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SBI Maxgain Home Loan Excel Calculator – Review, Details, Benefits – Loan Calculators #cheapest #car #loans


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SBI Maxgain Home Loan Excel Calculator Review, Details, Benefits

In today s highly competitive Indian home loan market, buyers have great flexibility in choosing their financier. Lenders are trying to attract prospective borrowers with flexible repayment and loan offers, which have never been seen before in the Indian home loan market.

Home Saver loan accounts is one such attractive housing loans scheme, in which banks allow you to open a savings or current account, which is linked to your primary loan account. Any amount in this linked amount works to reduce your overall outstanding principal loan balance and considerably reduces your overall interest burden. Please read our blog post on home Saver loan accounts to know more about these accounts in detail.

SBI Maxgain Advantage Home Saver Loan Account

SBI Maxgain advantage is one such home Saver loan account, which is primarily customizing for customers wishing to opt for an overdraft facility for their housing loans. State bank of India provides the loan account similar to a saving or current account. You can park your surplus funds in the loan account, which effectively earned the interest on the same rate.

SBI Maxgain advantage home loan scheme serves to minimize your interest costs by enabling you to park your surplus fund in SBI Maxgain (with the benefit to withdraw the surplus funds whenever you require), specially in the wake of low yields from other deposits and investment avenues.

SBI Maxgain Advantage Calculator For Home Loans

Here we present you a simplified version of SBI Maxgain home loan calculator, which allows you to understand how SBI Maxgain allows you to save on the total interest paid and reduces the tenure of your loan period.

Download SBI Maxgain Home Loan Excel Calculator


SBI Personal Loan Interest Rate, Eligibility Calculator #home #financing


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SBI Personal Loan Interest RatesUpdated on 19 Nov 2015

About SBI Personal Loan

State Bank of India, the largest public sector bank in the country is one of the most preferred banks in India when it comes to personal loans. SBI offers personal loans for both salaried and self employed individuals to counter any sort of immediate financial requirements. State Bank of India does not seek any security or collateral requirements for personal loans. The bank does not seek guarantees or collateral’s of any forms for personal loans. The money made available to the borrower through SBI personal loan can be used as per the personal requirements for the individual without any restrictions and the bank is not having any criteria for this. SBI personal loans can be useful to counter for any of the following financial requirements:

  • Marriage related expenses in the family
  • Foreign travel
  • Health or medical treatment related expenses
  • Personal financial requirements
  • Other miscellaneous expenses

State Bank of India offers personal loans at low interest rates and with seasonal offers from time to time, making it one of the most popular choices for borrowers. Low processing fee with zero prepayment penalties and no hidden charges make SBI personal loans a popular choice with both salaried, self employed and working professionals.

State Bank of India offers personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs with repayment tenure of 48 months. SBI has initiated a quick loan approval system making sure that all personal loan requests are approved in a maximum period of 3-4 days of submission of complete documentation.

Why choose SBI Personal Loan?

Attractive Rate of Interest:

State Bank of India charges very nominal interest rate for its personal loans making it one of the most popular banks when it comes to personal loan requirements. The interest charged by the State Bank of India is on a daily recurring balance basis thereby ensuring maximum benefit to the loan borrower.

Timely Discounted Schemes:

State Bank of India is one of the first banks to offer personal loans at discounted rates under various loan seasonal schemes at different festive seasons of the year. State Bank of India offers discounted schemes for individuals including government employees, doctors and other professionals.

No Hidden Charges:

State Bank of India is known for its transparency when it comes to charges and penalties for any personal loan. SBI personal loans come with absolutely no hidden charges and the transparent dealings makes it one of the preferred bank by millions of Indians.

Zero Prepayment Penalty:

State Bank of India offers a zero prepayment penalty allowing loan borrowers the freedom to prepay their loan as per their convenience. In case if the loan is being repaid before six months of the loan approval date, the bank charges 1% of the loan amount as prepayment charges.

