Leading Professional Banking / NBFC Loan Consultants Firm in Chennai, Tamil Nadu, India
Category: Education Loan
S & P Bank Loan Services indeed offers quick and hassle-free Education Loan in the first place. The borrowing can be for studies in India or abroad as a matter of fact. Meanwhile, When you need quick funds for studies, Student Loan @ bankloans.org.in is an all in all smart choice in like manner.
Find the Best Education Loan Consultants in Chennai
S & P Bank Loan Services indeed want aspiring student to have easy access to study loan in India or foreign countries in addition. By the way, Find the Best Education Loan Consultants in Chennai, Tamil Nadu India
How to avail an Education Loan in Chennai, Tamil Nadu, India
“Chase Your Education Dream with Student Loans”
Quality Education for better standard of living and a great life uniquely.
A Quality Education is the foundation for better standard of living and for leading a great life in the same fashion. On the other hand, With a degree or certification from top universities, you can land great opportunities in the same way. But the education cost at reputed universities are very expensive by the same token.
Loans for shortfall of funds for education
Parents always yearn to give best education to their children. Moreover, They try to save and invest money over the time for their children’s education. Sometimes there may be shortfall of funds for education. Under such scenario Education Loan is a boon to students and parents alike.
Customized loan solutions for Students
First of all, We offer customized loan solutions to suit your unique student finance requirements. In fact, Our Student loan counselors indeed can offer suitable solutions based on your requirements. Above all, We are popular for quick processing and disbursal of Educational loans. We have simple documentation to process your requirements in reality. Furthermore, You can count on us for quick student loans.
Benefits of Education Loan
Education loan known also as Study loan or Student loan. Of course, It is a way of financing the study costs of a student. Likewise, Student loan is in common an unsecured loan. On the other hand, No collateral is necessary for small amounts. Student is the loan applicant. The co-applicant can be spouse, parents or relatives at the same time. Altogether, Loan repayment starts after completion of course.
Advantages of Educational Loan
Find the advantages of education Loan in Chennai, Tamil Nadu, India
Tax benefit U/S 80E
Repayment after course completion
Low rate of interest-
Pursue your dream
No Collateral
Freedom to Study
Relief to Parents
A chance to higher Education
Easy funding
Tax benefit U/S 80E
An individual (student / spouse / parent./ legal guardian.) can claim tax deduction on the entire amount of interest paid on education loan. In other words, He can claim the tax benefit up to 8 years from the year of starting loan repayment .
Repayment after course completion
Loan repayment starts after completion of the course. Some banks give relaxation period from 6 months to 1 year after the course.
Low rate of interest
The rate of interest on education loan is very low when compared to personal loans. Above all, You can even get good deal on interest rate when you are able to provide surety.
Pursue your dream
Borrowing funds to pursue your dream education is wise decision. Chase your aspirations with study loans.
No Collateral
No security is necessary for education loan for small amounts. Yet, collateral can increase your possibilities of low interest rate and loan approval.
Freedom to Study
Education finance helps students in chasing their dream education. They need not rather than worry about financing their studies. Student loans offer a sense of protection.
Relief to Parents
Study loan has been an immense relief to lots of parents. They need not worry about funding their child’s higher education. They can send their kid to the best college.
A chance to higher Education
Education loan is an opportunity for higher education. It is a boon when you have shortfall of funds. Education at reputed institutes has become a high cost affair.
Easy funding
Borrowing funds for pursuing higher studies is simple and easy. Many banks offer great student loan deal. For more, details get in touch with us.
Disadvantages of Student Loan
Eligibility.- The student who satisfies the loan criteria gets education finance. There are other factors that affect loan approval like interest-rate, loan amount & collateral.
Repayment pressure- The student has to complete his course on time. He has to pursue a job to start with monthly EMI repayment. This puts lots of pressure on the student to do well and land good job.
It is advisable to weigh both advantages & disadvantages of taking student loan. Assess the same based on your unique requirements. Take a wise decision!
Eligibility Criteria for Student Loan
Applicant has to be an Indian citizen 18 years or above
Confirmed admission letter for loan disbursal
Co-applicant should be Indian citizen with earnings
parent./ Sibling./ Legal Guardian./ Relative can be Co-applicant
Co-applicant should be principle debtor
Courses approved by UGC / GOVT/AICTE/IMC
Technical or professional courses. Degree or diploma by autonomous institutions. Foreign university courses in India. Other approved courses.
Documents required for availing student loan
Student KYC and educational documents.
Latest photos
Photo ID
Address Proof
Date of Birth Proof
Signature Verification
Academic Documents
Admission Letter or Proof
Fees Structure – Course and fee details.
Co-Borrower or Guarantor KYC and income documents.
Latest photo
Photo ID
Address Proof
Date of Birth Proof
Signature Verification
Bank Statement
Income Proof
Relationship Proof
Collateral Documents
Choose Top Education Loan consultants in Chennai
S & P Bank Loan Services is a Top Education Loan Consultants in Chennai, Tamil Nadu, India. Choose the Best Finance consultants today.
Frequent asked questions
Do you have tax benefit for education loan?
You can claim tax deduction on the interest paid on education loan under section 80E of IT act. You can claim this deduction up to 8 years.
Who can apply for study loan?
Any Indian citizen between 18 to 45 years aspiring for higher studies can apply for study loan. The student is the main debtor. Co-borrower can be sibling / parent / relatives
When does repayment EMI start for student loan?
EMI repayment starts after 6 to 12 months of completing the course. Sometimes it can start after 3 months of securing a job. Whichever of the 2 is earlier. It varies from bank to bank.
What are the costs covered under education loan?
It covers costs like tuition fees, course fees / hostel fee / exam fee and other charges
What is the margin money required for student loan?
No margin money is necessary for loans up to 4 lakhs. Above the amount margin money varies from bank to bank for studies in India and abroad.
What is the rate of interest for study loan?
Interest rate varies from bank to bank. For more details contract our loan counselors.
How to get finance for higher studies in India and abroad?
Students in general depend on parents and relatives to finance their studies. If you are an Indian citizen above 18 years with good academic record, go for student loan.
Will there be any charges and fees on education loan?
Some banks charge processing fee, late payment fee, prepayment charges and other charges. For more details, get in touch with us.
What is the top limit of education loan?
The top limit of loan amount depends on various factors. It can be academic record and co-applicant credit worthiness in detail. If you want to have clear picture by all means, our loan consultants can guide you.
Is collateral a must for education loan?
No collateral is necessary below 4 lakhs. But co-applicant is a must. Mainly, Collateral increases in getting a good interest rate and credit approval chances.
What is the time limit for repayment of student loan?
The repayment period varies from bank to bank.Of Course, It ranges up to 5-7 years.
How to calculate EMI for education loan?
To calculate EMI you need 3 factors – amount of borrowing, interest rate and period. Most of all, You can also online EMI calculator for student loan. Finally, Our loan consultants are happy to help you too.
Navigating the Financial Landscape: The Indispensable Role of Finance Consultants and the Excellence of S & P Bank Loan Services
In today’s complex financial landscape, achieving our financial goals can be a daunting task. Whether it’s managing personal finances, securing funding for a business, or planning for long-term wealth growth, expert guidance is essential. Finance consultants play a pivotal role in providing the necessary expertise and strategies to navigate these challenges. One of the top names in the finance consulting industry is S & P Bank Loan Services, renowned for its exceptional services and client-centric approach.
Section 1: Understanding the Role of Finance Consultants
Defining Finance Consultants: Who are They and What Do They Do?
Finance consultants are professionals who specialize in providing expert advice and assistance related to financial matters. They work closely with individuals, families, and businesses to analyze their financial situations, identify opportunities for improvement, and develop personalized strategies to achieve specific financial goals.
