Getting a personal loan for any specific purpose is not only financial decision, but its emotional one too. Many of us were in being situation where we absolutely have dire need of money. Hence there are number of option from where we can get money such as from our family member or from bank or just go for Personal Loan.
Your financial goals can be- Pursuing higher education from abroad, planning a destination wedding or paying for family medical emergencies. Whatever your goals are, quick and easy admittance to a personal loan can help ease some of the emotional strain associated with a Personal loan. Let’s have a look at all the option you have.
#Loan from Colleagues/Social Networks
Communities being close-knit in India, we’ve always had someone to belong to when we’ve needed money. Many of time, we have preferred social network, colleagues or relative to crowd fund our loans. After doing closing inspection, we have come across that this is not an easy task to borrow money from friends or from social media because:
· When you require large amount, getting it from friends is impossible or it is also a risk of your social equations with them.
· Over time, the number of people relying on immediate friends for a loan has continued to worsen. Consequently, this option has become one that is increasingly less prevalent.
#Personal Loan from Bank
A key element of getting a personal loan is based on promise that you will repay the loan on given time. When you visit a bank for getting a persona loans, first of all they check your credit score and on that score they provide you loan whether it’s Home loan, Marriage Loan, Car Loan or any other loan. If you don’t know what credit is scoring than let me tell you it is a track record of repaying your loans.
#Getting Loan from NBFC’s
Except banks there are plenty of Non-Banking Financial institutions across the country provide loans to needy faster than banks. Just like banks, they also consider credit scores and banking history to get an assets to potential borrowers. Interest rate charges by them are higher as compared to banks. This entire process also has to face same disadvantages that traditional banking channel has in normal.
#Loan Against Credit Card
Credit cards are the most widespread form of loans on the internet. While allowing user to purchase first and pay later feature, credit card also offer reasonable flexibility to users and instant access to funds. While it is on the top of the speed of access parameter, credit cards can be expensive for their users. Those who want to know, how credit card companies generate revenues, here is your answer:
· Transaction fees (about 50 – 555% of revenue): All credit card holders contribute to this.
· Other fees and Penalties (about 25%-35% of revenue): Most of the penalty charges on the overdue amount that is not paid by most of the card holder and rest of the revenues come from annual fees paid by some cardholders.
Which one will you pick?
After reading this blog, which one will be your borrower? Will you go for complicated prospect of borrowing via social networks or will you choose difficult and lengthy process of getting personal loan from banks, or even far more expensive credit card options? Before going for all such lengthy process, get in touch with SRG Housing Loan today and get the loan you need at a rate and time that’s quite frankly and unmatched.
Mobile No: +91- 800 374 7666