Tag: EMI

Is There A Difference Between Secured And Unsecured Loans

June 7, 2019 Off

Loans usually mean ‘have access to cash’ from banks or other financial organizations. Generally recognized loans like protected and unprotected loans are among the various diverse types of loans. Protected loan are taken when a person have access to by way of assorted guaranteed securities even as unprotected loan do not need any finance of assets or possessions.
Unsecured loan is the option if individuals with assets are not prepared to advance it for taking a loan. There is a difference between a secured and unsecured loan and that is the rate of interest. If you are going to choose unsecured loan then your rate of interest will be higher compared to that of secured loan. Bad credit loan also charges high interest rates because they use your credit score as base.
The number of companies that offer loans has grown because of the growing requirement for loans. This method then creates a large amount of competition for the offers that can be created by the lenders. They compile various plans and have many recommendations with distinct interest rates. The final beneficiary ends up being the borrower.
The borrower can negotiate and bargain for the rate of interest that he is given and regarding the EMI or equated monthly installments also. They may select the suitable options that are provided for repayments and they can even make use of the loaned sum for an extensive period.
If you speak about an unsecured loan, it can always bear a bigger amount of risk for the bank or financial institution since they do not get any assets against the amount given. In case the borrower turns into a defaulter owing to some reason, then the bank or financial institution has literally no choice but to initiate legal action against the individual who has taken the loan.
To obtain unsecured loans without having to give a collateral is now much easier than before. The security of the loan amount was a primary concern for the banks and they turned down all unsecured loan requests. But now these banks have forgone certain formalities and have become more open to unsecured loans as a result of the competition they face from within the banking industry. The debt consolidation loan is another one that is available. You could clear off most of your debts by this loan which is secured by your assets.

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Calculate Your Personal Loan Emis Smartly With Emi Calculator

March 20, 2019 Off

In the current technological age sourcing information has become a matter of seconds. Whether you want to go on a vacation or are looking out for investment opportunities or in search of a reliable and low-interest loan provider, you can find them all over the Internet. Within seconds a wide range of choices are presented to you and all you need to do is select the best option. When people are depending and trusting the power of Internet so much there is no doubt even important decisions like settling for a loan provider can be done online. What about the calculations? If this question is in your mind then an online EMI calculator is always present to help you out.

When applying for a loan the foremost thing all of us check is the rate of interest and the amount payable monthly for the repayment of the loan amount. There are a lot of calculations that need to be done to get an idea of how much the EMI amount will be. For instance you are comparing personal loan options online and want to compare how much EMI amount would you have to pay to each of the provider; you certainly cannot sit with a calculator and do these calculations. But when you have a personal loan EMI calculator to do this task, the comparison becomes much simpler and easy.

The question now is how do EMI calculators work?
Any calculator be it personal, home or car loan EMI calculator is a tool that will help you do your calculation in a better way. When a person looks for a loan there are a lot of factors like choice of interest rates (fixed or floating), duration of loan etc need to be kept calculated thoroughly. Many times a lot of additional charges add on to this amount, these include processing fee, miscellaneous charges etc, due to these the EMI amount increases. Loan takers arent aware of the extras that add on and the payable amount comes to them as a last minute surprise. When you make use of an EMI calculator you can fill in all the details and you will get a calculated amount. This isnt the exact EMI amount but will surely give you an idea of the closet possible final figure.

What are the benefits of using a loan EMI calculator?
The biggest advantage of using such a calculator is efficiency and quickness. The comparison of EMIs of different banks becomes easy. You can do all the calculations at a single point without the need to look across numerous websites.

Internet has made comparison of products and services less complicated. To add to it there are a variety of tools available to help individuals in making the right decisions. Financial decisions like loans are very vital to all of us and a personal or vehicle loan calculator helps loan seekers take calculated decisions.

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Street Smart Strategy For Two Wheeler Loan

January 8, 2019 Off

Getting a two wheeler loan today is perfectly easy. A two wheeler is the most comfortable mode of travelling if you want to reach a place quickly and beat the traffic. Not only is a two wheeler fuel-efficient, it also lets you avoid traffic congestions easily. Thus, a two wheeler helps make life easy and so does a two wheeler loan. Now, with the help of a two wheeler loan from the bank along with the help of a two wheeler loan EMI calculator, you can get your desired form of transportation.

The process for a two wheeler loan involves first deciding on whether you want to apply for a secured or an unsecured loan. With a secured loan, you will be required to give some collateral as security.This can be beneficial for both the lender and borrower as the former can give a modest loan for a decent interest rate. Some loan options also offer bonuses to serve as an incentive for consumers.

Getting a two wheeler loan also involves some paperwork as well. You will need to submit copies of your IT returns, income proof, a set of Know-Your-Customer (KYC) documents as well as a PDC and Security cheque. Other information like your residential address, phone number, vehicle model, loan amount required and the desired tenure which can go up to a maximum of two years needs to be submitted.
The interest rate of this loan, which will vary from bank to bank, can range from 13.5% to as high as 16.75% with special interest rates to women. It should be noted that many automotive companies have liaisons with major private and public banks, who in turn help give speedy two wheeler loans with a good interest rate. Most banks also give up to 95% of loan amount over ex-showroom prices of the vehicle.

This loan, though, must range between Rs.20, 000 to Rs.1, 50,000,with a tenure range of 1 to 3 years,dependent on certain terms and conditions that you must inquire about while applying for the same.It should be noted, though, that most private Banks offer two-wheeler loan at a relatively lesser interest rate ranging from 13-15%. Along with the loan, many banks provide special offers and benefits with easy repayment options over two-wheeler loan for their account holders.
With the help of a two wheeler loan EMI calculator, you can now also calculate the potential interest rate range that is suitable for you based on the loan amount that has been applied for. When you apply online, it is essential to also calculate the possible EMI range with the use of online two wheeler loan EMI calculators that are available on most of the lenders sites.

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