Our Services
Personal Loan
An secured loan given by banks without asking what is going to be used for.
Customers in India take personal loan when they need funds for
1. Credit Card dues2. Emergencies like Hospital expense at Family.
3. Used for Marriage expenditure.
4. Margin money for the Home.
5. Home renovation
6. Travel expenditure
Associated Banks
To get your personal loan approved, you need to submit these following documents.
A photocopy of PAN card
SALARY SLIP 3 MONTH
BANK STATEMENT 6 MONTH
ADDRESS PROOF
AADHAR CARD OR PASSPORT OR VOTER ID CARD
A COLOR PHOTO
What to Compare?
To get the best deal at Personal loans Compare
1. Monthly emi that various bank are giving you.
Comparison has to be on same amount with same tenure for emi to judge the lowest emi. e.g
2. Processing Fee
Its onetime fee and one needs to check which is the lowest fee that one is getting. The range is between 1.50% - 2%.
3. Prepayment and Part Payment
The above tools help to close the loan early and are really helpful if you expect the cash in near future of the loan tenure. Try to pre pay or part pay and get the bank which gives you these options at no charge. You will be able to reduce Interest over the loan. Click here forPrepayment calculator.
4. Turn around Time
Who can give you the loan when you require is the key. Choose the lender base on that.
Who can get the lowest rate ?
Personal loan rate for an individual is defined by
1. The company he is working at. If it's a larger known corporate , the rates will be lower. Banks generally refuse to give loans to people working in partnership firms .
2. The higher the salary the lower is the rates. Benchmark lowest rates are for people who have more income than 75000 monthly.
3. A good credit history also ensures lowest deal.
4. Genrally Banks give special offers to customers who have salary accounts with them with lesser rates and processing fee.
Who can get it ?
Banks and NBFC give to those whose who have an income either from salary or business. Banks prefer salaried customers with income of more than 20000. As the income goes up the rates gets lower and the amount get bigger. Personal loan is at multiplier of your income which ranges between 10-18 times of your monthly income. Personal loan eligibility depends upon income mostly. Customers working with small companies are given higher rates where as to customers working in large corporate.
Cibil
Most Banks give Personal loans to people who have cibil score of above 750. Anyone who has credit cards and loans and paying on time will have a cibil score of above 750.Never get scared if you are paying on time. If you have no credit cards or loan and is your first credit then your score is 0 and you need to apply with the Bank where you have your salary account. Most likely they will give you a loan on a 0 cibil score.
.jpeg)
Home loan is one of the biggest financial decision in our lives.Before you choose your Bank get information on current interest rates from all Banks. Get to know how much each bank can give you i.e. Eligibility from Govt Banks and Private Banks.Fixed rate or Floating rate /Prepay or Balance transfer we try to make your journey simple by giving your unbiased information.To find the lender for 20 years term go through the fine print and save for years to come.A perfect Home loan is loan which gives you lowest rates throughout the tenure, has part payment options and allows you to balance transfer if you wish to
The Home loan rates will change in 20 years so thinking to start a loan at a lower rate has no relevance.
The right time to take a Home loan is when:
- The Property you intend to buy is good and cannot be missed or it is expected that the price of property will rise.
- The Emi that you have to pay per month is above your monthly expense budgets etc.
Home Loan Latest Updates as on 2 june 2015
Effect on Home Loans: At the starting of the year RBI repo rate was at 8%. Now, Rbi has reduced the repo rate 3 times in past 5 months. In january, repo rate was cut by 25 base points, In March it was further reduced by 25 base points to 7.5% and now it has been cut to 7.25%. So the repo rate has reduced by 0.75% in this year thus, far. However, home loan interest rates have been changed only once. In April, all major Home loan banks and corporations reduced their interest rates from 10.1%-10.25% to 9.85%-10.1%. We believe, due to RBI's monetary policies bank's hands are a bit forced to reduce interest rates and home loan interest rates will fall by atleast 0.25% in the immediate future.
The first step involved in the process is to find your property which is followed by the verification of property documents, post that the documents are examined & simultaneously you can start searching for the lender who can offer the BEST Home Loan Deal after checking your eligibility criteria.
Know the Home Loan Eligibility: Banks offer the loan amount based on your Income and the property value .They will give you max amount in which your emi of Home loan and others loans is 50-60% of your income.