Quick Loan Approval:

State Bank of India has streamlined its personal loan division in order to facilitate quick loan approval and disbursal, bringing it at par with international banks. SBI personal loans follow a quick approval mechanism for both urban and rural centers.

Online Loan Submission:

State Bank of India facilitates online loan submission making it easier for people to apply for personal loan from anywhere Users can apply for a personal loan sitting at the comforts of their home or office, without physically visiting a bank branch.

Features of SBI Personal Loan

SBI offers a number of benefits and features for its personal loans including low interest rates, minimal documentation and quick approval. SBI offers various discounted schemes for personal loans at various times in a year catering to a large section of both urban and rural population. Some of the prominent features of SBI personal loan include:

High Quantum of Loan:

State Bank of India offers a high quantum of personal loan making it one of the most preferred banks by a large number of people. State Bank of India offers a personal loan up to 12 times the net monthly income for salaried individuals and pensioners subject to a ceiling of Rs.10 Lakhs

Low Interest Rates:

State Bank of India offers attractive Personal Loan Interest Rates at daily reducing basis making it one of the best personal loan service providers in the country. Currently SBI personal loans are available at 8. 50% above base rate floating, currently 18.50% per annum. The bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.

Fast Processing:

State Bank of India is a leading bank in India with branches in every nooks and corners of the country. The bank has streamlined its personal loan division allowing for quick localized loan approval and disbursal.

Specialized Loan Schemes:

State Bank of India offers personalized schemes at lucrative interest rates for various working professionals and salaried individuals from time to time. State Bank of India also offers discounted personal loan schemes during major festivals making it a popular choice for both rural and urban applicants during times of financial requirement.

24/7 Customer Support:

State Bank of India has a dedicated customer support helpline for its loan section allowing applicants and loan borrowers to get in touch with the bank for any queries or grievances in 24 hours a day.

Different types of SBI Personal Loans

The State Bank of India has long been known for providing personal loans for you that are designed to be easy for you to apply for and, most importantly, easy for you to pay back. SBI offers people four different types of personal loans that have to be tailored to suit individuals and their individual needs. So, without further ado, these are four of the personal loans that you can avail from SBI.

Xpress Credit Personal Loan

As the name suggests, this loan has been designed to get you cash when you need it in a hurry. The processing charges are low, there are no hidden charges and there is minimal documentation required. There aren’t any pre-payment charges either

SBI Saral Personal Loan

The SBI Saral Personal Loan is meant to provide people with the opportunity to have access to money for various things like payments for vacations, medical bills or even clearing financial liabilities. As long as the the applicant has a valid reason to apply for the loan, it might get approved subject to the banks terms and conditions. The processing charges will be anywhere between 2.02% to 3.03% of the loan amount.

SBI Pension Loan / Jai Jawan Pension Loan

This type of a personal loan is provided to pensioners who are drawing their pensions from the central or the state government. If you apply for this loan then you will have to pay a nominal processing fee and there will be no extra charges levied for early payments

SBI Festival Personal Loan

In case there is a festival coming up and your plans for celebrating it are threatened by a shortage of money you can go in for a Festival Loans

SBI Personal Loan Interest Rate

SBI Xpress Credit Personal Loan Interest Rate

  • The base interest rate will be 10% as of the 7th of of Nov, 2013
  • In case of a full check off, your interest rate will be base rate plus an additional 3% to 3.5%. This means your interest rate will actually be 13% to 13.5%
  • If you go for a partial check off then the interest rate will be 4% to 4.5% added to the base rate. In this case the interest charged will be 14% to 14.5%
  • If you don’t plan to go in for a check off then the interest rate will be 5% to 5.5% added to the base rate of 10%. Which means that the interest charged will be 15% to 15.5%

SBI Saral Personal Loan Interest Rates

The interest rate will be 8.5% added to the current floating base rate of 10% per annum so your actual interest will be 18.5% p.a.

