When there are so many banks and financial institutions offering personal loans, it does get difficult for the customers to decide which one they should go with. One such lender is Canara Bank that looks to tap into every need an individual can have. But can you call a Canara Bank Personal Loan best given the competition it faces in the market? Well, that will depend on the comparative analysis taking its competitors into consideration. But before that, it will be good if you get a clue of how to decide which is the best personal loan, isn’t it? So let’s read this article that will guide you in your decision-making process.
Points to Consider Before Calling a Personal Loan Best A personal loan is best or not will be decided primarily on the following factors. Interest Rate - The first thing you need to consider is the burden that the loan will put on your budget. You can assess the impact by checking the interest rate of several lenders including Canara Bank. The rate of interest will decide greatly the interest you’ll end up paying to the lender by the time the loan closes out. Greater the interest rate, greater will be the outflow of interest and vice-versa. Yes, the interest rate will play a major role in ascertaining the extent of interest outgo, but it’s not the sole factor. Even the loan amount and tenure affect your loan repayment. You can thus use the Personal Loan EMI Calculator online to check the overall effects. All you need to do is enter the loan amount, tenure and rate of interest in the calculator and see the repayment estimates on your screen. Quantum of Loan - It is also important to know how much loan you can get from a lender. All comes to no use if the loan amount falls short of meeting your needs. So you should go online and check the loan amount different lenders offer. See which offers you the maximum at least interest rate and apply for the same. Processing Fee - When you apply for a personal loan, a processing fee at around 1%-2% of the loan amount plus 18% Goods and Services Tax (GST) is deducted. So, if you apply for 5 lakh and the lender charges a processing fee of 2% plus GST, the total fee will come as ₹11,800 Accessibility - It’s a point that not many consider and curse later on for the selection they make. Doesn’t matter how attractive the loan may sound, if you can’t access it easily, it’s of no use. Now that you know the factors, it’s time you compare Canara Bank Personal Loan with that of others. How Attractive Canara Bank Personal Loan is? Canara Bank Personal Loans are available at varied interest rates ranging from 12.40%-15.05% per annum. It charges a processing fee accounting for 0.5% of the loan amount. The minimum and maximum fee amount to ₹1,000 and ₹5,000, respectively. It can offer a maximum loan equalling the gross salary of the last 6 months or ₹3 lakh, whichever is less. You can get the loan sanctioned in 7 days subject to successful verification. How Do Others Stack Up? The country’s largest lender State Bank of India (SBI) provides the loan at interest rates ranging from 10.50%-14.75% per annum. The processing fee is on the lower amount, although it’s not revealed by the lender. You can get a maximum loan of ₹20 lakh if your income permits. On the other hand, HDFC Bank and ICICI Bank charge interest rates of 10.75%-21.30% and 11.25%-22% per annum, respectively. HDFC Bank charges a processing fee at 2.50% of the loan amount plus GST. The minimum and maximum fee are ₹2,999 and ₹25,000, respectively. On the other hand, ICICI personal loan processing fee goes up to 2.25% of the loan amount plus GST.
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Personal financial needs always come without any prior information. They don’t consider your type of employment. Whether you are a salaried or self-employed individual, they treat you with equal measure. For such uninformed financial needs, there are several banks and NBFCs provide personal loan facilities to needy customers in a hassle-free and easy way. As personal loans are unsecured loans, which means that you don’t have to pledge any kind of security against them, lenders always check your income proof to check your repayment capability and cancel their risk factor attached to the loan.
For salaried individuals, it is easier to show the income proof in order to get a personal loan, but it’s a bit difficult for self-employed. But what I tell you that you can get a personal loan without income proof? Well, you must be jumping out with joy if you are a self-employed individual. Well, it is possible with a Fullerton India personal loan, especially for self-employed professionals. In this article, we will be telling you everything about this loan facility which will cover features of it, eligibility, required documents, and many more things. So keep reading to know more! What are the features of Fullerton India Personal Loan for Self-employed? First, we would like to tell you that if you are a self-employed individual and want to avail of a Fullerton India personal loan without income proof, then the first condition would be to apply for the loan with someone who has a solid income proof. And in such cases, the individual who is submitting the income proof would share the higher responsibility in repaying the loan. Now, let’s look at some exciting features of Fullerton India’s personal loan.