The Advantages of Hiring Finance Consultants
Engaging the services of a finance consultant offers numerous benefits. These experts possess in-depth knowledge of the financial industry and can provide valuable insights into investment options, risk management, and tax planning. They save clients time and effort by handling complex financial tasks and offer unbiased advice based on their expertise.
How Finance Consultants Assist Individuals and Businesses
Finance consultants cater to the diverse financial needs of both individuals and businesses. For individuals, they offer services like budgeting, debt management, and investment planning, helping them achieve financial stability and security. Businesses benefit from financial analysis, strategic planning, and capital acquisition services, essential for growth and expansion.
Section 2: Key Qualities of Top-notch Finance Consultants
Expertise and Knowledge in Finance Industry
Top finance consultants possess a wealth of knowledge and expertise in the financial domain. They stay updated with the latest market trends, tax regulations, and investment opportunities, enabling them to offer accurate and timely advice to their clients.
Strong Analytical Skills and Problem-Solving Abilities
Analytical skills are paramount for finance consultants as they need to evaluate complex financial data and identify patterns and opportunities for improvement. Additionally, they excel in problem-solving, devising creative solutions to tackle financial challenges effectively.
Effective Communication and Interpersonal Skills
Communication is vital for finance consultants to understand their clients’ financial goals and explain complex financial concepts in a comprehensible manner. Strong interpersonal skills foster trust and collaboration, facilitating a seamless working relationship with clients.
Section 3: S & P Bank Loan Services – A Trusted Name in Finance Consulting
Company Background and History
S & P Bank Loan Services boasts a rich history in the finance consulting industry. Established over three decades ago, the company has earned a stellar reputation for its commitment to excellence and client satisfaction.
Range of Services Offered by S & P Bank Loan Services
S & P Bank Loan Services offers a comprehensive suite of financial services tailored to meet the unique needs of individuals and businesses alike. From personal finance consultation to business expansion strategies, their expertise covers a wide spectrum of financial domains.
Success Stories and Client Testimonials
The true measure of a finance consultant’s worth lies in the success stories of their clients. S & P Bank Loan Services takes pride in the positive outcomes they have delivered to numerous satisfied clients, as evidenced by glowing testimonials and case studies.
Section 4: Why Choose S & P Bank Loan Services
Transparent and Client-Centric Approach
One of the standout features of S & P Bank Loan Services is their transparent and client-centric approach. They prioritize understanding their clients’ goals and concerns, ensuring that the financial solutions offered align perfectly with their needs.
Customized Financial Solutions for Different Needs
Recognizing that every individual or business has unique financial requirements, S & P Bank Loan Services emphasizes developing tailor-made solutions. This bespoke approach ensures that clients receive the most effective strategies to address their specific financial challenges.
Proven Track Record of Delivering Results
A proven track record is a testament to a finance consultant’s capabilities. S & P Bank Loan Services’ history of successful financial outcomes demonstrates their expertise in delivering results and creating long-term value for their clients.
Section 5: S & P Bank Loan Services’ Areas of Specialization
Personal Finance Consultation
S & P Bank Loan Services offers comprehensive personal finance consultation services to help individuals manage their finances effectively.
Budgeting and Saving Strategies
The finance consultants at S & P Bank Loan Services assist clients in creating realistic budgets and implementing effective saving strategies to achieve financial stability.
Debt Management and Consolidation
Managing debts can be challenging, but S & P Bank Loan Services provides expert guidance to consolidate debts and develop manageable repayment plans.
Investment Planning and Wealth Building
For those looking to build wealth and secure their financial future, S & P Bank Loan Services offers professional investment planning advice.
Business Finance Consultation
Businesses benefit from S & P Bank Loan Services’ expert guidance in various financial aspects to achieve growth and success.
Financing Options and Capital Acquisition
Finding the right financing options and securing capital are crucial for business growth, and S & P Bank Loan Services excels in this domain.
Financial Analysis and Risk Management
The finance consultants at S & P Bank Loan Services analyze business financials and offer risk management strategies to ensure sustainable growth.
Business Expansion and Growth Strategies
S & P Bank Loan Services partners with businesses to develop effective expansion and growth strategies, maximizing their potential for success.
Section 6: 24/7 Finance Consultation – Ensuring Support Whenever You Need
Understanding the Importance of Round-the-Clock Consultation
Financial challenges can arise at any time, necessitating immediate support. S & P Bank Loan Services recognizes the importance of 24/7 consultation to address clients’ financial concerns promptly.
How S & P Bank Loan Services Provides 24/7 Assistance
S & P Bank Loan Services offers various channels for round-the-clock support, including phone consultations, email communication, and online chat services.
Section 7: The Process of Engaging S & P Bank Loan Services
Initial Consultation and Needs Assessment
The first step involves an initial consultation where clients discuss their financial goals and concerns with the finance consultants.
Developing Tailored Financial Solutions
Based on the needs assessment, S & P Bank Loan Services develops customized financial solutions for each client.
Implementation and Ongoing Support
Once the strategies are agreed upon, the finance consultants assist in implementing the plans and providing ongoing support as needed.
Section 8: Client Success Stories with the Best Finance Consultants: S & P Bank Loan Services
Case Study 1: Helping a Family Achieve their Financial Goals
Explore a real-life case where S & P Bank Loan Services enabled a family to achieve their dreams through effective financial planning.
Case Study 2: Assisting a Startup Secure Funding for Growth
Discover how S & P Bank Loan Services played a crucial role in helping a startup secure the necessary funding for expansion.
Section 9: Industry Recognition and Awards
Recognitions and Accolades Received by S & P Bank Loan Services
S & P Bank Loan Services has received various industry awards and recognition, further validating their excellence in finance consulting.
Section 10: Frequently Asked Questions (FAQs) About Best Finance Consultants and Finance Consultation
What does a Finance Consultant do?
Learn about the roles and responsibilities of finance consultants in helping clients achieve financial success.
How can a Finance Consultant help improve my financial situation?
Discover the various ways in which finance consultants can assist in improving personal and business financial situations.
What sets S & P Bank Loan Services apart from other finance consultants?
Understand the unique features and advantages that make S & P Bank Loan Services a preferred choice in finance consulting.
Recap of the Importance of Finance Consultants: Finance consultants play a pivotal role in guiding individuals and businesses towards financial success. With their expertise and customized strategies, they help clients achieve their financial goals and secure a stable future. S & P Bank Loan Services stands out as a top-notch finance consultant, offering transparent and client-centric services. Through their proven track record and industry recognition, they have earned the trust of clients worldwide. Whether it’s personal finance consultation or business growth strategies, S & P Bank Loan Services is the go-to choice for reliable and effective financial guidance.
Who is the Best Bank Loan Consultants to get Loans at Low Bank Interest Rate?. S & P Bank Loan Services offer All in All financial facilities at Low Rate of Interest in Chennai, Tamil Nadu, India.
How to calculate Bank Interest Rate?
Interest Rate is the percentage that a bank or financial institution charges for amount lend or pays for the amount deposited. Likewise, Bank charges a higher rate of interest on loans comparatively it pays for depositors to earn a profit. In fact, All banks compete with each other by offering a competitive interest for borrowers and depositors. Due to competition, banks charge interest within a narrow range of each other by all means.
Will the rate of interest differ from other Banks?
Like any other industry, some businesses prefer high volume and low profits firstly. Other businesses prefer low volume but high profits. In a similar manner, some banks prefer customers who do not care more about the rate of interest. Thus, they have few customers but a higher profit margin. While a few other banks prefer a larger customer base, so they offset profit margin and offer a lower rate of interest on deposits.