SBI Pension Loan / Jai Jawan Pension Loan Interest Rates

The interest rate for the Jai Jawan Pension Loan scheme will be 4.75% added to the base rate of 10%, bringing it to a total of 14.75% per annum.

SBI Festival Personal Loan Interest Rates

The interest rate will be the base rate of 10% with an additional 6.75% added to it making it a total of 16.75% per annum.


SBI Realty Land Loan for Plot Purchase, Home – Review, Calculator – Loan Calculators #paying #off #debt


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SBI Realty Land Loan for Plot Purchase, Home – Review, Calculator

SBI Realty Loan for Land Purchase

If you are on the lookout for a land purchase loan for the purpose of buying a plot and construction of house over it, then SBI Realty loan may be a good choice. The loan facility is available for a maximum amount of Rs. 10 crores and with a comfort able repayment period of up to 15 years.

The important condition for availing this loan is that a house construction should commence within two years from the date of availing SBI Realty land purchase loan.

The beauty of this offering is that you are also eligible to avail and other housing loan for the construction of house on the same plot financed with this loan scheme and thus get the benefit of running both the loans, currently.

Important Terms and Conditions for SBI Plot Loan to Buy Land

Maximum Loan Amount: Rs. 10 crore.

Maximum permissible EMI / NMI ratio: (NMI refer to Net Monthly Income)

  • Upto Rs. 2 Lac of Net Annual Income  30%
  • Above Rs 2 Lac upto 5 lacs of Net Annual Income  40%
  • Above Rs 5 Lac upto 10 Lacs of Net Annual Income  45%
  • Above Rs.10 Lac of Net Annual Income  50%

(Sanctioning authority can increase these limits by 10% If customer undertakes to complete house construction With his own resources, and substantiates it with acceptable proof like maturing securities, receivables etc.)

Repayment Terms: Repayable in a maximum of 180 months commencing from the month following the month of disbursement of the loan.

Land Loan Interest Rate: As per Home Loan Scheme

Security to be Provided against the Loan

Following documents and conditions perform as security against SBI Realty loan.

  • Equitable mortgage of the plot of land proposed to be purchased.
  • Personal guarantee of the spouse/son/daughter if their income is also clubbed with the income of the borrower for computing the eligibility and they are not co-borrowers.
  • Interim guarantee of an individual good for the loan amount (to cover the period from the date of sanction and date of creation of equitable mortgage).

Documentation Required for SBI Realty Loan for Buying Land

Following is a general list of documents which are required by SBI with the application to sanction the SBI Realty land purchase loan.

  • Arrangement Letter
  • Home Loan Agreement
  • Guarantee Agreement for Home Loans
  • Agreement to Mortgage
  • Declaration by the borrower undertaking to construct house within a period of 2 years.

Please note that this is not an exhaustive list and SBI may ask for any other document also as they may require.

Disbursement of SBI Realty Loan for Purchase of Land

Disbursement of SBI Realty loan is directly made to the Urban Development Authority/Housing Society/Seller by issue of Banker’s cheque/Demand Draft crossed “Account Payee Only”.

Time Limit for Commencement of Construction

As already mentioned, an important condition for availing SBI realty loan is the maximum time period stipulated for construction of house, which is 2 years from the date of availing of the Loan. The important condition is followed in letter as well as spirit by SBI. Please note that SBI reserves the right to charge a higher interest rate or even call back the loan in case the borrower fails to adhere to this condition. This implies that the attractive interest rate of 10% to 10.5% availed by you in SBI Realty loan might change something around 14% to 16%, which is a commonly applicable interest rate in case of commercial and personal loans.

At the time of availing the SBI Realty loan, you are required to clear the following undertakings to the bank.

******************************************************************************************

(Undertaking to be obtained from the borrower in respect of ‘SBI Realty’ Home Loans)

The Asst. General Manager/Chief Manager/Branch Manager,

State Bank of India,

…………………………..Branch.