Let’s know about the Eligibility Criteria: The eligibility will depend on the factors mentioned below.
Fullerton India will consider all these factors before sanctioning you the loan amount. In a world, we are living in, we all need some kind of credit in our life at some point in time. It can be in the form of credit cards or loans. Whatever it may be, do you know what is that one thing that holds an important part in deciding your application for the credit cards or loans? Well, this thing is known as the credit score. Each individual can have different credit scores based on their financial behavior. If you don’t have much knowledge about it, then you don’t need to worry as we would be telling you about it in detail.
There are many credit rating agencies functioning in India that track the financial behavior of customers. But there are mainly four of them - CIBIL, Experian, Equifax, and CRIF High Mark. In this article, we will talk about the Experian Credit report and what importance does it hold in your financial life. If you are someone who wants to apply for a credit card or a loan and confused about the role of the credit report, then don’t worry as we will be telling you all about it. So keep on reading! What is the Experian Credit Report and Experian Credit Score? To know about the credit score, it is important to know about the Experian Credit Report. Talking about credit reports, it consists of all your financial transactions. It can be anything. Be it your loan repayments, debts, or utility bills. Credit reports are maintained by the credit rating agencies of India. Experian is one of the leading credit rating agencies at which lenders also trust very much. Based on your Experian credit report, your credit score is generated. This score determines your all over creditworthiness and ranges from a score of 300 to 900. If you are thinking about what is an ideal score for getting credit cards or loans, then let us tell you that lenders believe that any individual having a score of 700 or above is considered to be a fit for any credit facilities. A score of anything below 700 is considered to be a poor score and borrowers may find it hard to get any credit facility with such a poor credit score. What are the factors that affect your Experian Credit Score? When you apply for an Experian Credit report, you can have a look at your credit score and what are the factors that have been affecting it. You can have a look at them below. Recency: The recency factor shows the recent defaults in your credit account. If you have made any defaults in your debt repayments, then it will affect your credit score negatively and vice versa. That’s why it is always advised to make your repayments on time. Leverage: All the credit accounts with on-time repayments history will automatically have leverage on the accounts that have been defaulting regularly. This factor also decides your overall Experian credit report, and hence credit score. Coverage: Your credit score will also be affected by the delinquent and non-delinquent accounts. Here delinquent credit account means when you fall behind on the debt repayments. The number of all these credit accounts could have a major impact on your credit score. Try to pay for all your due payments regularly. Delinquency Status: This is the period for which you fall behind your debt repayments on all your credit accounts over current and recent periodic intervals. Credit Applications: Multiple credit applications over a small period ( last 30 days) may also harm your credit score and it will show in your Experian credit report so it is advised to have proper time interval between multiple credit applications because it may show you as a credit hungry borrower. You can get an overdraft account and easily avail a loan form it at a lower rate of interest. Tata Capital provides the overdraft facility to customers using which you can withdraw a desirable amount. The interest rate on your overdraft loan is applied for the utilized amount and the loan tenure is maximum 60 months. Whereas in personal loans, interest is applied on the disbursed loan amount. Read this article to know the features of Tata Capital overdraft loan and the current rate of interest.
Tata Capital Overdraft Account Opening Process To open the overdraft account you are required to submit a few documents and fees. Copy of your ID proof and income proof are mandatory for the account opening. If your monthly income is INR 35,000 and above you can apply for the Tata OD account. You can borrow from INR 2 lakh to 25 lakh overdraft loan from the Tata Overdraft account. And, the interest rate on the loan is starting from 13.50%. Your overdraft limit remains fixed for 1 year for 48 months loan tenure and starts dropping after 12 months. The same would happen if your loan is for 60 months then the limit starts reducing after 24 months and remains fixed for 2 years. Which are the factors that decide the overdraft limit? The overdraft limit of an individual is decided on the income, monthly expense and credit liability. If the income is high the overdraft limit would also be high. And one can take an overdraft loan anytime when he needs funds for financial management. An overdraft limit is set by the financial institution under which one can withdraw the required amount. If your limit is high then you can borrow a maximum of up to INR 25 lakh from the overdraft account. The loan amount is paid in equated monthly loan installments with the applied rate of interest on the withdrawn amount. How to apply for an overdraft loan and what is its payment method? To apply for a loan from your Overdraft you just need to visit the Tata Capital official website and log in by entering your registered number. They charge a lower processing fee of INR 1,499 for the loan amount and it is instantly disbursed to your account. It is better than a personal loan because using the overdraft facility you can withdraw only a specific amount you are required. And the interest applied on the loan is affordable and repayment duration is flexible. So, looking for funds and needed a better alternative for a personal loan then open an Overdraft account and withdraw the desired amount. Using the loan amount you can manage the high-end expenses and pay the loan easily. To make payment for your loan EMIs, you can visit the official website and enter your loan number to make hassle-free payment. Or instead of that, you can use the Tata Capital Mobile app to make payments easier. And also can set a suitable payment method like ECS or auto-debit for EMI payment of the loan. Are you a government employee and looking for a personal loan? Then you must apply for a loan from the best private banks in India. Because they provide the best offers to the applicants and give an attractive rate of interest. Read this article to know about schemes of personal loan for government employees of top private banks.