High interest on deposits
Well established large scale banks raise funds through issuing bonds/shares, thus they may not interested to raise funds from deposits. Moreover, Those banks offer a high interest on deposits. While smaller banks depend on depositors for funds, thus they charge low Interest for depositors. In other words, The bank charges interest based on its objectives in the banking business.
EMI Calculator:
The interest on loans always plays a major role in the EMI of the loan.
Equated Monthly Instalment abbreviated as EMI, refers to monthly installments paid towards the loan. It includes both principal and interest. Nowadays EMI calculator, a very famous one among borrowers. Let’s look into the benefits of the EMI calculator.
You can decide your EMI amount before applying for a loan. This helps to make the exact monthly finance budget.
EMI Calculator provides a complete repayment schedule. This helps you to plan the financial budget for the full tenure of the loan.
The EMI calculator is calculated online. It’s error-free and accurate.
You have the option to change the loan tenure, amount, and interest to check your eligibility for higher loans and lower EMI.
During the takeover of the loan, you can do a comparative analysis of EMI with the proposed bank and existing bank.
How can we reduce the interest rate burden by closing high-interest?
Review your loan sanction and check whether the loan is under a fixed-rate or floating rate. In flat-rate loans, the loan is fixed throughout the tenure. Thus, monthly EMI is fixed for entire loan tenure.
Loans with floating-rate of interest
In floating rate loans, interest percent changes when there is a change in banks’ base rate. The bank base rate is fixed based on RBI guidelines. You have to decide when you have to opt for fixed-rate or floating rate loans. When the floating rates interest shoots up, it results in higher EMI in the same fashion. But if floating interest comes down, it results in lower EMI.
Loans with a fixed interest Percentage
On the other hand, a fixed interest percentage protects from rate fluctuation and gives you a sense of security and certainty of cash flow. In the same token, making a choice between fixed and floating rates depends on economic factors and outlook. We at S & P finance consultants help you to decide on fixed or floating rates based on market situation and loan type.
Few tips for low-interest rate:
Good CIBIL score
The low credit utilization ratio
Low Fixed Obligation Ratio
Don’t apply for loans with multiple lenders.
Relationship with the existing lender
The loan availed with collateral security
Women applicants get a concession on
Loan Duration vs Percentage of Interest
Generally, there is a direct relationship between long duration and Percentage of interest. Higher the long duration, the higher the Rate of Interest. Lower the loan duration, lower the rate of interest. Meanwhile, It may not true for all types of loans. But banks also consider lending risk while charging a percentage of interest for loans. Lending risk includes security, experience in work/business, and other factors. Going for a longer tenure of the loan may give you lower EMI at the cost of higher interest. You need to take a decision
Fixed Deposit Rates:
Saving the money in fixed deposits is one of the best investments from olden days. Let’s look at the fixed deposit rates of few banks below:
Comparison of Fixed deposit rates of Major Banks:
Name of the Bank
FD Interest Rates
Senior Citizen FD interest rates
SBI
2.90% -5.40%
3.40% -6.20%
HDFC
3.00% -5.75%
3.50% -6.50%
ICICI
3.25% -5.75%
3.75%-6.25%
RBL
5.00% -7.50%
5.50%-8.00%
South Indian Bank
4.00%-6.30%
4.50%-6.80%
Karur Vysya Bank
4.15%-6.05%
4.15%-6.55%
Indian Bank
3.75%-5.75%
4.25%-6.25%
Contact Top Bank Loan Consultants for the Best Interest rate
Call or WhatsApp the below-given number to Contact Top Bank Loan Consultants to avail all Loans with the Best Interest Rate.
What are all the Benefits of Personal Loan in India ?.
Personal Loans have become the talk of the town these days due to easy accessibility. One can make use of personal Loans for personal or business needs.
Best Personal Loan Consultants
Personal Loans are popular form of unsecured Loans. No collateral is necessary for Personal Loan approval and disbursal. Contact S & P Bank Loan Services for the best offer for all types of Loans in Chennai. Find the Best Personal Loan Consultants in Chennai.
Need of urgent funds to meet emergency expenses
In case you are in need of urgent funds to meet emergency expenses, Personal Loan is good choice. It has simple documentation and Loan Approval process. Personal Loans are security free Loans.
Easy Loan for person of salaried class or business class
You may be a person of salaried class or business class, expenses pop out of nowhere when you least expect them. Your savings may not enough or inaccessible for time being. In such cases getting a personal Loan is a smart choice.
Attractive Personal Loans of Banks & NBFCs
Banks & NBFCs offer attractive Personal Loans. They come at low interest rates to an applicant with good credit score. You may have continuous 6 month employment with decent credit history. Then you are eligible for Personal Loan. You can get Finance credit at low interest with no collateral. Your repayment tenure can be 4 – 5 years down the line
Fixed interest rates for personal loan
Borrowing personal has host of benefits. PERSONAL LOANS get approved very fast. You can borrow utmost credit finance through Personal Loan. EMIs remain the same as the interest rates remain fixed. The interest rates are lesser than credit cards. Some banks cater to applicants with less credit score too. They are versatile Loans that one can make use of any personal or business purposes. It is good for debt consolidation.
Personal Loan can help you improve credit score when you repay on time and in full. They are your emergency backup of funds which you can safe to rely on.
PERSONAL LOAN FOR MEDICAL EXPENSES
You never know when your health or the health of your loved ones need immediate medical attention. You may be wise to take out a medical insurance earlier. But medical insurance does not approve full amount of your medical expenses. They may disallow few medical expenses. Medical insurance does not cover all types of ailments or medical procedures. They do not include pre hospitalization and post hospitalization expenses.
A person who underwent hospitalization may incur expenses prior treatment and post treatment. Thus when one faces money challenges for medical treatments. , Personal Loan for medical expenses is a wise choice.
Popular insurance companies support only Allopathy or English medicine treatments. But Medical Loans could be for any other type of medicine treatments. It can be like Varma, Ayurveda or any other ailments too.
PERSONAL LOAN FOR EDUCATION
Education is a ray of hope for a better life. A good education lays good foundation for a success employment and career. One can enjoy good standard of living through great career. But education is not cheap in reputed institutes. You may have good grades. But sometimes you may not qualify for an Education Loan. Some banks may not approve Loans for certain courses ,universities or institutes.
In other cases Education Loan may not cover all expenses during your studies. Parents never leave a stone un-turned when it comes to their child’s Education. You or your kids planning to study may miss out a full academic year when you do not have funds for education. Under such scenario Education Loan is a good choice. Take up your dream education and repay with monthly EMIs at best interest rates.
PERSONAL LOAN FOR EMERGENCY
Life is unpredictable. There may be out of the blue expenses, medical emergencies or cash shortages in one’s life. These are the most dreaded problems of one’s life. At one time or other many people face these scenarios. Securing funds can be at times difficult for the borrower. Under such case borrowing Finance for emergency is a smart move.
Find the Best Finance Consultants to get Quick Personal Loan
Personal Loans for emergencies do not need collateral. They have low interest rates than credit cards. The can be repaid with fixed EMIs. You get funds quick and fast.
Top Personal Loan Consultants in Chennai
There is no fixed amount of finance range for emergency Personal Finance. This Loan market is under regulation of SBI and RBI. Hence you are safe to borrow Personal Loans for emergency needs.
RBI’s 3 months Term loan EMI repayment pause: Experts’ outlook
Three month pause in EMI repayment for term loan borrower
RBI Governor announces three month pause in EMI repayment for term loan borrower. The EMI Pause is between March 1st 2020 and May 31st 2020. As per RBI data as on Jan 2020 there is 13 lakh crore of Housin RBI data g Loan and 2 lakh crore of auto loan pending.
Let us hear out experts’ opinion about the latest RBI announcement.
