What is personal loan ?
The age of the applicant should be between 21-60 years at the time of applying; this may vary from different banks.
The required income varies from city to city, but the minimum required monthly income should be Rs 15,000 which varies from banks.
Self Employed individual should have business continuity for minimum 3 years.
To be eligible for a personal loan you should be having a credit score of 700, some banks would want you to have a credit score of 750.
- Any person from 16 to 35 year of age is eligible for taking education loan.
- If you are taking an education loan, ensure that your admission in confirmed in that college or university.
- One can get an education loan for graduate/post graduate course and for vocational training courses such as pilot and air hostess training.
- If you are taking an education loan, availability of co-applicant is very important, co-applicant can be your parents, spouse or parents-in-law. Co-applicant is a form of security to the bank because there might be a chance that a student might not get placement, in such case bank tells the co-applicant to repay the loan.
- 100% college tuition fees
- Accommodation charges including mess fee
- Exam and library fees
- Books and equipment
- Travelling expenses
In India, Roti, Kapda aur Makan are the three basic needs of life. Things are becoming costlier in India as days pass and to think of having your own house in a posh locality of your choice is like expecting snowfall in Rajasthan in the month of May. Taking a loan in India is usually considered as an unnecessary burden. In India, Bollywood movies have created a negative perception about borrowing money. Owning your house is a dream of every individual. However, as the prices of real estate are rising our incomes are not rising at the same pace. This gap between our income and desire to buy a house is filled by home loans. Home Loan is a sum of money borrowed from banks, housing finance companies and Non-banking financial institutions to purchase or construct a house. With a home loan you can:
- Buy an already constructed property
- Renovate or Expand the existing property
- Buy a plot of land.
- Home loan is a secured loan. The house is a collateral till the loan is paid
Banks are competing to offer you reasonable and attractive interest rates for your home loan.
Depending on your eligibility, income and repayment capacity you can avail home loans from anywhere between 2 Lakhs to 20 Crores.
The maximum loan tenure is 30 years.
You get tax benefits on your interest payment (Maximum Rs 2 Lakh) under section 24 and principal amount (Maximum Rs 1.5 Lakhs) under section 80C.
One of the major reasons to invest in property is the rise in prices over a period. Rents payments also increase and manage to keep up with inflation, which acts vital as a secondary source of income.