In giving a personal loan, the bank gives the most preference to the salaried person. Even if you have a salary account in any bank, it is easier for you to take a personal loan.
Banks also provide personal loans to self employed professionals such as doctors, engineers, chartered accountants, engineers, architects etc. Apart from this, some bankers also offer personal loans to business people, such as proprietors, partners working in partnership firm etc.
What are the advantages
The most important benefit of personal loan is that it is most effective for your emergency needs. At the same time, the person who gives loans on Sood, etc., is cheaper than the one who is taking loans for such needs.
You get a personal loan from the banks at a rate of 15-24 per cent. While the usurer can take interest up to 30-50%. Even here, the personal loan is cheaper than the credit card loan.
In comparison to any other loan, the bank usually does not ask you what you will use for the amount taken from the personal loan. Apart from this, the personal loan is fully received on the creditor’s credentials. You do not have to give any personal guarantees, third party guarantees etc. for this.
It is completely confidential because of no guarantee of any kind. Apart from the applicant and the bank, no third party can know about debt without giving information. It is also easily available for a period of 3-5 years.
What are the risks\
The most important thing of personal loan is that it is quite expensive compared to other loans. The interest rate paid on the personal loan is more than 5-10% compared to the home loan, auto loan.
Taking personal loans for everyone is not easy. Banks lend a lot of caution. Due to non-guarantee, the risk is higher on the personal loan. In this case, bank salaried, professional self-employed, ie whose banking record is not only better but also easily available, bank loans to them.
Most of the banks do not take part in personal loan payments. That is, you can not deposit some amount of principal portion in the middle of the house like the home loan etc. Banks take full amount of money together before the loan payment.
Sibyl’s role is important
Since personal loans are fully dependent on the applicant’s credit credentials. In this way, the role of Cibil is also very important in achieving it. If your CIBIL record is not good i.e. credit score is not good then it will be very difficult to get a personal loan for you.
In such a situation, it is important that you keep the credit record good. That is, pay the debts etc. taken on time. Particularly payment of credit card payments, home loans, auto loans etc., can help you in taking personal loans.