Home loan EMIs or Auto Loan EMIs
Due to RBI’s 3 month moratorium few borrowers may not pay home loan EMIs or Auto loan EMIs for next 3 months. Under such scenario, few experts reason out that they will have to pay higher interest rate at the end of 3 months.
Financial loan analysts
Financial loan analysts say that simple interest get levied on the outstanding loan. The loan gets treated as repayment due but not paid. They are of the opinion that this is an extra loan cost which you can avoid with on time EMI repayments. The extra simple interest gets added to 3rd month EMI increasing the monthly bill. The extra simple interest may be a burden on all future EMIs too. Else your loan term can get increased in case of same EMI repayments.
An anonymous finance analyst feels borrowers must pay simple interest in one shot. They end up paying more EMIs. Clarification from the banks on the same is being awaited by experts.
Floating rate loans with loan tenure extension facility
RBI moratorium results in extension of loan tenure by 3 more months. This is workable for floating rate loans with loan tenure extension facility.
The addition interest may reflect on all future EMIs of the borrower. This is an extra burden on borrowers’ budget. But banks may keep EMI amount same but increase number of EMIs. This also affects borrowers’ loan cost.
Cash flow troubles due to COVID-19
MoneyTap’s CBO and Co-Founder Mr. Kunal Varma responded to this RBI announcement as below. He says 3 month EMI moratorium could be welcome for borrowers with cash flow troubles due to COVID-19. The borrowers can delay payment for 3 months. But in the end they are liable to pay off the EMIs with simple interest come June. It is important to note it is not loan waiver but shift in payment schedules.
Postponing EMI repayments
He told salaried income borrowers with steady incomes need to assess their finance. They need to consider revised EMIs and interests too before postponing EMI repayments
Reserve Bank Governor announces repayment schedule shift by 3 months after moratorium. It’s big relief to borrowers of home loans. Auto loans, education loans, agricultural term loans, retail and crop loans borrowers too. It applies to Debtors with credit card dues too.
RBI’s circular says that “In respect of all term loans (including agricultural term loans, retail and crop loans), all commercial banks (including regional rural banks, small finance banks and local area banks), co-operative banks, all-India Financial Institutions, and NBFCs (including housing finance companies) has permission to avail a moratorium of three months on payment of all installments falling due between March 1, 2020 and May 31, 2020,”
Interest shall continue to accrue on the outstanding portion
The circular quotes that “The repayment schedule for such loans as also the residual tenor, will be move across the board by three months after the moratorium period. Interest shall continue to accrue on the outstanding portion of the term loans during the moratorium period,”
This RBI move is relaxes loan repayment to retail borrowers, MSMEs and companies.
CIBIL Score – Cibil Top credit information company in India
Transunion CIBIL Limited is the top credit information company in India. The company has got credit info access of 600+ million people. Moreover, They have 2400 members aboard. Of whom top lenders are inclusive. Find Top Bank Loan Consultants for Low Cibil Score.
Most trusted credit rating companies
In India, CIBIL is one of the most trusted credit rating companies. They offer credit score or rating to persons or business organizations. Meanwhile, This score or rating is also known as CIBIL Score. Often credit score and CIBIL score is being used as synonyms.
CIBIL has access to all your financial transactions of borrowings ,repayments & credit history. On the other hand, They assess your financial history and give ratings as CIBIL score.
What is CIBIL score?
CIBIL score is the one of the most vital credit evaluation factor. By all means, It is like yardstick measurement of your creditworthiness. By the way, It is based on your earlier financial activities.
Credit rating given by Transunion CIBIL Ltd.
CIBIL score is the Credit score or credit rating given by Transunion CIBIL Ltd. Most of all, This score gets determined by CIBIL based on your credit history & CIBIL report. CIBIL maintains your credit record containing financial info.
Popular credit info companies
There are other popular credit info companies like Equifax, Experian and High Mark. They have their own credit scoring systems. But CIBIL is the leader in the credit info world. Majority of Banks consider CIBIL score of a Bank Loan applicant.
CIBIL score before Loan Approval.
Every finance company or lender examines CIBIL score before loan approval. For instance, a doctor determines your vitals before a medical process. In the same way a lender examines your credit score before loan processing. Choose the best bank Loan Consultants for Low Cibil Score
Credit worthiness of Loan Applicants
The credit info company, Transunion CIBIL has link with most of the top banks. Of course, This makes it easy for them to assess credit worthiness of millions of loan applicants. CIBIL score is a 3 digit number. Above all, It range between 300 & 900.
Good financial discipline and integrity
High CIBIL score implies that proposed applicant has good financial discipline and integrity. Whenever you apply for loan or credit card your latest score for last 6 months gets checked. In general score above 700 is a good score. Yet some banks may have higher standards and some banks do not mind these scores at all.
What is Credit Score? Why maintaining a good credit score is important?
Credit score defines the creditworthiness of a person or business. Let’s compare credit score to average exam score. If your average mark is 60, then it means you are consistent persons scoring 60. This makes you a good student. When your credit score is high, your past borrowings & repayments were responsible.
Reliability or risky nature of loan applicant
Credit score showcases the reliability or risky nature of loan applicant. Thus credit score has great impact on loan eligibility,. loan amount approval & interest rate. The lenders will be able to assess potential risk in lending you the money. Credit score has great influence when you borrow no collateral or unsecured loans.
Good business credit score
Like an individual, business credit score also impacts business image and credibility. A good business credit score will help them secure huge investments. Advantages of CIBIL score are as follows
Full loan amount approval
Low interest rate-Better loan terms.
Lower loan cost.
Quick processing.
Pleasant Loan Experience.
Good repayment terms.
Power of bargaining
Portrays great image
Full loan amount approval-
A good CIBIL score clears all your loan processing hurdles. Many lenders will be competing with each other to lend you. Hence you can be sure of getting full amount of money you applied for loan.
Low interest rate-
There will be competition among lenders to offer you loan as you have good CIBIL score. Many credit offers will have low of interest rate
Better loan terms. –
Many banks or NBFCs are ready to offer better loan terms for good CIBIL score applicants. They may waive off loan processing fees or legal fees or approval charges too. Some banks may not need collateral or guarantor for good applicants. Hence you can get better loan terms
Lower loan cost. –
You enjoy benefit of getting loans at lower cost with better loan terms. It may be like no loan processing fees or legal fees or approval charges.
Quick processing. –
Banks and finance companies give priority to applicants with good CIBIL score. It involves simple documentation and hassle free loan process.
Pleasant Loan Experience. –
Impressive credit image and great CIBIL score goes a long way in a finance world. All loan hurdles gets vanished making you getting finance a pleasant Loan experience
Good repayment terms. –
Your banker can agree to your convenient loan repayment tenure when you have good CIBIL Score. Make use of this great opportunity with maintaining good CIBIL score.
Power of bargaining.-
CIBIL score gives the borrower the power of bargaining. There are many lenders in the market to offer loans to applicants with good credit score. Hence you have the bargaining power chip on your shoulder with good CIBIL score.
Portrays great image.-
Honesty and responsibility are positive qualities. Financial responsibility and integrity are great traits valued in business world. A good credit score helps you to impress your lenders with great positive image
What we should do when we get a loan
Getting your loan approved and having money in your account is not the end of the story. In fact it is the beginning of your credit record. In case if you are first time borrower, credit information companies opens new record. Past borrowers’ are also on track of , credit evaluation companies. Hence you will be under the radar of the credit info companies. They keep track of repayments, foreclosures and delayed payments/defaults. This will have great impact CIBIL or credit score. Credit history has big effects on possibilities of getting new loans in future.
Repay EMIs on time and be regular
As a borrower it is your financial responsibility to repay your EMIs on time every month as agreed. This helps you to have financial discipline in repayment of dues. Be it a short term credit or small loan dues make payment on time and in full. Loan repayment delays & defaults may hamper your credit profile and future loan opportunities.
