Need info on bank loans

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sunilyo

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I want to take loan for some personal issues from the bank. There are several options like personal loan, loan against property etc. etc. Can anyone let me know which is the best option, what are the formalities and what all things should i take care of while taking a loan from the bank?

i hear that personal loan has the highest interest rate. I would like to go for some thing that allows me the same amount at the lowest possible interest rate. Apart from the bank what other options are available for getting a loan.
 
In my opinion, dont take a loan against property. There are banks like icici which gives loan based on how much you earn and all. If you speak to a loan agent personally he will let you know.
 
The Sorcerer said:
In my opinion, dont take a loan against property. There are banks like icici which gives loan based on how much you earn and all. If you speak to a loan agent personally he will let you know.
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Thanks Sorcerer. Even I dont like the idea of loan against property, but it was just an option. BTW the interest rates among pvt. banks and nationalized banks like SBI etc. are same or is there is any difference!
 
there is a difference . look in for a psu bank , have lower interest rates but hassles of getting it done.
 
PSU banks are better in terms of personal loans - the experience of most of the borrowers of private bank's who have dealt with recovery agents is not pleasant. PSUs will never resort to recovery the way private banks do.
 
what is a PSU bank?:ashamed: any examples of such banks. any idea of what will be the interest rates in such banks ???
 
All of them would have the rates advertised on their site - part of the rules & regulations of being a PSU bank
 
Its better to go with PSU banks, other private banks like ICICI/HDFC/HSBC etc have extremely high variable rate of interest which depends upon your bargaining capabilities and type of work you are doing.Recovery agents(Gundas) from PVT banks have terrible behavior they cant even tolerate single pending installment, they will remind by calling 4 times daily for single installment.I have very bad experience with GE Money and Citi Financial.They are charging 25-35% flat interest on personal loans.

Best option is govt banks....SBI etc 12-17% interest rates reducing. If you dont need huge money avoid LAP specially from private banks, yes personal loans have comparatively high rate of interests.
 
I have taken a Personal loan from ICICI bank and the interest rates are 14.5%........The loan generally gets disbursed in a weeks time....provided you submit the approperiate documents.......its completely hassle free...if you have an a/c with ICICI they will automatically deduct amount from your a/c....:)
 
roman1627 said:
I have taken a Personal loan from ICICI bank and the interest rates are 14.5%........The loan generally gets disbursed in a weeks time....provided you submit the approperiate documents.......its completely hassle free...if you have an a/c with ICICI they will automatically deduct amount from your a/c....:)
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They have fastest service in loans..There rate of interest which is 14.5% in your case depends upon person to person and type of job.Its very easy to get loan from ICICI banks on base of account there.
 
sunilyo said:
what about insurance companies like LIC i guess they also give loans.
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I think LIC allowing loans to insurance policy only.

Well if you can maintain good track on loan just fill online personal loan application to ICICI bank here..

ICICI Bank Loan@click - Fast Cash Loans | Easy Quick Cash Loan | Instant Online Loans

and watch for there reply with rate of interest and loan amount sanctioned.

otherwise go to any local PSU bank with documents like recent salary slip/income proof,residence proof,photo,bank statement of 6 months.

Remember to confirm finalized rate of interest,EMI and loan period, take in written if possible.
 
virus32win said:
They have fastest service in loans..There rate of interest which is 14.5% in your case depends upon person to person and type of job.Its very easy to get loan from ICICI banks on base of account there.
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There are tons of posts on forums like TBHP on how they had a bad experience with ICICI's recovery agents. Please prefer going with PSU banks as far as possible.
 
now this is regarding EMI and interest rate. some body told me that if i take a loan of eg. 1 lac @ a flat interest rate of 18% for 3 years then i will have to pay Rs. 18000 per year as interest i.e. Rs. 54000 for 3 years. (EMI of Rs.4277)

where as when i calculated using the online EMI calculator (HSBC) i got an EMI of Rs. 3615. i.e. a total interest of Rs. 30140 for 3 years.

Now which one should i believe!!!
 
The online EMI calculator would be using a monthly reducing balance method. You have mentioned flat interest rate which is costlier than any reducing balance method.
 
hmm , now y would u wanna pay 54000 interest on 1 lakhs??

just ask ur father in law :)

jokes apart, there's islamic banking, u can completely avoid interest if u vouch for islamic banking(takaful). its not mainstream in india yet. they just charge registration and annual fee i guess.
 
1. DONT go for private banks. Too many hassles with recovery agents. + hidden charges etc are possible too since the agent works on commision, so he might not tell you everything 100% :)

2. Go with a Govt Bank. They might ask for more docs, but firstly, they wont hide anything since the guy is a govt employee with nothin to lose. secondly, no recovery agents to hassle you.

3. PSU banks will have lower interest rates usually as comapred to any private bank.

SBI FTW for any loan :ohyeah:
 
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