Emergency Loan equals Personal Loan
Private and Public Banks are offering new and improved products to match the growing demand for loans in India. One opts for loans to meet their financial needs. Due to healthy competition prevalent in the market banks offer a wide variety so much so that it is possible to get a loan without pledging any collateral – unsecured personal loan.
State bank of India’s personal loan characteristics:
- Low interest rates
- No hidden costs
- No fees
- No prepayment penalty
- The borrower receives a money order in India.
ICICI Bank, HDFC, Allahabad Bank and Muthoot are other lenders which offer these loans at a reasonable rate of interest.
Must know facts before applying for a personal loan:
- Personal loans are paid in monthly installments over an agreed period.
- The weather is generally fixed for the loan.
- During the period of repayment, as interest expense.
Secured personal loan needs collateral to be pledged and missing any repayment, may land you in the blacklist of bank credit. This will definitely spoil your credit history and thus make it tough for you to get new credit cards and other financial products and services.
Best way to select a loan is
- Do research by finding all the offers in the market.
- Compare the offers and shortlist the suitable ones.
- Zero on the offer that gives you the best deal.
Make sure you choose a reputable bank for loans which will provide hassle free loan at competitive lower interest rates.
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