During emergencies, give priority to loan repayments. They attract penalties and extra interest. To avoid missing due dates, you can give ECS to bankers.
Be a responsible borrower
Loans do not come cheap and free. You have the responsibility to repay your loan with interest. You may be eligible for loan. But that does not mean you to borrow for your luxuries or investment splurges. Borrow when you have need. Use the funds in a wise way. Overcome your financial needs.
Get Loan insurance
Insurance on loan is a smart move for both the borrower and lenders. In particular when the loan amount is huge and is of long tenure. Loan insurance covers the risk of un-affordable debt to your family. The repayment burden may come upon them on dire circumstances. Term insurance for loan not only covers a single loan but a group of loan too covering a fixed period. There will not be any problem when you switch lender.
Keep-up your market research
It is always a good habit to keep track of financial market when you are borrower. Banks and NBFCs often float attractive loan offers. These may be profitable than your ongoing loan. Under such cases you can replace your current lender with the profitable loan option. You may also need to consider the prepayment charges, penalties and other fees too.
Comprehend the loan contract
Loan contracts are full of legal clauses and phrases. They may be difficult to understand and comprehend for a common man. It is important you deduce all the points. It is wise to seek help of Advocates or Chartered accountants to go over your Loan contract.
Debt consolidation
When you have many loans running with high costs, debt consolidation is good. This move will help you ease monthly EMIs or interest rates or tenure. When you provide collateral or make bulk repayments your loan cost comes down.
Keep your retirement corpus safe
Parents do not want to burden their children with loans. A dip in your retirement fund for your child education may not be a good idea. You have education and student loan for those finance needs. Hence plan your finance options and keep your retired life at peace.
Update your family and spouse about loan
It is important to keep your spouse and family about your borrowings. As it has great impact over your household finance. You need to have their co-operation too as it may impact the family budget. It reduces your emotional burden when your family supports you.
Find Top Bank Loan Consultants for Low Cibil Score
NBFC, a company registered with ROC under Companies Act, 1956
Non Banking Finance Company in short is NBFC. An NBFC is a company registered with ROC under Companies Act, 1956. NBFC is a company that offers banking services to people without a banking license from RBI. Non Banking Finance Companies are under the regulation of RBI. They need to follow Companies Act guidelines too.
Find the Best Loan Consultants for Non Banking Finance Company in Chennai, Tamil Nadu, India
NBFCs offer great support in development of a nation. They support backward sections of society. Rural segments get Bank credits from Non Banking Finance Companies. They aid boosting transport, education and create wealth of an economy.
How Non Banking Finance Company works
NBFC companies do not accept deposits repayable on demand. NBFC are more into credit creation. They do no maintain any reserve ratio. Non Banking Finance Company depositors do not have deposit insurance facility.
Business activities of NBFCs
The nature of business activities of NBFCs can be about loans & advances. Buying of shares, bonds & other securities. Leasing, hire-purchase, insurance or chit business. They do not include companies related to agriculture, immovable property or industrial activities.
Demand for Loans, credit and other financial needs
NBFC supports both individual and business borrowers. They support applicants who have trouble in meeting traditional bank eligibility standards. They meet rising demand for loans, credit and other financial needs of people.
Alternate sources of finance
NBFC are not only an alternate sources of finance, they are more efficient too. Clients have direct contact with NBFCs. Thus this eliminates unnecessary financial intermediaries when one seeks loan. They provide credit and finance to keep the liquidity of our economy.
Wide range of Financial products and services
They offer wide range of products and services. They are credit facilities. Loans & advances. Saving and investment plans. Acquiring of stocks /shares. Hire-purchase. Insurance or chit business. Money transfer services.
Education loans & retirement plans
They also offer education loans & retirement plans. They do stock-shares underwriting and money market trade. In fact, They issue term finance certificate and are in to other activities. NBFCs are also into wealth management services. It can be shares discounting services & stock portfolio management.
Trade finance, venture finance and specialized equipment finance
They offer finance for Construction equipment, Commercial vehicles and cars. They offer gold loans. Loan against shares. Consumer durable loan. 2 wheeler loans. They fund infrastructure assets like plant and machinery and aid project finance too. They provide trade finance, venture finance and specialized equipment finance.
NBFC VS BANKING FINANCE
Getting loan is no more a trouble now. If you are eligible applicant, you can have more than one loan offers from banks and NBFC. When you loan options from both banks and NBFC, you will be in a wondering which loan to opt for. Before you decide, Let us compare both the loan options.
Finance intermediaries
NBFC are becoming popular among borrowers. They offer better performance than banks with great customer support. Banks and NBFC are both finance intermediaries. Their services are pretty much same. This is where the customer is in a dilemma who one to choose.
Some of the advantages of NBFC over bank finance are:
Quick loan sanctioning process. – A loan application goes through varied procedures involving stringent verification. Both banks and NBFCs have their own system of verification. Online facilities and technology can help you bring down loan application process time. NBFCs processing time is low when compared to banks. Hence getting quick loan money in to your account is simple and easy with NBFC.
Less time for loan process. –
NBFC follow stringent verification process like banks. But they accommodate scan proofs of required copies online too. This takes them less time to approve and sanction loans. You can get processed and approved within few hours too with NBFCs.
Flexibility of loan terms. –
Banks need to follow loan and conditions terms as instructed by RBI. But NBFC has the freedom to decide about loan term with the borrowers. Hence NBFC has edge over bank loan terms. You can skip the boring loan paperwork with NBFC. But banks do insist on loan paperwork. NBFC support online loan application. Whereas all banks do not accommodate online loan applications. You can get top loan amount with long tenure within few hours approval with NBFCs.
Attractive features and benefits. –
NBFC offers many positive features and benefits to both new and existing borrowers. Banks loans also have good features and benefits. But they not be as attractive as NBFC.
Wide arrays of tailored loan products.
– NBFC are ready to offer a wide range of tailored loans and other financial products. This is very much beneficial to borrowers when get good loan offers with low loan cost.
Great customer service.
NBFC often do involve any middlemen to approach clients. They have direct contact with clients without any middlemen. This helps them to understand the customers’ needs better. Both banks and NBFC are into meeting finance demands of their customers. But NBFCs offer dedicated customer services to derive customer satisfaction. They have customer relationship manager who are happy to help all the time.
Cheap loans and low interests. –
Bank interest rates are under RBI regulation. Their interest rate includes base rate + margin. Bank loans involves certain costs. They are processing fee, application fee or legal fee. NBFCs interest rate is RPLR based. Non Banking Finance Company have freedom to fix interest rate that is not linked to RBI. Hence one can avail loan at low interest without other fees too.
Less Rules and Regulations. –
Getting loans from NBFC is much easy than bank loan. It is because they do not follow complicated loan processing rules like banks. But do involve in stringent verification that are convenient to clients.
Loan offers for poor credit score. –
NBFC offers loan to applicants who have poor credit score. Banks may not encourage applicants with less credit score below the loan eligibility. They consider low credit score a high risk loan. Non Banking Finance Company accommodates low score applicants with suitable loan products.
Choose Top Finance Consultants in Chennai, Tamil Nadu, India
Sometimes interest and collateral may vary on the credit score. Individuals prefer to get loans from NBFC due to great customer care. Corporate may prefer banking finance due to huge amount and long term. Yet Non Banking Finance Company are competing with banks to bag corporate clients too. Choose Top Finance Consultants in Chennai, Tamil Nadu, India to avail the best Bank Loan offers.
Now you have got a better picture of NBFC loan and bank finance. Choose the loan option suitable for you and overcome your financial hurdles.
