.

Personal Computer Loans : – In this age of Information technology revolution, having an owned computer almost becomes a necessity. There are several Indian banks which offer loans that fulfill that desires of people. Under this category of loan, up to Rs.1,00,000 of amount can be borrowed. Banks also provide separate loan for purchasing of software and that can be provided up to an amount of Rs.20,000. The rate of interest is being charged according to prime lending rate and there are some banks who charge extra 2% on the loan amount.

So, from the above discussion, one thing is quite clear that whatever your purpose is and whenever you need to meet your financial expenses, the Indian banks are always ready to spread their helping hands to you.

 



By: Vinay Kumar

About the Author:

MARGARET

Brulia asked:


I am in the process of looking for a private student loan to help cover the cost of living and being a student. I’m probably going to apply for an Astrive Student Loan. Are there any other good companies where you don’t need tons of credit? Or do you know anything about the Astrive loans? Thanks.

WENDY

LTigerRay asked:


I own a Corporation, being the sole shareholder. I have loaned the Corporation money. What is this called in accounting when I do the books? I know a shareholder loan is when the Corporation loans money to the shareholder. I think, possibly it is capital or equity, but I could be wrong. And does anyone know what ledger number it is given. I believe it goes in the 3000’s. Are there any accountants or bookkeepers out there that can shed some light on this?

TODD

Introduction:

Running a business successfully or starting a business is a tough job. You need a lot of amount of money to fund yourself for making the initial investments. You may not be able to finance all the initial investment from your own account. Instant business loans come quite helpful when you are looking for some aid to start a new business or develop your existing business. With growing number of people opting for being a capitalist these days, the need and availability of instant business loans is increasing greatly.

Uses:

These days Instant Business Loans are getting popular in the financial market as it provides instant financial assistance. The borrower can use instant business loans as he wants. Some of its common uses are as follows:

1) Starting a new business.

2) Clearing your old business debts.

3) Purchasing goods for your business.

4) Investing more amounts in business.

Types:

Instant business loans are of two types- secured and unsecured instant business loans. Secured instant business loans come against some collateral. You are supposed to finance any of your worthy movable or immovable property against the loan. Giving a security offers you cheaper interest rates and a better deal.

With unsecured types, you don’t need to submit any collateral. However, your credit score and the ability to repay are taken into deep consideration. Unsecured types of loan come at a higher price asking a greater interest rate for the loan

Statistics:

With instant business loans, you very well can get good amount, for secured it depends upon the equity of the collateral you have submitted. For unsecured business start up loans, you may be given up to £25000. the repayment time for secured loans vary up to 25 years, while with unsecured loans, the repayment time is generally between 3 and 15 years.

Availability:

All the things are done online for these loans. Now any individual can source online business loans by just logging on the net. There are online lenders who are providing business loans which save a considerable amount of time and money of the borrower.



By: Richard Pasic

About the Author:

ROBERTO