One of the major things that individuals often feel confused about when going for a personal loan is the impact of personal loan interest rate on the repayment amount. You must have known this fact that when you opt for a personal loan from any lender, you need to repay the loan amount in a fixed tenure with the help of a certain amount. This amount is known as the equated monthly installments or EMI. The first thing you need to know about the EMI amount is that it is a part of the principal amount and interest amount.
This is why you should understand the role of YES Bank Personal Loan Interest Rate when you are going to choose your EMI amount. It is important that when you are choosing a personal loan from YES Bank, you should choose an interest rate according to your repayment capacity and monthly income. To ensure this, you should have an estimation about the EMI amount beforehand with the help of YES Bank Personal Loan EMI Calculator. This is a tool that helps customers to know what will be the ideal EMI amount for them according to their required loan amount in a second. In this article, we will be telling you about the functioning of YES Bank Personal Loan EMI Calculator and role of interest rate in the EMI calculation. Keep reading to know more! Details Needed to Use YES Bank Personal Loan EMI Calculator What are those details that you will need to use the YES Bank Personal Loan EMI Calculator? This is one of the major questions that people often ask when going for a personal loan. This is a tool that helps customers to estimate their EMI amount before going for the required loan amount. However, there are a few details that you will need to put into the calculator. We are showing details about them below. Have a look! Required Loan Amount - This is one of the first and foremost details that you will need to put into the calculator. With the help of YES Bank Personal Loan, an individual can choose a loan amount that ranges from INR 1 lakh to INR 50 lakh. However, do remember that you should choose this loan amount according to your need and repayment capacity. Just put that required loan amount into first. YES Bank Personal Loan Interest Rate - The second detail is the personal loan interest rate that you will need to put into the calculator. This is the detail that will define your EMI amount. The higher the interest rate, the higher will be the EMI amount and vice versa. When it comes to the YES Bank Personal Loan interest rate, it starts from 10.45% per annum. However, the final rate of interest will depend on several factors such as age, employment type, job history, monthly income, credit score, etc. Tenure - YES Bank provides a maximum tenure of 60 months within which you can repay the loan amount. For example if you choose a tenure of 4 years, you will need to pay 48 EMIs over this period. There is one important thing you need to know about tenure. When you choose a long tenure, your EMIs will be lower but you will need to pay a higher interest amount. However, if you choose a shorter tenure, your EMIs will be higher with a lower interest outgo. So, these are the three details that you will need to get the exact EMI amount, interest amount and total amount payable with the help of YES Bank personal loan EMI calculator. Other than this purpose, you can also this tool for several other purposes such as balance transfer facility, prepayment of loan, or choosing the right tenure for yourself.
0 Comments
The rate charged on your borrowed Clix Capital personal loan is based on your credit profile that includes your income, current obligations, credit history, etc. Clix Capital Personal Loan Interest Rate doesn’t have a specific range, this means if you have a good credit profile, there will be greater chances of you to get a low-interest rate. Let’s check out this article below and learn more about the Clix Capital Personal Loan Interest Rate.
Factors Affecting the Clix Capital Personal Loan Interest Rate! If you want to grab the lowest interest rate on your Clix Capital Personal Loan, you need to take care of the below -
Manage the Clix Capital Personal Loan Interest Rate Payments You will get a flexible tenure from 12 to 48 months from Clix Capital for your borrowed loan and applicable interest rate payment. And you can use the Clix Capital Personal Loan EMI Calculator if you want to know your approximate monthly EMI and interest outgo. To use this EMI tool online, follow these steps below -
When you click the ‘Apply Now’ button, the personal loan application will appear on your screen. You can simply apply for a Clix Capital personal loan online by just entering your mobile number and few details. Whenever an individual needs urgent money to overcome financial needs/emergencies, a personal loan comes to the mind first. When we talk about personal loan lenders, there are several options from which an individual can choose. HSBC Bank is also one of the popular ones among customers. But here, we would like to discuss a tool known as HSBC Bank Personal Loan EMI Calculator with which you can perform various things including an estimation of the EMI amount, estimation of the savings when going for a balance transfer facility or prepayment of the loan, or choosing the right tenure.
