NEWS & ADVICE : PERSONAL LOAN
Benefits and drawbacks of personal loans in India
By Ankit Sharma
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Personal loans are a panacea for any urgent cash crunch. A medical emergency, payments for a laptop, funding a vacation, quick cash for marriage- whatever the need, personal loans are here to help. Banks in India are more than willing to give a personal loan to the right applicant, but before jumping on the bandwagon it would be good if a borrower knows the benefits and drawbacks of taking a personal loan.

Benefits of a personal loan in India

1. No questions asked about the end use of the money

Banks will simply give the cash and it's up to the borrower, where to use it and how to use it. So, it is a very convenient monetary help.

2. No collateral, security or guarantor requirements

Personal loans are solely granted on the basis of an individual's credit-worthiness. Banks do take into account the income, employment, continuity of business and other factors so as to establish the fact that the borrower will be able to repay the personal loan with interest in due time. No collateral or security requirements are put forth by the banks for issuing a personal loan. This saves a lot of embarrassment and hassles.

3. Total confidentiality

Since there are no security or collateral requirements, personal loans can remain a secret between you and the bank. Moreover every bank has some privacy policies, which ensures adequate confidentiality.

4. Easy repayment

Banks provide personal loans for 12 to 60 months. Varying from bank to bank, these tenures allow easy repayment options to the borrower. The borrowed amount along with the interest rate is calculated for the entire tenure of the loan and a EMI is calculated which the borrower has to pay every month. Personal loans also come with a prepayment clause.


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(Comments Posted : 19) Post Your Comments
1. We specialized in Bank Guarantee {BG}, Standby Letter of Credit {SBLC}, Medium Term Notes {MTN}, Confirmable Bank Draft {CBD} as well as other financial instruments issued from AAA Rated bank such as HSBC Bank Hong Kong, HSBC Bank London, Deutsche Bank AG Frankfurt, Barclays Bank , Standard Chartered Bank and others on lease at the lowest available rates depending on the face value of the instrument needed.

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Age: One Year, One Day
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AZRA ISHAQUE (Posted: Sep 17, 2017)
2. TRUSTEE ACCOUNT LIMITED is a British based financial consulting company with years of experience in the international and local finance market. Be it lease bank guarantee, Stand by letter of credit or any type of refinancing, talk to our team at Secure Finance Services, absolutely sure they will set your business on the right path with our sound financial advice.

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Skype;trusteeactlmt
Andrew Kelvin (Posted: Sep 16, 2017)
3. We have a direct genuine provider for BG/SBLC specifically for lease, at leasing price of 4+2 of face value, Issuance by HSBC London/Hong Kong or any other AA rated Bank in Europe, Middle East or USA.

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Johnson Hatton
Johnson Hatton (Posted: Aug 29, 2017)
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