What to keep in mind while taking a personal loan

What to keep in mind while taking a personal loan
Personal loan – get money for your every need
If you are dreaming of going on a vacation, a great marriage, a home renovation or your favorite gadget, then there is no need to wait longer to make your dreams come true. Make life perfect with the BLPCII Personal Loans.

Introduction of BLPCII (BIGGEST LOAN PROVIDER COMPANY IN INDIA) Personal Loans
Multipurpose loan
Fixed rate of interest, interest is charged on monthly reducing basis
Temporal duration up to 60 months
Loans payable in easy installments
Repayment through Auto-Debit / ECS / PDC
BLPCII (BIGGEST LOAN PROVIDER COMPANY IN INDIA) Personal loans can be used for home renovation, holidays, purchase of concessional durables, short term loans for purchase of equipment, education, marriage, short term working capital, any other personal emergency needs. is.
Convenient and fast: BLPCII (Biggest Loan Provider Company in India) Benefits of Personal Loans
Get loan without any security or guarantor with minimum paperwork. Disbursement of loan within 72 * hours of submission of documents.
The interest rate remains unchanged throughout the loan term.
Simple paperwork – It can be found with minimal paperwork and documents and it does not take long.
Quick process
Direct credit of loan amount through Fund Transfer (FT)
ECS, AD or PDCK Simple repayment option. You can also choose the period as per your choice and the duration starts from a minimum of 12 months to a maximum of 60 months.
BLPCII (Biggest Loan Provider Company in India) Marital loan
Marriage opportunities in India are very thought-provoking opportunities. It takes a lot of hard work to plan – booking a hotel from several months in advance, shopping of jewelery for different occasions, wedding invitation cards, deciding the caterer and so on.
BLPCII (Biggest Loan Provider Company in India) Select bank with caution
In India, NBFCs and banks are offering personal loans to their customers these days. Most claim that these loans are being given at very low rates. They are also offered to customers through email or SMS.
Don’t forget to redeem the offer in advance. By the way, taking a loan from your own bank in which you have an account is easy. But, you lose the chance of a better deal. Do the research thoroughly before doing ‘yes’. See where personal loan is available at the lowest interest rate BLPCII (Biggest Loan Provider Company in India) Calculate the interest rate. You know banks are adept at manipulating data. And to attract customers, banks often offer flat rates. There are many punches in this. That is why the deduction of the remaining amount of personal loan with each of your EMIs is not taken into consideration.
BLPCII (Biggest Loan Provider Company in India) You also read: What are the things to keep in mind while taking a personal loan?
BLPCII (Biggest Loan Provider Company in India) You should not get caught in the zero percent EMI scheme
A zero percent EMI scheme is made very cleverly for you. It is offered by banks along with distributors of consumer durables and lifestyle products. The Reserve Bank has clamped down on such schemes of personal loans. And it is another matter that some banks are still offering them. They offer interest free loan to the buyer. Processing fees and file charges are often very high in zero percent EMI scheme loans. People get caught in the zigzag of a zero percent EMI scheme loan without realizing this. Know if you are buying a washing machine of 50 thousand rupees at 0% interest for six months by paying a processing fee of Rs 2000. 14 percent interest is being paid on the amount.
For example, if you borrow a personal loan of Rs 10 lakh for three years at 12 per cent, then the total interest is Rs 1,95,715. Thus, the average interest per year comes to Rs 65,238. Therefore, the flat rate comes to 6.5 percent.
This makes the loan look very attractive. Keep in mind that if you are paying a loan with EMI, then the interest should be calculated with the decreasing amount. The flat rate does not tell you the actual cost of the loan.
BLPCII (Biggest Loan Provider Company in India) Yes, you can close the loan ahead of time.
In case of home loan, if you repay the loan before time, then there is no charge. Premature closure of a loan is called foreclosure. However, some bank NBFC foreclosures still attract prepayment penalty. This aspect should be seen. BLPCII (Biggest Loan Provider Company in India) You can reduce your EMI even if any bank does not reduce the rate, know how
In India, the Reserve Bank of India (RBI) has cut benchmark rate several times so far this year. This has opened the way for banks to reduce their interest rates. However, banks have not reduced their interest rates on the lines of RBI. Where the central bank has cut the repo rate by half percent. At the same time, banks have reduced their Marginal Cost of Funds based lending rate (MCLR) from 0.05 to 0.10 per cent only. Do you know why there are many reasons why banks are not giving the benefit of reduction in repo rate to the customers. DS Panigrahi, a professor of Indian management technology, says, “The cost of funds of banks is not linked to the repo rate. Banks use repo facility only in the absence of cash. In this way, the cost of their funds does not come down due to reduction in repo rate. And the interest rates on current and saving accounts are more or less the same. They account for about 35 -45 per cent of deposits of big retail banks.