Here, we will tell you about the role of the HSBC Bank Personal loan EMI Calculator when you are choosing the prepayment facility. You must be wondering what this facility is? Well, prepayment allows lenders to make part or full payment of their outstanding loan amount before the tenure. If you will pay only a part, it will be known as the part payment. One of the most beneficial things about prepayment is that you can ensure maximum savings on a loan. In this article, we will tell you how much money you can save by choosing a prepayment facility. So, keep reading to know more! How Much Can You Save with the Prepayment Facility? Calculate it with HSBC Personal Loan EMI Calculator! One of the important things that you need to know when choosing a prepayment facility is that lenders charge a fixed charge on it that will depend on your outstanding principal balance. Also, your prepayment doesn’t get affected by the HSBC Bank Personal Loan Interest Rate. Let’s understand how much you can save with an example. Suppose an individual has a 5-year personal loan of INR 6 lakh at an HSBC personal loan interest rate of 12.50% per annum. With these details in our hands, we can know that he must be paying an EMI of INR 13,499 while the interest outgo will be INR 2,09,926. Now, let’s say he wants to make a part payment of INR 1,50,000 after 2 years into his loan. At this time, the principal outstanding balance is INR 4,03,506. After making the part prepayment of INR 1.5 lakh, the new balance would be INR 2,53,506. Now, he can choose from two options - Either he can repay this balance in the fixed tenure as decided earlier with a lower EMI amount or he can keep paying the same EMI with which he could pay the balance earlier than the pre-decided tenure. Let’s see both options. Option 1: If he chooses to pay INR 2,53,506 in the remaining 36 months, the new EMI would be INR 8,481, which is around INR 5,000 lower than the previous EMI amount. The total interest outgo will also be lower than before because of the reduction in the balance. There is no role of HSBC personal loan interest rate in this process. Option 2: If he chooses to keep paying the same EMI amount of INR 13,499, he would be able to clear off the outstanding balance within 21 months, 15 months earlier than the pre-decided tenure. Remember, the calculations mentioned above can be done by using the HSBC Personal Loan EMI Calculator. To use this tool, you only need a few details such as the required loan amount, interest rate and required tenure. The tool will give you instant results by showing the EMI amount, interest outgo, and total amount payable. One of the most efficient and fastest ways to fulfill your financial needs among customers is considered to be a gold loan. There are so many reasons. First, this loan type is a totally secured loan which means you don’t need to undergo any kind of eligibility criteria to get the loan amount. Second, you can get a higher loan amount according to your current gold rate. Third, interest rates are also quite low because of a gold loan’s secured nature. Also, we, Indians have this old habit of fulfilling our investing and saving purposes with the gold.
But you must be wondering what is the role of gold price in deciding your gold loan amount? Well, it is one of the crucial factors in getting you a higher loan amount. When you go for a gold loan, the lender checks the present value and quality of your gold ornaments or coins. According to the current gold price, lenders provide a loan amount that ranges from 65% to 90% of the overall prices of the gold up to the maximum limit decided by the lender. For example, if the overall price of your gold is INR 10 lakh, you can get a loan amount of INR 6.5 lakh to INR 9 lakh against your gold. However, the maximum limit changes from one lender to another, and you should keep this in your mind while choosing this. Now, in this article, we will be discussing the method by which lenders decide the gold loan interest rate. Keep reading to know more! Does Current Gold Rate Determine Your Gold Loan Interest Rate? Many people often ask the question of whether the current gold price determines their gold loan interest rates. Well, the answer to this question is no. Current Gold price only and only decides your gold loan amount. The higher the gold prices, the higher will be your loan amount. But there are a few factors that determine your gold loan interest rate. These factors are loan amount, credit score, external benchmarking method, monthly income, etc. You can know about them below. Gold Loan Amount - Loan amount directly affects your interest rate. The higher your gold loan amount, the higher will be the interest rates. There