Find the Best Loan Consultants for Non Banking Finance Company in Chennai, Tamil Nadu, India
Good News Women Home Loan borrowers – ADB + AAVAS to lend $60 million
Asian Development Bank (ADB) agreement with Aavas Financiers Limited (Aavas)
Firstly, The Asian Development Bank (ADB) made an agreement with Aavas Financiers Limited (Aavas). ADB plan to ends $60 million towards home loan credit for lower-income women borrowers.
Aavas Financiers Limited (Aavas) – housing finance company
Aavas Financiers Limited (Aavas) is a housing finance company located in India. In fact, Their Mission is to help home loans more accessible to lesser-income groups. Moreover, Women take priority for loan approval.
Aavas $60 million house financing for women
It’s great news to all women in India to hear about Aavas $60 million house financing for women. However, Women of Lower income groups are a priority. It is a ray of hope for every woman who yearns to have a roof over their head all their life.
Mortgage loans for housing needs
Ms. Susan Olsen is a Senior Investment Specialist at ADB’s. She says Low-income women in India struggle to mortgage loans for their housing needs. By the way, It results in women’s low social status- poverty-vulnerability & low bargaining power. ADB is Indeed contributing to our community through Aavas to empower women across India.
Women hold priority for Aavas housing loans
Mr. Sushil Kumar Agarwal, MD & CEO-Aavas says they are happy to join hands with ADB. By all means, It has made them realize their company mission through ADB. The company’s goal has been to aid low income Indian families to have their own home. Most of all, Women hold priority for Aavas housing loans. Aavas wants to extend profound presence in backward states of India too with this move. Above all, Aavas say their growth journey is smooth with ADB’s Partnership.
Biggest hurdle of housing finance is the limited access to long term credit
Mr. Ghanshyam Rawat is CFO & Co-founder Aavas. He says that the biggest hurdle of housing finance is the limited access to long term credit. ADB is keen to fund long term housing credits to under-served community of India. In particular women in India. It helps to boost investor confidence in home loan sector too.
Aavas disburses home loans under ADB project of lower income women group. It is a scheme meant for backward states of India. Women are main applicants or co-applicants of this Aavas house credit.
Biggest hurdle of housing finance is the limited access to long term credit
We all know that India is facing million units of housing shortage both in Urban and rural areas. The worst affected are the low income groups. People face lots of challenges in securing mortgage loan for housing needs. Lack of income proof and documentation is one of the top hurdles too.
Do not worry. Aavas lands great housing finance scheme in affordable housing credit in India. They have more than 70 billion assets with 245 branches all over India.
ADB, established in 1966 has great commitment to achieve prosperous Asia Pacific. They drive great efforts to remove poverty.
Veritas Finance Private Limited is a Non-Banking Finance Company (NBFC) headquartered in Chennai. In fact, Their mission is to lend finance to Micro, Small and Medium enterprises and other borrowers.
Finance to Micro, Small and Medium Enterprises and other borrowers.
The Chennai-based NBFC shores-up a whooping amount of ₹350 Crore capital from varied E-Investment Series. Moreover, The company’s main business focus is to provide finance to Micro, Small and Medium Enterprises and other borrowers. Of course, The additional influx of investments has been funded by Kedaara Capital, a new investor. Avove all, The existing players Lok Capital Growth Fund, Norwest Venture Partners (NVP) and P. Surendra Pai & family have also funded investment in Veritas Finance. Meanwhile, Their big-brain financial advisor is none other than Spark Capital.
Funding of working capital, buying assets and business expansion
The company indeed is keen to utilize this top-up capital to finance business sectors and conquer existing markets. By the way, MSMEs can approach VERITAS FINANCE for funding of working capital, buying assets and business expansion.
Best customer service, transformative technology and robust credit appraisals.
Borrowing Loan from this finance company is a pleasant experience due to best customer service, transformative technology and robust credit appraisals.
Mr.Arulmany, the MD and CEO of Veritas Finance
Veritas Finance started in 2015 by Mr D. Arulmany, has 48000+ customers with a lending record of ₹1,308 Crore. Mr.Arulmany, the MD and CEO of the company was quoting that they had set a milestone of ₹1,000 Crore as finance target for the first four years of phase-1.
Crossing the milestone with great success, at present the company is set upon embarking the next thrilling journey of phase-2.
MSMEs employment opportunities in Veritas Finance
Mr Shiv Chaudhary, MD of Norwest Venture Partners, India, a Co-investor of Veritas believes that MSMEs are the engines that boost the economic growth of our country. MSMEs generate numerous employment opportunities at the base level. By all means, They have a great pleasure to top-up investment with ₹200 Crore expecting great returns.
MSMEs have a great impact on our Indian economy, contributing to 45% exports & 69% employment opportunities. Most of all, Veritas finance takes great pride to serve MSMEs and borrowers thereby contributing to our society.
What is Rate of Interest in Various Banks in India ?.
Banks offer loans that need settlement with principle + interest for an agreed period. In fact, The first factor any borrower will be curious to know is about the rate of interest on loan offered by various banks. Of course, Rate of interest is one of the important catalysts that finalize a loan deal.
Meanwhile, A lower rate of interest is always an attraction and beneficial to the borrower. However, it is important to consider other factors before you finalize your lender. Moreover, You need to consider factors like income and repayment capacity, processing fee, quick loan processing and loan process comfort.
Compare loan offers based on interest rates
It is smart to compare loan offers based on interest rates and other factors to decide on the best loan deal. At any rate, To lend you a helping hand we have listed out interest rate and loan eligibility. Most of all, We also detail you about processing fee and time-frame of various kinds of loans amongst various banks.
BUSINESS LOAN
Getting a business loans has now become simple and easy. By the way, You could follow the traditional way of direct visit to the bank. Likewise, You can also approach us to get your business loans approved in a simple and easy. Generally, Our loan consultants will help guide your various business loan offers in market. Eventually, They will help you decide on the right loan deal.
Market scenario of business loans from various banks
Let us see the Market scenario of Business Loans from Various Banks.
HDFC BANK business loans
Rate of Interest on business loans is 15% – 19%. Processing fee is 2.49% on loan amount. In like manner, The loan tenure is 12-36 months. In the same fashion, Timeline for loan disbursal is 4-Working Days
ICICI BANK business loans
Rate of Interest on business loans is 16%-22% by all means. Processing fees is 2.00% on loan amount. Similarly, The loan tenure is 12-36 months. Timeline for loan disbursal is 5-Working Days
TATA Capital business loans
Rate of Interest on business loans 18%-24%. Processing fees is 2.50% on loan amount. The loan period is 12-36 months. Timeline for loan approval is 5-Working Days
BAJAJ FINSERV business loans
Rate of Interest on business loans is 19%-23%. Processing fees is Up to 3.00% on loan amount. The loan period is 12-60 months. Timeline for loan approval is 2-Working Days
YES BANK business loans
Rate of Interest on business loans is 15.5%-21%.Processing fees is 2.00% on loan amount. The loan period is 12-60 months. Timeline for loan approval is 5-Working Days
RBL BANK business loans
Rate of Interest on business loans is 19%-26%. Processing fees is 2.50% on loan amount. The loan term is 12-36 months. Timeline for loan approval is 5-Working Days
Fullerton India business loans
Rate of Interest on business loans is 22%- 29%. Processing fees is 3.00% on loan amount. The loan term is 12-36 months. Timeline for loan approval is 7-Working Days
Capital First business loans
Rate of Interest on business loans is 18%-25%. Processing fees is 3.00% on loan amount. The loan term is 12-48 months. Timeline for loan approval is 4 to 5-Working Days
Aditya Birla business loans
Rate of Interest on business loans is 20%-26%.Processing fees is 2.00% on loan amount. The loan tenure is 12-36 months. Timeline for loan disbursal 3-Working Days
Kotak Bank business loans
Rate of Interest on business loans is 18%-23%. Processing fees is 2.50% on loan amount. The loan tenure is 12-36 months. Loan disbursal time frame is 7-Working Days
Eligibility for Business loan
Any person who is operating a legitimate business can apply for business loan. Business organization like sole proprietors, partnership firms, MSME and companies can also borrow business loans. It is important to enumerate the business potential in your business plan. This will have positive effect of business loan approval. Banks are the final authority to decide on business loans. In general banks consider the following factors like business type, turnover and profit. They also assess cash flow and track record of business.