List of banks and their loan schemes for salaried government employees If you want a personal loan for an easy management of your debts and high expenses then you can apply for a loan from the below-mentioned banks. HDFC: A special offer for the govt. employees working in central or state government can apply for the personal loan from HDFC Bank. It provides an attractive interest rate and repayment duration up to 5 years. You can borrow a maximum of INR 40 lakh from the bank if you have a minimum net monthly income of INR 15,000 to 20,000. The interest rate on your loan amount ranges from 10.99% to 16.50%. So, it is a better personal loan for government employees scheme if your salary is INR 15,000 and above. ICICI: To get a loan up to INR 40 lakh from the ICICI bank you must be a government employee and have an income of INR 17,500 and above. The bank applied a lower rate of interest on your loan amount that is starting from 11.29% per annum. You can apply for the ICICI personal loan for government employees scheme by submitting necessary fees and documents. Axis: If your monthly income is INR 15,000 and you are a government employee then you are eligible for Axis personal loan. Axis Bank provides a personal loan for government employees who are working in PSUs or central and local bodies. And the interest rate is ranging from 15.50% to 24.00% per annum. The repayment duration of the loan is up to 5 years and it can be done via ECS or auto-debit methods. Which documents are needed for the personal loan for government employees? The loan process and documentation is similar to the common personal loan, you just have to submit the ID, income and address proof. Income proof should contain the applicant’s salary slip and bank statement for the latest 6 months. All the government employees must submit their ID proof like PAN or Aadhar card during the loan process. Private banks usually take a lower fee for the personal loan processing that is 1.50% of the borrowed amount. To make payment of your loan you can use a suitable payment method. As the loan EMIs can be paid using ECS, PDCs, NACH and auto-debit. You can also change the payment method anytime by paying an applicable swapping charge that is a minimum of INR 500. So, get a personal loan for government employees from the mentioned private banks in India. And use the amount for paying your credit and loan dues or for managing your high-cost expense like medical, marriage or education. Doing a mutual fund investment is the right decision for your future plans. And, DSP Mutual Fund Asset Management Company is one of the top AMC’s. You can make an investment in DSP mutual fund schemes online by visiting its website. The whole investment procedure is online you don’t need to visit any branch of the AMC. Read this article to know the features of DSP mutual fund schemes and the right investment method.