are several lenders that determine the interest rates according to the loan amount you are choosing, and as you know, the loan amount depends on the gold price. If you do not want a higher loan amount, you can opt for a lower rate. Monthly Income - Lenders also want to make sure that an individual will be able to repay the loan amount. To ensure this, they check the monthly income to gauge an individual’s repayment capacity. An individual with a higher income can get a lower gold loan interest rate because of the higher repayment capacity. Credit Score - Although credit score doesn’t play any role in determining your eligibility while opting for a gold loan, your interest rate can be affected by it. An individual with a good score of 700 or above can surely get a lower interest rate as compared to an individual with a low score. Benchmarking Methods - Lenders usually apply two types of benchmarking methods that can decide the gold loan interest rate for you - MCLR-linked lending rate and Repo rate linked lending rate. If you are choosing MCLR-linked rates, your interest rate will be updated once in 6 months or 1 year, while on choosing RLLR, your rate will change once in 3 months. So, when going for a gold loan, do keep this factor in mind apart from the current gold price. Yes, sure it is, there is a flexible repayment schedule available under the United Bank of India Personal Loan by which the borrower can repay his/her loan in equated monthly installments. So it means if you are salaried and worried about your monthly budget and loan repayment, United Bank of India Personal Loan has the resolution for this issue. Let’s go through this article below and grab more information on the United Bank of India Personal Loan.
What is the Eligibility Criteria for United Bank of India Personal Loan? You can avail of the United Bank of India Personal Loan only if you met the following -
These criteria are important to meet as they show that the applicant is eligible for a loan repayment. Work experience of a salaried individual depicts its permanent position while the regular income satisfies the EMI needs. For What Purpose United Bank of India Personal Loan Can be Borrowed? There are many reasons to borrow a personal loan but do you require a lump sum of money urgently? If the answer is yes, United Bank of India provides you a loan from INR 2 lakh to INR 10 lakh at an interest rate starting of 14.20% per annum. So if there is a wedding, medical emergency, requirement of lump sum for college admission, apply for United Bank of India Personal Loan. Repayment of United Bank of India Personal Loan You can repay your United Bank of India Personal Loan up to 36 months from the date of disbursement, but before superannuation. To understand this better check out the example below. Example - Mr. Ramachandra needs money for his younger son's college education, but due to the last year COVID pandemic all their savings are exhausted, so now he has been looking for a loan. A friend told him about United Bank of India Personal Loan so Mr. Ramachandra has applied for the same. He gets approval of loan amount INR 8 lakh at an interest rate of 14.20% per annum. Now it's time for him to choose the tenure and Mr. Ramachandra selected a tenure of 24 months. So as per the calculation of an EMI calculator he will pay an EMI of INR 38,486. Security for United Bank of India Personal Loan United Bank of India will require the following security for its personal loan -
Special Conditions of the United Bank of India Personal Loan For working women, United Bank of India offers personal loans at a special interest rate of 13.95%. This discounted interest rate will be applicable only for women applicants. Fee & Other Charges for the United Bank of India Personal Loan The applicant needs to pay a processing fee of 1% of the loan amount, this charge will be deducted from your disbursed loan amount, you don’t have to pay this fee upfront to the bank. The due diligence charges will apply to your United Bank of India Personal Loan if it is purchased by outsource agencies and this needs to be paid upfront. No prepayment charges will be applicable to this loan. A need for money can come from anywhere to anyone without caring whether an individual is employed or unemployed. This need of money can be fulfilled by different ways, and one of the popular methods is to opt for a Personal Loan. But most of the people think that a personal loan can only be availed by salaried or self-employed individuals. The reason: a personal loan is an unsecured loan. But what if you are unemployed? Well, there are several methods with which personal loan for unemployed individuals can be taken in an easy way.