How to compare and decide on best business loan?
It is important you need to consider 3 factors like EMI, processing fee and prepayment charges. If you are planning to stick to the loan schedule then consider EMI & processing fee only. In case you are planning to repay early consider prepayment charges too.
Interest chart of business loan
Observe the above rate of interest chart of business loan. The best business loan interest rate is 13.5%. Processing fee is up to 3% of loan amount. Loan tenure is up to 5 years. Loan disbursal time is minimum 2 days.
Rate of interest on business loan
Rate of interest on business loan depends on annual business turnover, business years, loan amount and repayment capacity. In other words, High business loan amount will have low interest rates.
Compare and land good business loan deals with us. Business loans can be secured loan and unsecured loan. Yes. You heard it right. You can also apply business loan with no collateral. To know more contract our loan advisors.
PERSONAL LOAN
Any person who is a salaried employee or self employed can apply for personal loans. The borrower can use personal loan for any private or general purposes. When you have urgent need of funds, personal loan is a good idea. Personal loans are unsecured loans that require no collateral. Hence personal loans get processed and disbursed quickly. Borrowing Personal loan is wise when you are in a financial crisis or have no collateral. In case you do not have time for long documentation and loan process, personal loan is good. Go for personal loan if you need short term loan less than 5 years
Market scenario of personal loans from various banks
Standard Chartered Bank- Rate of interest for personal loan is 10.99% – 18%. Processing fees is ZERO. Foreclosure charges are Up to 5%. Timeline for loan disbursal is 3-4 Working Days.
ICICI Bank- Rate of interest for personal loan is 11% – 17.50%. Processing fee is 0.50% – 2.25%. Foreclosure charges is Zero > 10 lakh+ 12 EMI Paid, else 5.00%. Timeline is 2 working days.
HDFC Bank- Rate of interest for personal loan is 75% – 13.45%. Processing fee is up to 3999 + GST. Foreclosure charges is Zero >10 lakh, else 4.00%. Timeline for loan disbursal is 48 working hours
SBI Bank- Rate of interest for personal loan is 11.95% – 16.55%. Processing fee is 00% – 3.00%. Foreclosure charges are NIL. Timeline for loan disbursal is 72 working hours.
Bajaj Finserv- Rate of interest for personal loan is 11.99% – 16.00%.Processing fee is Up to 2.00%. Foreclosure charges are Up to 4% >1st EMI. Timeline for loan disbursal is 48 working hours
Kotak Bank- Rate of interest for personal loan is 29% – 20.15%. Processing fee is Rs.999 – 2%. Foreclosure charges are Zero > 10 lakhs , Else 5.00%. Timeline for loan disbursal is 60 working hours
Fullerton India- Rate of interest for personal loan is 11.99% – 26.00%. Processing fee is 2.00%. Foreclosure charges are Up to 7.00%, 0% above 3 years. Timeline for loan disbursal is 48 working hours.
Axis Bank- Rate of interest for personal loan is 15.00% – 20.00%. Processing fee is 2.00%. Foreclosure charges are N.A. Timeline for loan disbursal is 60 working hours.
TATA Capital- Rate of interest for personal loan is 12.50% – 19.50%. Processing fee is 1.25% – 2.50%. Foreclosure charges are Timeline for loan disbursal is 72 working hours
Eligibility for Personal loan
Applicant age must be above 21 years. His Minimum income depends on varied banks. He should have a Regular income with valid documents like salary slips/transfers. Good CIBIL score is attractive. 6 month stability with current employer or 2 years IT returns for self employed is desirable for loan approval.
How to compare and decide on best personal loan?
Doing a little home work, before deciding a loan proposal is a good idea. Compare and analyze the following important factors.
Rate of interest on personal loan
First- Rate of interest on personal loan varies from bank to bank. It is based on your employer too. Banks float regular schemes with low interest rates. Hence check offers of various banks before you decide. Next -Processing fees is an important factor that increase your loan cost. It is wise to go for all inclusive interest rate. Our loan advisors can guide you on your personal loan queries. Further- You need to consider insurance premium on personal loan. It is an additional loan cost too.
Insurance premium
The insurance premium varies too. So choose an insurance policy with adequate coverage with low premium. Then- Prepayment and foreclosure charges are important too. When you plan to settle loan early before tenure these charges are extra. Hence consider the same before you decide on personal loan offer.
Basic factors of the bankers for personal loan approval
Loan amount- tenure- EMI-work experience-age- employer & interest rate are some of the basic factors the bankers consider for personal loan approval.
In the current market the best rate of interest for personal Loan is 10.5%. Processing fees can be up to 2% of loan amount. Loan tenure is up to 5 years. Prepayment charges are up to 5%. To know more details get in touch with our personal loan advisors.
HOUSING LOAN
Home loans are also called as housing loans. Banks offer loans for purchase of land, house and buildings. You can buy new house or construct / extend your house with home loans. Home loans are secured loans. The collateral is the property you buy. In case you are unable to repay the banks have property to recover due from you.
Deciding on a home loan offer is an important personal decision. The amount of home loan is huge. The tenure of home loan is long term. Hence you need to assess your financial position, bank offers and interest rates before deciding on home loan.
Market scenario of Home Loans from various banks
SBI Home Loan
Rate of interest on home loan is 7.90%. The type of benchmark is RLLR. Processing fee is 0.20% -Rs. 4,000 to 30,000
HDFC Home Loan
Rate of interest on home loan is 8.00%. The type of benchmark is PLR.Processing fee is 0.50% / Rs. 3,000 to Rs.10,000
Citibank Home Loan
Rate of interest on home loan is 8.20%. The type of benchmark is TBLR. Processing fee is NIL
Bank of Baroda Housing Loan
Rate of interest on home loan is 8.00%. The type of benchmark is RLLR. Processing fee is Min Rs. 10,030
ICICI Bank Housing Loan
Rate of interest on home loan is 8.25%. The type of benchmark is RLLR. Processing fee is 1.00%
Axis Bank Housing Loan
Rate of interest on home loan is 8.25%. The type of benchmark is RLLR. Processing fee is 0.20% / Rs. 5,000 to Rs. 25,000
PNB Housing Finance
Rate of interest on home loan is 8.95%. The type of benchmark is PLR. Processing fee is 0.50%, Minimum of Rs. 10,000
LIC Housing Finance
Rate of interest on home loan is 8.10%. The type of benchmark is PLR. Processing fee is 0.25%
India bulls Housing Loan
Rate of interest on home loan is 9.25%. The type of benchmark is PLR. Processing fee is Min Rs. 7,500, Max Rs. 10,000
Eligibility of Home Loan
Banks consider factors like income of applicant, credit history and property value. Based on this the banks decide the loan approval amount.
The basic eligibility is applicant age should between 21-65 years. Minimum income should be 1.8 lakhs per annum. Job stability / business stability least 3 years. A good credit score and credit history is an advantage.
How to compare and decide on best home loan?
It is smart compare and analyze different loan offers from varied banks. There are multiple parameters you need to consider like interest rates, processing fees and foreclosure charges. Customer service, loan process and documentation are few other factors.