Dear Sir,

‘SBI REALTY’ HOME LOANS FOR PURCHASE OF PLOT OF LAND FOR CONSTRUCTION OF A DWELLING UNIT

Referring to my/our application dated………………..for ‘SBI Realty’ Home Loan of Rs……………….(Rupees…………………………………..only) for purchase of a plot of Land for construction of a dwelling unit thereon, I hereby undertake that I/We will Construct a house on the said plot of land within a period of two years from the date Of availment of the loan. I/We also irrevocably authorize State Bank of India to charge Higher rate of interest as deemed fit by the Bank or even recall the loan, in the event of My/our failure to construct the house within the aforesaid period.

******************************************************************************************

Important Exception the Condition of Time Limit

One important exception to this condition is that in case of loan for plot of land in development projects undertaken by Government agencies, and the date of handing over possession of developed plot to the purchaser in such projects exceeds two years, the maximum time period may be extended by the sanctioning authority in sync with the date of possession.

SBI Realty Land Loan Calculator

SBI Realty Land Loan calculations are similar to any other term loan, where the principal repayment component and interest payment component add together to form the EMI. The EMI is usually fixed for the loan tenure. With the changes in the interest rates coming due to fluctuations in the market rates, the loan tenure period is adjusted.

You can download and use the MS Excel Sheet from the Download section of this website and use it as SBI Land Loan Calculator to the applicable EMIs.

Tax Benefits on Loan for Land Purchase

Please note that the basic purpose SBI Realty land purchase loan is to facilitate the borrowers to finance the purchase of land so that they can construct the house over it. In case you are looking to purchase the land with the basic purpose of speculative investment and looking for capital appreciation in the long-term, then please do not think of availing SBI Realty loan. You will not be fulfilling the primary condition of commencement of construction within two years, and SBI may slap panel interest rate, which are similar to business loans or personal loans.

Many people are under the impression that loans for land purchase do not attract any text benefits under Indian income tax law. But actually it is not the case. Land purchase loans availed with the primary objective of construction of house, are eligible for tax exemptions similar to home loans with following conditions.

  1. You are not eligible for tax benefit during the construction period. The tax benefit can only be extended after the completion of house construction.
  2. The principal amount repaid during the construction phase is not eligible for tax detection.
  3. The interest paid during the construction period is eligible for tax rebate in five consecutive years after the completion of construction. For instance if you have paid a total of Rs. 4 Lakh of interest during the construction phase, then you can get a tax benefit all Rs. 80,000 every year for the next five years.
  4. In case you have availed and other normal housing loan, then the text benefits are extended on both the SBI Realty loan as well as your second housing loan.

Secured Loan Calculator #short #term #loans #uk


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You may utilize the pay for to satisfy your hospital Secured loan calculator bills, instructional bills, debt consolidation reduction, dwelling buying, car or truck getting, cover the Secured loan calculator buying price of wedding ceremony and vacation to europre expenses, as well as some other outlays. Through these loans you can easily accomplish every one of your fiscal requirements only and merely. These financing options do not demand profits facts.

Following inflation, the common finance companies and banking institutions restricted their plans and definitely avoided using chance financial loan financing to people with poor credit rating.

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This allows you to beautify the home and enhance the asset value. Certainly is owned by various attributes like Secured loan calculator Secured loan calculator fast authorization, realistic awareness, online agreement and so on. Funding will be utilized to match several personal needs, for instance: –.

Purchasing financing is usually a rough task for not working men and women when they go to their neighborhood loan providers but it is simple when they are applying on-line mortgage companies.

There are a selection of lenders available in the marketplace as long as you such Secured loan calculator assist. After I does additional investigation about it, I noticed there seemed to be a great deal more into it than I actually believed. Should your capacity to investment recovery is well defined after that your loan is going to be authorized instantly.


