FINEST WAY TO UNDERSTAND THE PERSONAL LOANS
Start the New Year 2017, with the bang. The word ‘personal loans’ is the loan taken to satisfy your personal needs. Planning holidays, wedding expense, renovation of the house, computer comes under personal loans.
Meaning of personal loans will change according to situation for many people in India. Moneymindz always offers unbiased financial advice to customers in India, regarding personal loans. Certain basic rules help the people in India to stay on track and reduce the complications attached to personal loans.
Some of the rules before taking up personal loans are as follows:
Please Organize Yourselves: You need to analyse details like the amount to be taken, mode of payment, type of bank, due date and others. By doing this you will tell goodbye to your financial worries.
Don’t Sacrifice Your Desires: Remember, your family is most important component of your life. You need to be financially organized and divide budget in a logical fashion.
For example: If you are having car, then purchasing another car is not correct. You will invest in some other, and this is a good move.
Do Not Purchase Costly Items: You must be very careful and do lot of ground work, before taking any personal loans. Purchasing expensive things like car, statue, is not a good move.
Finally It’s About You: People in India love to give advice, and share opinions. The concept that worked for your father/mother does not work for you. One needs to do research on financial topics, savings, spending and investment techniques.
Vital Points To Be Taken Before Applying For Personal Loans:
The major points to be considered before applying for the personal loans are as follows:
§ You need to check your CIBIL (Credit Information Bureau India Limited) score.
§ Repayment period of personal loan is between 1 to 5 years.
§ You must know the Annual Percentage Rate (APR).
§ Check offer document carefully.
§ Ask for personalized loan quotes from at least three banks.
§ Check, whether banks are offering loan on flat interest rates.
§ You need to see the market, check interest rates, and prepayment charges and other conditions.
The documents required to take up personal loans are as follows:
§ Salary slips for the last 12 months.
§ Your company ID card.
§ Bank statement for last 3 months.
§ Cancelled cheques leaves.
§ Address proof documents like electricity bill, ration card, passport.
So, speak to our certified financial planners at Moneymindz to know about the personal
loans by giving a missed call at 022-62116588.
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