Taking a home loan is not a “walk-in to the bank and walk out with home loan thing.” You need to do lot of ground work before deciding on the loan offer
Eligibility and Housing loan EMI
The first step is to check your eligibility and Home loan EMI. Check out with your bank the amount of loan you are eligible for. Based on the amount calculate your Equated Monthly repayments. You need to consider your income, existing financial obligations and other loans too. EMI amount is subject to factors like interest rate, loan amount and tenure.
Banks consider net income, existing obligations, property type and other factors for loan eligibility/approval. The Home loan amount is dependent on these factors.
Verify legal documents and approval of property
The next is to verify legal documents and approval of property. For new property get bank approval of the builder project. In case of resale property track the complete property history right from first owner to current owner. Choose the bank loan favorable to you.
Comparing home loan based on interest
Further you need to compare interest rate. Comparing home loan based on interest is a challenging task. You need consider other factors too before you decide. Decide you want to go for fixed or floating rate of interest. Floating interest rates gets reset based on MCLR, benchmark types and PLR. Majority of home loans have floating interest rates. Check and compare home loan rates of all banks.
Quick loan processing and customer reviews
Then is the big decision of short listing the bank loan. It is necessary to take the final step based on parameters like transparency, customer care and turnaround time of bank. They also make your home loan journey smooth. Quick loan processing and customer reviews can also be useful.
At present the best home loan interest rate is 7.9%. You can get 90% of property worth as loan. Processing fees is 0.5% / Rs.10000. Loan tenure up to 30 years. No Pre-closure charges for floating rates
TRAVEL LOAN
Before you plan your travel, it is important to assess your finances. Traveling expenses include transport fare, lodging and boarding. It also includes site tours and local transport. In case of foreign tours and travels you need to incur insurance and visa charges too.
Travel loan is an unsecured loan. It does not need any collateral. It gets processed within few days.
Purpose of travel requirements of the borrower
Travel loan is a loan for the purpose of travel requirements of the borrower. Many banks offer travel loans for the vacation in India or abroad. Travel loan cover airfare, accommodation and boarding expenses. They even include insurance and other important expenses. Before deciding on travel loan compare the interest rate and other factors of travel loan.
Market scenario of Travel Loans from various banks
SBI Personal Loan- Rate of interest on travel loan is 10.55%. Processing fee is 1%
HDFC Bank Personal Loan- Rate of interest on travel loan is 10.75%. Processing fee is 2.50% / Rs. 1,999
ICICI Bank Personal Loan- Rate of interest on travel loan is 11.25%. Processing fee is 0.99% – 2.25%
Bajaj Finserv- Rate of interest on travel loan is 11.99%. Processing fee is 1.50% – 3%
Citibank- Rate of interest on travel loan is 10.50%. Processing fee is Up to 0.5%
IDFC First Bank- Rate of interest on travel loan is 10.75%. Processing fee is Up to 1.5%
Axis Bank- Rate of interest on travel loan is 10.99%. Processing fee is up to 1.75%
Tata Capital- Rate of interest on travel loan is 10.99%. Processing fee is Rs. 1499 / Up to 2.50%
Fullerton India- Rate of interest on travel loan is 99%. Processing fee is 2%
IndusInd Bank- Rate of interest on travel loan is 00%. Processing fee is 0.75% to 1.75%
Kotak Bank- Rate of interest on travel loan is 10.75%. Processing fee is Up to 2.5%
Is travel loan a good idea?
One can avail travel loan in case you are keen to enjoy life with family and friends. You may not want to postpone your trip anymore. Travel loan is good when you can fund the travel expenses in one shot. You do not want to touch your savings/deposit that are long term. Get a travel loan when you are confident the repayment is not a task.
Eligibility for Travel loan
Applicant age must be above 21 years. His Minimum income depends on varied banks. He should have a Regular income with valid documents like salary slips/transfers. Good CIBIL score is attractive. 6 month stability with current employer or 2 years IT returns for self employed is desirable for loan approval.
How to compare and decide on best travel loan?
Doing a little home work, before deciding a loan proposal is a good idea. Compare and analyze the following important factors.
Rate of interest on travel loan
First- Rate of interest on travel loan varies from bank to bank. It is based on your employer too. Banks float attractive schemes with low interest rates. Next -Processing fees is a main factor that increase your loan cost.
Our loan advisers can guide you on your travel loan queries. Further- You need to consider insurance premium and visa expenses too when deciding on travel loan . It is an additional loan cost too. So choose an insurance policy with adequate coverage with low premium. Then- Prepayment and foreclosure charges are important too.
When you plan to settle loan early before tenure these charges are extra. Hence consider the same before you decide on travel loan offer.
Loan amount- tenure- EMI
Loan amount- tenure- EMI-work experience-age- employer & interest rate are some of the basic factors the bankers consider for travel loan approval.
EDUCATION LOAN
Truly, Education is the road to success and growth of an economy. Banks indeed offer loan for education purposes. In addition, Students can aspire for higher education in India or foreign countries through education loan. In detail, It is a secured loan where the parents or guardians act as guarantors.
Choose the right Bank for Education Loan
To choose the right bank for education loan you can check EMI on education loan with online EMI calculators. Choose the one that suits you better. The repayment of loan does not commence until six months of course completion for a maximum up to 2 years. But you need to pay simple interest every year. Even this can be repaid after completion of the course too.
Market scenario of Education Loans from various banks
Axis Bank Education Loan – Rate of interest for education loan in India is 13.70% & abroad is 13.70%
Bank of India- Rate of interest for education loan in India is 9.85%. & abroad is 9.85%
Bank of Maharashtra- Rate of interest for education loan in India is 10.25% & & abroad is 25%
Canara Bank- Rate of interest for education loan in India is 9.95% and abroad is 9.95%
Central Bank of India- Rate of interest for education loan in India is 10.10% and abroad is 10.00%
Corporation Bank- Rate of interest for education loan in India is 90% and abroad is 10.90%
IDBI Bank- Rate of interest for education loan in India is 50% and abroad is 9.50%
Indian Bank- Rate of interest for education loan in India is 8.60% and abroad is 10.60%
Indian Overseas Bank- Rate of interest for education loan in India is 10.65% and abroad is 10.65%
Karnataka Bank- Rate of interest for education loan in India is 10.90% and abroad is 10.90%
Karur Vysya Bank- Rate of interest for education loan in India is 11.35% and abroad is 11.35%
SBI- Rate of interest for education loan in India is 8.85% and abroad is 10.00%
UCO Bank- Rate of interest for education loan in India is 65% and abroad is 10.65%
Union Bank of India- Rate of interest for education loan in India is10.20% and abroad is 10.20%
Eligibility for education loan
Applicant age in case unemployed up to 35 years of age and in case of employed up to 45 years of age. Furthermore, Indian nationals who have admission letter from recognized institutions. Students who want pursue higher education.
Employees with more than 3 years of association with an organization can apply for education loan. Maximum loan for studies in India is 10 lakhs and abroad is 20 lakhs. Certainly, Some banks allow up to 30 lakhs subject to conditions
The Most important criteria for loan approval are good academic report- admission letter- passport-visa-abroad study form- Net worth and credit history of guarantors.
What are the costs covered in education loan?
Admission fees
Monthly fees
Examination fees
Equipment
Books
Airfare for abroad
Personal computer
Lodging and boarding
Caution deposit
Insurance premium
Above all, These are few expenses covered in education loan
How to decide which bank loan is the best education loan deal?
First of all, The bank that offer loan towards studies in the educational institute can be considered for comparison. Secondly, Compare the favorable educational loan offers that suit your repayment, interest rates and courses you choose.
For more information and details, get in touch with our loan consultants.
Finally, We are happy to answer your Bank Loan queries!
