Loans

No bank in India offers a loan against the mark sheet as security. Sorry, you cannot pledge your mark sheet or graduation certificate as collateral to get any kind of loan from SBI. 

You may be notified by the lenders for the first three months about the defaults. If you are going through an economic crisis, the lender may ask you to settle the loan for the amount lower than borrowed. The lender may also push for legal proceedings which you will have to deal at the court.

As the personal loan does not require any collateral from the borrower, banks and NBFCs want the applicant to be completely eligible for the loan in terms of repaying ability till the end. They want to be assured that you are a worthy and reliable customer.

Personal loan is an unsecured loan. Hence, the interest rate on the loan is invariably higher than the other loans. Coming to your question, the cheapest personal loan cannot be determined by the lender rather a lot depends on the individual’s credit profile.

Generally, to get a loan approved, the loan applicant should meet the eligibility criteria prescribed by the lender; and one of the main criteria is a stable income.  Housewives usually don’t apply for a loan because they don’t have a stable income. But, a housewife too can get a loan in spite of not having a stable income. The following ways and means can be used by a housewife to secure a loan

For getting a quick loan without a credit score, online lenders are much sought after by many. There are short-term loan providers who provide loans equivalent to the salary drawn by you at low interest rate.

Home loan is a long-term commitment and the tenure could be up to 30 years. If your age should be at least below 70 at the date of maturity. All banks have an age limit as a criterion to check your eligibility.

Firstly, to get a good education loan at better terms, you should have secured the admission from an accredited college you wish to study. Banks prefer applications of candidates who have obtained admission from a reputed premier education institution.

RBI has instructed banks not to levy prepayment penalty to the loans taken on floating interest rate. Hence if you had taken a business loan with floating interest rate, you can prepay the entire loan without having to worry about prepayment penalty.

Reducing your tenure helps you cut down the outgo on the interest and the home loan is repaid faster. You can get in touch with the lender and request for a change of tenure.

Loans provided by the banks have fixed loan amount and tenure. The interest rate on a loan could be fixed or floating type. When you take a loan, you have pay the entire loan amount with interest whether you have spent the entire amount or not.

Having a student loan is not a deterrent to avail a business loan. However, you must also analyse the following factors

Before applying for the personal loan, you need to check the eligibility criteria of the bank and proceed with the application. In some cases, the bank where you hold an account offer pre-approved personal loan offers. This saves a lot of time of loan processing and documentation.

Absolutely yes, a person can have both a personal loan and a home loan. If you had taken a personal loan earlier and are looking for a home loan, banks do offer you the home loan provided your debt to income ratio is not above 50%.

Yes, a person can have a personal loan as well as a home loan. If you previously took out a personal loan and are now seeking a home loan, banks will consider your application as long as your debt-to-income ratio does not exceed 50%.

The interest rate set on your loans is mostly depended on the monetary policies of the of central bank. Keeping a check on the demand and supply, the rates are adjusted to ensure stable prices and liquidity.

Student loan repayment is usually higher due to the underlying risks involved in the product. Unlike home loans and auto loans, student loan is an unsecured loan that is repaid only after you complete your studies and get a job.

Your loan could be rejected due to several factors. Following are some of the reasons that could have affected your loan approval.

Banks, NBFCs and P2P lenders provide legitimate loans to individuals with bad credit. Different lenders have different criteria to give out loans for bad credit. With online application process, it has become much easier to get legitimate loans.

When you have a bad credit score, a collateral loan could be an easy option to get funds for your immediate needs. Most lenders are willing to give collateral loans even with bad credit as these are secured loans.

To get a business loan, you must be aware of the eligibility criteria that play a crucial in the loan approval. Banks demand a good credit history, income proof and above all an authentic business plan. Apart from banks, NBFCs and P2P lenders provide customised business loans to the start-up companies at better terms and conditions.