In the present time, availing the personal loans india is becoming a very common norm for the middle class society. Expenses reaching sky high and the stagnant levels of salaries are adding up to it. In such kind of situations, there are very little chances that one can avoid the debt of personal loan.
Be it for the further education of one's child, purchasing domestic appliances, renovating and repairing one's house, meeting the expenses of special occasions and weddings; the need to borrow a considerable sum of money is being felt amongst almost all strata of the society.
It is thus important to understand the repayment options and to know how the personal loan interest rates are calculated. First of all you should understand that personal loan rates depend on various criteria. And, probably, these criteria may vary from bank to bank. It is also not necessary that whatever the rate is offered to one individual of your knowledge, you will be able to get your deal on the same rate.
The criteria also differ from person to person. In order to determine the interest rates on the personal finance you have borrowed, following factors are taken into the consideration:
Income
Company status
Credit and repayment history
Previous relationship with the bank you are planning to borrow the loan
Ability of negotiation
For instance, if you are salaried, then the personal loan eligibility and the applicable interest rate both will be different for you. In case you belong to the self-employed category, then the both of the things will be calculated differently. Your credit history and profile plays a vital role in the determination of the applicable personal loan rates for you. In such case, you should be staying cautious and consult the bank in this issue so you can negotiate for further.
Be it for the further education of one's child, purchasing domestic appliances, renovating and repairing one's house, meeting the expenses of special occasions and weddings; the need to borrow a considerable sum of money is being felt amongst almost all strata of the society.
It is thus important to understand the repayment options and to know how the personal loan interest rates are calculated. First of all you should understand that personal loan rates depend on various criteria. And, probably, these criteria may vary from bank to bank. It is also not necessary that whatever the rate is offered to one individual of your knowledge, you will be able to get your deal on the same rate.
The criteria also differ from person to person. In order to determine the interest rates on the personal finance you have borrowed, following factors are taken into the consideration:
Income
Company status
Credit and repayment history
Previous relationship with the bank you are planning to borrow the loan
Ability of negotiation
For instance, if you are salaried, then the personal loan eligibility and the applicable interest rate both will be different for you. In case you belong to the self-employed category, then the both of the things will be calculated differently. Your credit history and profile plays a vital role in the determination of the applicable personal loan rates for you. In such case, you should be staying cautious and consult the bank in this issue so you can negotiate for further.
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