SIP or Lumpsum which DSP mutual fund schemes online investment is profitable? You can invest in the desired DSP mutual fund scheme using a lump sum or Systematic Investment Plan (SIP) method. And, before making an investment in DSP mutual fund, first know about the investment methods. In lump sum, you can invest a one-time large amount in the scheme for a set duration. Whereas in SIP you can invest the same amount for the same time but in intervals. This could help in getting better returns from the investment as the DSP mutual fund NAV of the scheme fluctuates with the market rates. If you are a new investor then you should invest in DSP mutual fund schemes online using the SIP method. Because it helps you understand the market rates and its effects on your fund unit. Otherwise, you can invest according to your risk-bearing factor choosing a suitable investment method. Top DSP mutual fund schemes and their current NAVs Net asset value of the fund is the per-unit fund value in the market and it changes along with the daily market updates. DSP mutual fund NAV of the top equity, hybrid, debt and ELSS funds is given below. Look at the current fund NAVs before investing in them. DSP Tax Saver Fund: The schemes aim to generate medium to long term capital appreciation. It invests through a diversified portfolio of equity and equity-related securities of corporate bonds. Provides a tax benefit under the Income Tax Act. Current NAV of this equity DSP mutual fund scheme is INR 52.33. DSP Government Securities Fund: To generate regular income from your investment you can invest in this scheme. It invests your asset in the Central Government Securities of diverse maturities. NAV of the scheme is INR 65.04 and it gives you a 3-year return of 7.02%. DSP mutual fund schemes online investment Investors can invest in DSP mutual funds by going to the official website of the AMC. And if you are a new investor then first you need to create an account. To create the account for DSP mutual fund schemes online investment you need to provide the PAN details and year of birth. In three easy steps, you can easily create your account and invest in the scheme without any hassle. You can take the help of a financial advisor or a marketplace if you have any doubts in the investments. They will help you and suggest a right DSP mutual fund scheme to the investor according to investment goal. You can select a suitable period for the investment and can invest in the scheme according to the current returns and profit of the scheme. Note: NAV data of the DSP Mutual Fund scheme is derived from Value Research as of 21 January 2020. To make your financial needs smaller get a personal loan from Fullerton India. It offers a desirable loan amount on an attractive rate of interest. The borrowed amount can be used for any financial needs like when you have a lack of funds for marriage expenses, education funding or medical emergency. Fullerton personal loan interest rate is starting from 12.99% per annum. You can calculate the equated monthly loan installments of the principal amount using the Fullerton personal loan EMI calculator. Read this article and know how the calculator works and what are its benefits.
Fullerton personal loan EMI calculator functions The online Fullerton India calculator works in a formula [P x R x (1+R)^N]/[(1+R)^N-1], where P indicates the loan amount, R interest rate and N loan tenure. It simply means that you need to insert your loan details inside the Fullerton personal loan EMI calculator. To use the calculator you can visit the official website of Fullerton India Ltd. Suppose, if you have borrowed a loan of INR 15 lakh for 48 months then you can estimate the EMI using Fullerton calculator tool. The generated EMI of the loan amount would be INR 40,405 for 13.22 Fullerton personal loan interest rate. Advantages of using the Fullerton personal loan EMI calculator The benefit of the loan calculator is that it gives you an accurate estimation of the future EMIs. That helps in managing the payment of the loan amount and interest, you can make payment of the loan using ECS or auto-debit methods. Fullerton India personal loan interest rate can be low if you have a good payment track record and high income. Below are the mentioned benefits of the EMI calculator on your loan payments which are as follows. Reduces interest: Using the EMI calculator you can relax yourself from the interest burden by making a prepayment. And can know the outstanding payable amount and interest via Fullerton personal loan EMI calculator. Easy Management: You can calculate the loan EMIs and set a suitable loan tenure for easy payments. And all this can be done with the help of a loan calculator which gives the accurate EMI of the loan amount. Instant Calculation: EMI of your loan amount is computed within a second after you mention all the details. As you know it works in a mathematical formula to calculate the loan installments. Get personal loan from Fullerton India Online You don’t have to visit any branch or collect documents for a Fullerton personal loan. Because the user can apply for the loan via online services of the Fullerton India Ltd. Visit the official website and select “Personal loan” from the products. Then click on “Apply Now” fill up the loan application form and upload the necessary documents. Required documents for the loan are Aadhar card, PAN card, Bank statement, ITR report or salary slip. No collateral and guarantor is required for the loan and you can avail the loan without any trouble. And can use online tools for convenient loan assistance. Financial needs will always be on the rise for all your life. It’s all about how you manage them. But there will be some situations when you will need extra help to keep your finances in order. This extra help can be availed by getting a loan from any of the banks and financial institutions. Indians have this habit of keeping their money in the form of gold in their houses. I could say, that Indian may be the only country that have so much gold lying idle in our houses’ almirahs.
What if I tell you that you can get immediate financial help against the gold you have in your house? Well, it may be hard to believe but it is true. Because, with the help of ICICI Gold Loan, you can achieve all your financial needs by getting funds against your pieces of gold jewellery. The purpose of your financial need can be anything. It can be for funding your child’s education or for making a downpayment for your home or for your next family holiday. Whatever you need is, an ICICI gold loan is available for you at an affordable rate of interest. In this article, we would be telling you about all the features of ICICI Gold Loan so that you don’t face any kind of trouble while getting it. What are some exciting features of ICICI Gold Loan?
