Tip & How-To about Finance

Don't use a personal loan for

Personal loans have many benefits and uses because they have very few limits on what they can be used for. However there are certain things that it is recommended that you avoid using a personal loan to finance.

1. Paying off another loan: while a personal loan can be used to pay off other loans like student loans the interest rates on a student loan can be lower than those of the personal loan so borrowing the money can cost you more in the long run. The sudden additional money that comes into your budget due to the loan can cause you to spend it in other places and then when it comes time to pay back the personal loan you are right back where you started from.

2. Vacation: when taking out loans you want to consider using the money on things that will last, while a vacation is nice its a better idea to save up for it rather than spend years paying for it afterwards. If you are able to figure out the finances to take out a loan then chances are you can work around your budget to pay for a vacation without the loan.

3. Certain home repairs: taking out a personal loan for some home remodeling is recommended, but in some other cases it might make more sense to take out a home equity loan.

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1 Answer

How Long Does It Normally Take To Get The Personal Business Loan?


One of the benefits of a personal business loan is the well timed availability of funding. When you are approved for a personal business loan, funding will be normally available the very same business day.

Jul 29, 2016 | The Computers & Internet

4 Answers

What are the personal loan websites?


Personal loans or unsecured loans allow you to borrow a fixed amount of money over a fixed term and usually with a fixed rate of interest.
It is not available for the business purpose,ill-legal purpose or for gambling.You can prefer Bad Credit Guarantor Loans. This is a simple and easy way to get a personal loan by providing an approved guarantor to the company.
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Jul 28, 2016 | Miscellaneous

4 Answers

What kind of the requirements for a personal loan?


There are lots of requirement for personal loan, first you need to know are you eligible for taking a loan or not! Eligibility criterion keeps on varying across different lenders. However, certain parameters have been set to maintain a generic outline.·

For working professionals·
  • Loan availability limit:
    • Usually it ranges between 1- 18 lakhs
    • Highest limit is 25 lakhs, generally
  • Loan tenure:
    • Minimum- 24 months
    • Maximum- 60 months
  • Age limit:
    • Minimum- 21 years
    • Maximum- 60 years (ultimate age limit till the loan gets repaid)
  • Salary structure:
    • People having Rs.10000 or Rs.15000 salary are eligible of getting personal loan
    • Residents of top cities need to earn Rs.30000 or above to avail the loan
  • Work experience:
    • Total job experience must be minimum 2 years
    • Work experience in the current organization must be minimum 1 year
  • Certain points need to be considered:
    • Any other loans that are running
    • Current EMI details
    • Loan repayment history
    • Credit history of the consumer
    • CIBIL score must be 750 and above
To know more details about the eligibility for the personal loan and check whether you are eligible for it or not

Mar 14, 2016 | StarvingMind Loan Calculator

3 Answers

how much benefit can one get due to house loan in calculation of income tax? Is there any good online calculator?


the benefit is 1.5L in case of house loan, refer http://www.makemyreturns.com/income-tax-calculator/income-tax-calculator.asp to calculate your income tax

Feb 21, 2013 | Office Equipment & Supplies

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