SBI Home Loan Calculator #loan #calculator #auto


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SBI Home Loan Calculator

State Bank Of India comes up with a unique SBI home loan calculator to enable its customers an easy and simple way to calculate their monthly installments and get an estimate of the amount for successive payments in settlement of their debt. Considering the technological advancement and keeping in mind the lack of time with people in general various organizations including the financial organizations like banks are coming up with individual technical development. The main idea is to capture customer attention thereby increasing the customer base

SBI Home Loan Calculator

The SBI home loan EMI calculator is a convenient way for the individual applying for the home loan to determine the amount to be paid as an installment. For this the person must be aware of following details:-

  • The amount he/she requires
  • The applicable interest rate
  • The duration for which you want to acquire.

The seeker can also examine the monthly installments for diverse periods and select and choose the more suitable option using this tool. The SBI home loan calculator is applicative to Indian residents.

The customers can find the SBI home loan calculator on the website of the SBI or can even download the same from the website: www.statebankofindia.com, www.sbi.co.in


Refinance Calculator – Best Way to Refi Your Home #usda #loans


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New Loan Information

Save more faster. Compare these loans to get a better rate.*

We’ve been asked thousands of times: “Is it better to pay closing costs out of pocket, finance them into the loan amount, or trade them for a higher interest rate?” There’s no one simple answer, since each refinance choice has its own benefits and total costs over time. One may be more or less expensive depending upon how long you’ll hold onto the mortgage.

The TriRefi calculator allows you to run the numbers for a Traditional Refinance. a Low-Cash-Out Refinance and a No-Cost Refinance so you can determine which is best for you. Fill in the information once and instantly compare the costs and savings.

The Traditional Refinance calculator assumes you pay the closing costs out of pocket today. While you get the benefit of the lower interest rate, you have to overcome your outlay today before you realize any benefit. This is your breakeven point, and in order to get any real savings, you’ll need to stay in the new mortgage beyond this point. We assume that the fee for refinancing will be approximately 2 points (2 percent of the loan amount) but if it is different, you can change it; just type the expected dollar amount into the yellow box.

You pay the fees once, and then they are gone.

The “Low-Cash-Out Refinance” calculation (LCOR) uses the Estimated Costs you plugged into the Traditional Calculator. However, instead of you paying them today out-of-pocket, it adds them into the loan amount you are borrowing. This is a popular choice for homeowners who have some equity available and don’t want to (or can’t) come up with the cash needed to get a new mortgage.

Since you are financing the costs, you’ll not only pay them but also interest on them. However, you are only paying them a little at a time, and depending upon how long you remain in the mortgage, they may cost you more or less than if you paid them right up front, as you would have in a traditional refinance.

A “No-Cost” refinance might be your best bet if you don’t have cash to spend or equity to use for your refinance. You can still refinance, but you won’t get today’s rock-bottom interest rate, but instead something slightly above the market. As such, your interest rate and payment differential will be smaller, possibly making your refinance less valuable. We assume that the interest rate available for a “no-cost” refinance will be a half-percentage point higher than if you had paid the fees. If it is different, you can change the information in the yellow box.

In effect, since the whole amount of your loan will be exposed to this “higher-than-market” interest rate, your savings over time will be smaller than if you could use one of the other options.

Below the initial calculations, we’ve provided some examples of your costs over time, including the interest cost and the remaining loan balance after a given period of time. This way, you can see what those costs will be at varying intervals. You might find, for example, that relative to your time frame, incorporating the fees into the interest rate might mean they cost you less in interest over a given period than the amount you might have paid out-of-pocket up front.

Tip: Check current mortgage rates to make sure you are getting the best deal on your mortgage. To learn more about refinancing and refinancing options, visit our library .

Before you add in your actual numbers, we suggest that you use an example of an existing loan which is three years old, with a $100,000 loan amount for 30 years and a 6% interest rate, and use a 4% rate for refinancing. It will make it easier to follow the discussion of savings comparisons below.

