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loan agreement Archives -

Home / Tag: loan agreement
07 Feb

Personal Loan: Fallacy to be Avoided when Applying

  • Finheal
  • Personal Loan
  • Tags: applying for a personal loan, loan agreement, personal finance, personal loan interest rates
  • 15 comments
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Personal loans can be taken for any reason and usually getting a personal loan is not too hard or awkward, but that does not denote that you can be informal when applying for them.

Focusing only on Interest Rates: While interest rates are unstated to be the most important feature in any loan one cannot disregard other aspects too. When comparing loans or considering options look at aspects like processing fee, tenure for which loan is offered, pre-payment clause, late payment and other charges, turnaround time, eligibility criteria, etc.

Not Comparing Enough: Today there is a surplus of financial institutions offering all types loans. While bearing in mind all options is not possible or practical one does need to compare between a few options to get a contract that is most feasible. There are online portals obtainable that let the applicant compare not only personal loan interest rates in India offered by various Financial Institutions (FIs) but also list out comparisons based on your exact necessities so that you can evaluate other loan aspects too.

Not accepting all aspects Before Signing the Dotted Line: While the FI representative will like to make things easier for you by just marking the places where you require signing but that’s not the way to go about it. Before signing the dotted lines read the fine print and appreciate it. Once you sign the papers, whether you have unstated all that was written in the loan agreement or not you are vault by the terms and conditions.

Borrowing More than You Can Handle: Unlike many loans, there is no LTV (loan to value) ratio for a personal loan; so you can take a loan as high as your eligibility criteria. However forever bear in mind that a loan is a legal responsibility that desires to be repaid timely. Though the lender will think various aspects before sanctioning a loan, you as an applicant are more aware of your liabilities and financial condition. Do not borrow more than you can handle.

Not looking for option Sources of Funding: Though applying for a personal loan is easy; these loans are comprehensive at high rates. Before you apply for a personal loan do think other sources of personal finance. These sources make more sense in the conditions when the applicant has a low credit score or is looking for a tenure that does not fit within the personal loan range. The alternative sources might be accessed at lesser interest rates also; the options that can be considered are loans against fixed deposit/shares and securities/ property/gold/insurance policy, loan from employer or borrow from PF (Provident Fund)?

Borrow sensibly and avoid the above mentioned mistakes so that you do not be sorry your decision.

09 Jan

What to show for in a Car Loan Agreement?

  • Finheal
  • Car Loan
  • Tags: car loan in delhi, financing companies, loan agreement
  • 5 comments
Buying a Car at Great Car Loan Interest Rates

Buying a Car at Great Car Loan Interest Rates

Owning a car is an inspiring decision for many resides in India. The wish of driving around a variety of places, travelling to cities and also a more appropriate way to take everybody in the relations encourages a person to get his own car. To help complete this dream, there are many financial institutions eager to lend car loan in Delhi. A customer can expediently avail car finance to pay money for his dream car with the only state being he has a correct idea of the different clauses mention in the loan agreement.

Here are the essential things to watch out:-

Effective Date: – This is the date when the first disbursement of the loan is completed and all interest totaling begins. The loan will be cancelled in case a borrower fails to make use of the money within 60 days of efficient date. The registration of the car needs to be done inside 15 days of delivery from the showroom.

Amortization Schedule: – This states the timetable of repayment that the borrower has to adhere. The payback contains both the main amount and the interest amount. Typically, the financiers are official to alter this schedule at their sole carefulness. The borrower has the right to contest during signing the loan agreement.

Prepayment: – Most of the financing companies have a declared prepayment policy.  The loan agreement usually states that the acceleration in repayment and the amount of the repayment charges will be at the sole discretion of the financier. A written policy on this issue can be obtained from the financier prior to signing a car loan agreement.

Default: – Very few borrowers have a complete grasp on this specific clause. In most of the agreement, the financier states that it will not provide any notice for timely repayment of loan dues.

Inspection & Assignment: – The financier can carry out inspection on the car and its related documents. This process can be conducted by a financier without any sort of intimation.

Cross Default: – The cross default clause in a car loan agreement declares puts a borrower in default. This is done when the borrower defaults on the repayment of any other unrelated loan from that or any other financier.

Make sure you are clear of the clauses associated with a car loan in Delhi.  Keep the important things in mind to take a right call. The quick car lending procedure has increased the demand of cars in Delhi.

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