Other factor is that value of property.
Select the Best Home Loan after evaluation: Comparing home loan interest rates is the primary feature in the home loan selection, however other fees & charges like Application fees, processing fees, legal charges should not be neglected when comparing various loan offers. To check the interest rates & other charges incurred by various banks, Deal4Loans has brought in a Home Loan Comparison Chart across various Banks.Banks offer Fixed and Floating rates in Home loans.
Most customers choose Floating rates
Applying for the Loan : After you have selected your lender, you have to fill in the application form wherein the lender requires complete information about your financial assets & liabilities; other personal & professional details together with the property details & its costs.
Documentation & Verification Process: You are required to submit the necessary documents to the bank which will be verified together with the details in the application.
Credit & default check: Bank checks out the borrower’s loan eligibility (through repayment capacity) & the amount of loan is confirmed. The borrower’s repayment capacity is reached which is based on the income, salary, age, experience & nature of business etc. Bank also checks credit history through the Cibil Score which plays a critical role in deciding & approving your loan application. Low Credit Score implies that the bank upfront rejects your application on the basis of earlier credit defaults; on the other hand high credit score gives a green signal to your application.
Bank sanctions Loan & Offer letter to the borrower: After the credit appraisal of the borrower bank decides the final amount & sanctions the loan, the bank further sends an offer letter to the borrower which constitutes the details like rate of interest, loan tenure & repayment options etc.
Acceptance Copy to the Bank: The borrower needs to send an acceptance copy to the bank after the borrower agrees with the terms & conditions in the offer letter.
Bank checks the legal documents: The bank further asks the legal documents of property from the borrower to check its authenticity so as to keep them as a security for the loan amount given. The next step involved is the valuation of the property by the bank which determines the loan amount sanctioned by the bank.
Signing of agreement & the loan disbursal: The borrower signs the loan agreement & the bank disburses the loan amount.
- Income
- Age Proof
- Address Proof
- Income Proof of the applicant & co-applicant
- Last 6 months bank A/C statement
- Passport size photograph of the applicant & co-applicant
- Income
- Qualifications
- Age
- Spouse’s income
- No. of dependants
- Stability and continuity of occupation
- Assets/LiabilitiesM.
- Savings history.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
The Second factor is the value of the Property
Banks are okay to fund 75-85% of property value but with the condition that you have income capacity that you can pay its Emi each month.
.
.jpeg)
Loan Against Property
The answer to the question of "Kitna Milega" is calculated on the basis of a) the percentage of property value that you own and b) how much income you have left after paying other EMIs that you can use for repaying this new loan. So you can get Loan against property up to a certain percentage of the value of the property and your Net Income.
A limiting factor for bein Loan Against Property
The answer to the question of "Kitna Milega" is calculated on the basis of a) the percentage of property value that you own and b) how much income you have left after paying other EMIs that you can use for repaying this new loan. So you can get Loan against property up to a certain percentage of the value of the property and your Net Income.
A limiting factor for being available for loan against property is Maximum Age. For salaried employees, the maximum age to be eligible is 60 years and for self employed individuals; the maximum age is 70 years.
Find out the amount you are eligible for and get a quote from top banks with our Eligibility calculator.
g available for loan against property is Maximum Age. For salaried employees, the maximum age to be eligible is 60 years and for self employed individuals; the maximum age is 70 years.
Find out the amount you are eligible for and get a quote from top banks with our Eligibility calculator.
✔ Get your child married
✔ Send your child for higher studies
✔ Fund your dream vacation
✔ Fund Medical Treatments
Characteristics of a Loan against Property✔ Cheaper than Personal Loans: It works out to be much cheaper than a personal loan, which is usually issued at interest rates in the region of 16% - 21%.
✔ Longer Loan Tenure: The tenure for a Loan against Property is usually longer than that for a personal loan. Generally, LAP is given for a maximum tenure of 10 years.
✔ Lower EMI: Since the rate of interest is lower, many times, LAP Equated Monthly Installments (EMI) turn out to be cheaper than those under personal loans.
✔ Simple documentation and Fast Approvals: LAP being a secured Loan has comparatively faster approvals and minimal documentation
Interest Rates and processing fees charged by Major Banks on Loan against property