In case of a personal loan, there are several factors that come into the picture such as credit score, eligibility criteria, interest rates, documents required, etc that tend to vary from one lender to another. But there are a few factors that can help an individual who is facing unemployment currently to get a personal loan. In this article, we will be telling you some of the methods by which personal loan for unemployed individuals can be taken in a hassle-free manner. Keep reading to know more about the methods! Different Methods to Get a Personal Loan for Unemployed Individuals As we said there are some methods with which personal loan for unemployed individuals can be taken. These methods are secured loans such as Gold Loan, Loan Against Property, Unsecured Loans, Loans under Government Schemes, etc. We are telling them about it below. Have a look! Unsecured Loans If you are looking for a personal loan for the unemployed, it is not necessary that you have always been unemployed. It may be possible that a person is unemployed at this moment. Such individuals can easily take an unsecured loan from a lender if they paid all their debts on time when they were employed. A brilliant repayment track makes an individual’s CIBIL score 700 or above. Any lender will like to provide a personal loan to an unemployed individual with a credit score of 700 or above. It may be possible that you may not get the required loan amount as you wished for initially, but you certainly can get a personal loan. Your eligibility will depend on your past credit behavior. One of the best things about this is individuals don’t need to submit any kind of collateral. Secured Loans The basic definition of a personal loan is it is an unsecured loan; individuals don’t need to present any collateral or security against the loan amount. Since we are talking about personal loans for unemployed individuals, and they cannot present an income proof (salary slip) or credit score as their eligibility, the lender will not like to take the credit risk. That’s why, secured loans can be a good option for such individuals. With this type of loan, individuals will need to submit some security to lenders to get the required loan amount. This security can be Gold, Property, Fixed Deposits, Mutual Fund Units, etc. You should remember that the personal loan amount against these securities will vary according to the overall value of your securities. For example, in the case of a Gold Loan, the loan amount will range from 65% to 90% of the overall gold value. Loans Under Government Scheme One of the best ways to opt for a Personal Loan for Unemployed individuals is the various government schemes. One of these government schemes is Pradhan Mantri Mudra Yojana with which unemployed women applicants can get a personal loan. One other such government scheme to get a personal loan is Pradhan Mantri Rozgaar Yojana with which individuals can get a loan amount as much as INR 5 lakh as a personal loan. Credit Score is one of the important factors that can affect your overall finances both positively and negatively. Different credit bureaus keep track of your repayment behavior and provide a score based on this. CIBIL is one of the most popular credit bureaus in India.But here, we want to focus on your attention to the CIBIL Score improvement. Several people ask this question about how to improve CIBIL Score in an easy way?
When a person wants to know the methods to improve your CIBIL score, it simply means that he or she has a pretty low score. A low score indicates that an individual has irresponsible repayment behavior which resulted in a low score. The crucial part to improve your score is to correct your bad habits related to repayment, and form a few good ones. In this article, we will be telling you all the methods that will give the answer to your question of How to Improve CIBIL Score. If you are struggling with a low score, you can apply these methods. Keep reading to know more! Let's Understand a Few Methods to Improve your CIBIL Score! As we said earlier, improving your CIBIL score is nothing but correcting your bad repayment habits, and keep doing them responsibly. When you do them for a long time, your score will improve automatically. We are showing some of the methods below that you can check. Never Miss your Bill Payment! The first and foremost thing you need to remember is to never miss your bill payment. These payments can be your credit card bills or Loan EMIs. Always try to pay them before the specific due date. When you form this habit of timely repayment, you will only increase your score. Timey Bill Payments is one of the prominent factors that affect your score. Also, one of the crucial things to pay on time is to always spend according to your repayment capacity. Don't make a Habit of Paying the Minimum Due Amount Some individuals believe that they can get on with their financial life by paying only a minimum due amount on their credit card. If you don't know what this minimum amount is, let us tell you that 5% of your overall credit card bill is known as the Minimum Due Amount. But here's a catch when you pay only the minimum due amount. The interest and other charges will be added on to the remaining amount. If you keep paying only the minimum due, it will keep piling up, and soon you will be in a debt trap. So, when you are asking answers for how to improve CIBIL Score, this is one of those things you should avoid. Use your Credit Card Limit Wisely It is advised to use only 30%-40% of your overall credit limit to improve your credit score. Suppose you have an overall credit limit of INR 1 lakh, you should try to spend only INR 30,000 to 40,000 in a month. Individuals who spend more of their credit limit are usually seen as credit hungry borrowers in the eyes of lenders. Also, when you spend less of your overall limit, you would be able to pay your bills on time. Check your CIBIL Report Regularly One of the efficient methods to improve your CIBIL score is to check your report regularly. Some people also seek answers to the question of How to Check CIBIL Score of theirs. To do the same, an individual needs to follow a few simple steps and he or she can know his CIBIL Report from which the score can be known. Checking your report regularly helps you with finding any irregularities if any. Correcting them can improve your CIBIL score score significantly. Yes, you are eligible for Fullerton India Personal Loan if you are salaried or self-employed. This loan product is for the customers to meet their unexpected financial needs for instance, expensive wedding preparations, medical emergency, home renovation expense, children education fees, etc. So, look at the article below and learn how to borrow a Fullerton India Personal Loan in the time of need.