The Blue. Green and Orange displays here will allow you to see if paying or financing the costs of your refinance works out for you over given time horizons. When you pay the fees up front, your interest charges will of course be lower; however, you must overcome what you spent today before savings start to happen.

Let’s say that after a year, your traditional refinance has seen you spend a total of $3813 in interest cost. Over the same time, the LCOR’s interest cost is $3889, while the “no cost” option has seen you pay $4292.

If you should suddenly sell your home after a year, your actual cost for the traditional refinance would include the $3813 plus an additional $1922 in closing costs for a total of $5735, while the other choices would have cost $3889 and $4292 respectively, so you would have been better off with one of them.

Factoring in the differences in remaining loan balances does change the equation, though. At the end of the 12-month period you still owe $1755 more on the LCOR than the traditional refinance, bringing the total of your LCO refinance to $3955, just slightly better than the paid-up-front choice.

However, building those costs into the interest rate means your “no-cost” refinance has seen you spend $4292 in interest, plus the $142 differential in remaining balance – so the total cost after 12 months is only $4434, a clear winner. over this very short time horizon.

These relationships change over time, however. After 10 years, you’ve spent a lot more in interest charges in the “no-cost” refinance than you would have if you chose to pay costs or build them into the loan amount.

All this said, in order to determine what your best choice will be over time, you’ll need to compare both interest costs and remaining balances among the various methods.

Whatever the method you choose for your refinance, you’ll still want to know how much money you’ll save relative to your existing loan – your costs if you never refinanced in the first place. The tables and charts below compare the interest costs of your new loan versus old over comparable time periods. As in the example above, this would compare the interest you’ll pay in the first twelve months of your new loan versus the interest you would have paid in the period from 37-48 months, and so on.

Refinancing may mean restarting your loan all over again. If you had been in your home for three years, and refinanced to a new 30-year term, you’ll pay for your loan for as long as 33 total years. The tables and charts below will let you see how the outstanding balance on your original loan would have fared relative to the new mortgage. Since the new mortgage is restarted all over again, even a significantly lower interest rate may not be able to overcome (or overcome quickly) the benefits of being further along in your amortization schedule, where the principal portion of your payment has grown while the interest component continues to shrink.


Real Estate Calculator – Home Loan & Real Estate Payment Calculator #private #college #loans


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Mortgage Calculator

Which Home Loan Program is Right For You?

There isn’t a one size fits all type mortgage. Each individual or family needs to consider many factors before choosing a type of mortgage.

  • Your current financial position
  • Will your finances change in the near future (job change, college)
  • How long do you plan on owning your home
  • How comfortable are you with your monthly payment changing over the life of the loan

For example, a 15-year fixed rate mortgage will save you thousands of dollars in interest payments over the life of the loan, when compared to a 30- year mortgage, but your monthly payments will be higher with a 15-year. If you choose an adjustable rate mortgage you will have a lower monthly payment than a fixed rate mortgage initially, but your payments could possibly get dramatically higher if the interest rates go up over time.

So please, use our real estate payment calculator to better understand the dynamics of the different home loan programs. Most of our builders offer financing options at the same rates or lower than most banks. Let them help you get into your new home today.

What Are the Different Mortgage Components That Create My Total Payment?

Typically your monthly mortgage payment is made up of 4 different components: principal, interest, taxes and insurance, collectively known as PITI. The principal is the part of the monthly payment that reduces the remaining balance of the home loan. The interest is the fee charged by the lender for borrowing money.

Taxes refer to property taxes that your community and state charge you annually which are generally based on a percentage of the value of your home. The lender usually collects 1/12th of the yearly property tax bill on a monthly basis and places the money in an escrow fund which will pay your tax bill at the end of the year. You do not have to choose to escrow your taxes which will lower your monthly payment but require you to pay a large lump sum at the end of the year.