What are the fees and Charges? Coming to various fees on this loan, first, we will talk about the processing fee. For both 6-months and 12-months tenure loan, the processing fee is fixed as 1% of the total loan amount. Apart from this, the documentation charges are fixed as INR 199. What is the Eligibility Criteria? Anybody who is a resident of India and comes into the age bracket of 18 to 70 years is eligible for this loan. Also, you can use the ICICI Gold Loan Eligibility Calculator by filling a few details into it. What are the documents that you will need to have? There is a certain set of documents that you will need to have while applying for the ICICI Gold Loan. You can have a look at them below.
All over the world, as they say, that lending is the future. But have you ever thought how did it happen exactly? It happened because of the fact that the borrowing capacity of people have increased with each consecutive year. Everybody needs credit at one point in their lives. It may be a personal loan, home loan, vehicle loan, or even the credit card. It doesn’t matter what kind of credit facility you need, there is one thing that will always determine the fact that whether you will get the credit facility from any lender or not.
This factor is your credit CIBIL score. If you are wondering what is this thing or you are listening to this term for the first time, then don’t worry about it. Because in this article, we will be telling you about all the details of the CIBIL score and what are the details that your credit report contains. So if you are someone who wants to learn about personal finance and how a score can impact your personal finance then this article could be eye-opening for you. So keep reading! What is CIBIL Score? Before getting on with the importance of the credit CIBIL score, it’s important for you to know what this term is. Your CIBIL score is nothing but a 3-digit mathematical representation of your creditworthiness and past repayment behavior given by the leading credit rating agency of India - Credit Rating Information Bureau of India Limited (CIBIL). The score ranges from 300 to 900. A score of 700 or above is considered to be a good CIBIL score and similarly, a score below this is considered to be a poor score. You can get your credit score by asking from a credit report from any of the credit rating agencies. Your credit report will include all the financial information such as transactions, existing loans, existing credit cards, total outstanding balance, total dues, and many other things. Why the CIBIL score has such importance in lending? As we told you that your CIBIL score gives an idea about the creditworthiness. What this means, that a person with a high Credit CIBIL score will have high creditworthiness in comparison to a person with a low score. That’s why lenders always check for the credit score before giving any kind of credit facility to any customer. When you have a high CIBIL score, it means that you are good at handling your debts and have a good repayment behavior. This is the sole reason which makes the lender trust you. Any lender would like to have as little risk as possible when it comes to giving credit. Having a good credit score also gives you the opportunity to get less interest rate as compared to a person with a low score. What are the ways to imporve your Credit Score?
The best loans can be availed if you have a good CIBIL score. And to check the score you just have to visit the credit bureau. One of the most popular credit bureau is CIBIL Transunion. You can check CIBIL score for free by just mentioning your details. Read the article given below to know more about the credit bureau and the benefits of CIBIL score.
How to check CIBIL Score from CIBIL Transunion? To estimate your score go to the official CIBIL website and click on “CIBIL check” but, before that create an account. Mention your personal details like name, mobile number, email id and PAN number. Then an OTP will be sent to your registered number, enter the OTP and know your CIBIL score free for a one-time check. After that check the credit score by subscribing to the low-cost plans. The premium plans can offer you the desired credit card and loan offers according to your CIBIL score. Advantage of CIBIL Score free check The benefit of the CIBIL check is that with the help of this you can get a low interest rate on your loans. And, if you apply for the loan with a high score you get instant sanction and disbursal. For instance, take personal loan if you have a good CIBIL score you can negotiate and get a low rate of interest. Not only loans you get the benefit on your credit cards also like a high credit limit. Score 700 is a suitable score for loan and credit approval and you can check CIBIL score for free from CIBIL. Ways to strengthen the CIBIL Score If your score is below the average CIBIL score then you can improve it by following the mentioned points.
So, check the CIBIL score for free from the credit bureau Transunion CIBIL and make easy loan and card approval. Use the CIBIL score free check service if you are a new user of the credit bureau CIBIL. |
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Anika Sharma
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