Eligibility Criteria of Fullerton India Personal Loan If you want to borrow a loan from Fullerton India, you have to meet the following requirements.
How to Meet the Fullerton India Personal Loan Eligibility Criteria? You can meet the Fullerton India Personal Loan eligibility if you follow the instructions below:- Step 1:- Whenever you are preparing to borrow Fullerton India Personal Loan, make sure you have all the required ID proof in which your correct age is mentioned. Because if Fullerton India finds any fraudulent errors in the age of the applicant, the loan application will be rejected at that very moment. So do check your ID proof such as Passport, Aadhaar Card, Voter ID, Driving Licence, etc. Step 2:- In our second step we will recommend you to check your payslips and bank statement. Because a higher income makes you eligible for a high loan amount up to INR 25 lakh. But first check whether you meet the minimum income criteria of the Fullerton India Personal Loan or not. Step 3:Now we have come to our third step of meeting the Fullerton India Personal Loan eligibility criteria. In this you need to show Fullerton India the proof of your employment via which they will calculate your work experience. Because when the work experience of an employee is six months or one year, it gives surety to the lender that the borrower won't make a default in the repayment as his/her income will be consistent. Step 4: This is the final step of meeting the Fullerton India Personal Loan eligibility and here you just need to check the CIBIL score. How to Check a CIBIL Score for Fullerton India Personal Loan? You can check your CIBIL score online without any hassle. For this first visit the CIBIL official website and check your CIBIL Score for free if you are a new customer. And if you found that your CIBIL Score is in the range of 750-900, it is well in good. Apply for Fullerton India Personal Loan Online To apply for the personal loan at Fullerton India official website follow the steps below.
It is a widely known fact that personal loan interest rates are generally higher than other secured loans such as Gold Loan, Loan Against Property, Loan against FD, etc. One of the reasons behind this is lenders don't ask for any kind of security against the loan amount. Several individuals look to save a substantial amount when going for a personal loan. But do you know how to ensure maximum savings if you already have a personal loan and how to choose HDFC Personal Loan Interest Rate?
Well, if you already have a personal loan and want to ensure savings on your interest and EMI amount, the Balance Transfer Facility can be the right option for you. You must be thinking what exactly this facility does? Well, first of all, among the several methods out there to save, this method is a quite popular one. With a Personal Loan Balance Transfer Facility, an individual can transfer his or her outstanding principal amount to some other lender at a lower HDFC Personal Loan interest rate. Want to know more about it? Well, in this article, we will discuss the same along with an example so that you can understand better. Keep reading to know more! Role of HDFC Personal Loan Interest Rate in the Balance Transfer Facility A lot of people complain about the higher interest rates on their personal loans. One of the reasons behind this is they didn't remember to look for options when choosing the rate for them. Due to the higher interest rates, individuals find difficulty in repaying the monthly installments. So, what's the solution for this? Well, with Personal Loan Balance Transfer Facility, individuals can ensure the maximum savings as well as repay the EMI easily. Lenders allow individuals to allow a Balance Transfer facility with a few conditions. First of all, the credit score must be good which is considered to be 700 or above. For example, if an individual wants to transfer his outstanding principal balance to HDFC Personal Loan Interest Rate, HDFC Bank will check if he has a good repayment behavior. Since he is choosing a lower personal loan interest rate, the EMI would automatically be lower than before. During this whole process, the individual would be able to save a substantial amount. One thing you also need to remember that lenders also charge a One-time Processing fee on the Balance Transfer facility. This fee generally depends on the outstanding principal balance. Now, let's understand how much an individual can save with the Balance Transfer facility with an example. Suppose an individual has a 5-year personal loan of INR 4,50,000 at an interest rate of 19.50% per annum. For this amount, he must be paying an EMI of INR 11,797 with an interest outgo of INR 2,57,844. Now, after two years, he wants to switch to a lower HDFC Personal Loan Interest Rate of 14.30% per annum so that he can transfer his outstanding principal balance to HDFC Personal Loan Facility. At this time, his principal balance was INR 3,19,632. For this amount, the new EMI amount will be INR 19,971 and the interest outgo will be INR 75,320. As you can see that the new EMI amount is quite lower than the previous one which indicates that when you are choosing a lower HDFC Personal Loan Interest Rate, you can easily save money. Similar to the EMI amount, you can save on interest too. This is why individuals choose to opt for a Balance Transfer Facility. Some of the other methods to ensure maximum savings on a Personal Loan are Prepayment Facility, Choosing a Lower Interest Rate, Shorter Tenure, etc. You can calculate all the savings with the help of the HDFC Personal Loan EMI Calculator without any stress. Just put a few details into it and you are good to go. It is common that we often find ourselves in a situation where our finances are low. But do you know what to do? If not, let us tell you. If you are in an urgent need of a lump sum and your savings doesn’t meet the need, in such a situation you should apply for a Canara Bank Personal Loan. Because using the loan amount first the requirements will be met and second the interest rates are very affordable, so it won’t impact your monthly budget. Let's read this article and know more about the Canara Bank Personal Loan and its features and benefits.
When Canara Bank Personal Loan Will be Helpful to You? There is no specific situation to borrow a Canara Bank Personal Loan, as it is a multi purpose loan which can be used for various needs such as wedding expenses, home renovation, education fees, travel expenses, medical bills, etc. You just need to ensure that you borrow an accurate amount from Canara Bank as per your need. Because borrowing a high loan doesn’t make sense when your requirement could be met with a lower amount. What is the Canara Bank Personal Loan Interest Rate Now? If you apply for a Canara Bank Personal Loan today, you will get an interest rate from 11.25-13.30% per annum. And for your information the Canara Bank Personal Loan interest rate is fixed, which means they won’t change during the repayment period. So if you get an interest rate of 11.25%, it means this would be the same during the repayment period even if the repo linked lending rate changes. Currently the Canara Bank repo linked lending rate is 6.90%. How to Repay Canara Bank Personal Loan? You can repay the Canara Bank Personal Loan in equated monthly installments, but first you need to select a tenure for it. Canara Bank has provided you the option of 12-60 months for the repayment of the personal loan, so make sure you decide the suitable tenure for your Canara Bank Personal Loan as per your monthly income and current obligations. Am I Eligible for Canara Bank Personal Loan? Yes, you are a confirmed employee of the Central or State Government, Reputed PSUs or Joint Stock Companies, Corporates Companies, Public Limited Companies, Private Institutions, Lecturer, Asst. Professors, Professor of a College, Research Institute and University, employee of an IT/BT Company. Is there any Overdraft Facility? Yes, you can use the Canara Bank Personal Loan Overdraft facility up to INR 3 lakh. This Canara Bank overdraft facility is subject to renewal once in two year. But the renewal period may be extended to the top executives in the cadre of secretary, additional or joint secretaries and above in central governments or secretaries to State Government and top executives of big corporate or public sector undertakings such as Chairmans, MDs EDs or such equivalent post only. So apply for Canara Bank personal loan today and meet all your financial needs in a minute. To apply, visit any of the nearby canara bank branches or its official website. After submitting your kyc and income proof along with your loan application form, you will get your loan amount instantly in your bank account. |
Details
Anika Sharma
|