Lenders require that all buyers have hazard insurance to cover your home and your personal property against losses from theft, fire, natural disasters and other unforeseen problems. The insurance amount can be escrowed and paid much like the taxes, through a monthly payment, or in a lump sum once a year.

Principal and interest comprise the bulk of your monthly payments in a process called amortization, which reduces your debt over a fixed period of time. With amortization, your initial monthly payments are largely interest, and as the loan matures, a greater portion of your payment is allocated toward the principal.


Personal loans: from 3. 4% up to Ј15k – incl. loan calculator #installment #loans


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Borrow at 3.4% for Ј7.5k+

    By Martin Updated Daily

For those who need to borrow, a price war between providers means you can now get a loan for as little as 3.4% a year. But be careful before picking one as even the best deals have more tricks than Paul Daniels’ sleeve.

In this guide

Credit cards can be cheaper than loans

Personal loans let you borrow up to Ј35,000. The key sell’s “structured repayments”, so you know how long you’re borrowing for and what it’ll cost each month. Yet in general, borrowing on the cheapest credit cards substantially undercuts the cheapest loans; meaning in many circumstances, they should be used first.

But much depends on why you’re getting a loan, and how much you want to borrow. We’ve spelled out the most common situations, and where you might want to think about a credit card instead of a loan.

When a credit card’s better than a loan

The most important factor here is your credit limit. Credit cards won’t usually give you more than Ј5,000, and that’s provided that you have a good credit score. So if what you need to buy is more expensive, you’re probably better off looking for a Ј5,000+ loan.

But, if you can buy whatever it is for Ј5,000 or less, you have several other options. See if any of these scenarios fit you.

I can use a credit card to pay and can clear it in 27 months.

You can get up to 27 months 0% on a credit card, but this is only useful if you can budget to pay your debt off in that time, or you’re organised enough to balance transfer the debt to another card before the 0% period ends.

This technique’s also only useful if the retailer takes credit cards. And some – most notably car dealerships – often don’t. But, there’s still a way to use a card to beat a loan.

I can’t pay directly on a credit card or I need longer than 27 months.

Don’t worry, even if you can’t pay the retailer directly on a credit card, you can still pay by card, it’s just slightly more complex.

You’ll need to get a specialist money transfer card. These work by transferring cash from your new card to your bank account, so you owe the card instead (though there’s a fee to do this). Once there, you can spend it as you would a loan.

The longest deal at the moment is a card which gives you debt at 0% for 36 months (2.39% fee to transfer the money). But one card currently lets you do money transfer for a much smaller 1.69% fee, though this time you only get 32 months at 0%. So if you can pay the debt off in that time, or balance transfer it once the 0% is over, this could be a great replacement for getting a loan.

I’m trying to make existing debts cheaper.

In most cases, a loan won’t be cheapest. Credit card balance transfer deals are designed to allow you to shift other cards’ debts to them at a special cheap rate, usually much cheaper than the best loan rates.

This doesn’t mean you need to keep shifting debts between short-term 0% deals. Some cheap deals (around 6.4% APR) last until ALL the debt is repaid – and beyond (see Best Balance Transfers guide). Though make sure you make at least similar repayments to what the loan would cost each month.

But a credit card’s not always the best option.

Most credit cards won’t give you a credit limit higher than Ј5,000, so if you want to borrow more, you might be better checking out the best buy loans below and using the Loans Eligibility Calculator. which tells you which loans you’ve the best chance of getting before you apply.

I’m trying to cut the cost of an existing loan.

Don’t automatically assume switching to a cheaper interest rate will save you money. Many loans, especially older ones, have lock-in penalties. These mean even though you’ll pay less interest, when you add in the fine for moving, you’ll pay more overall. Our Cutting Existing Loan Costs guide has a calculator showing you if you’ll gain by switching.

I think I can get a loan from my employer.

Some employers offer loans to employees, usually for buying travel season tickets so they can get to and from work. Provided the total value doesn’t exceed Ј10,000, these loans can be made tax-free by employers, and paid back over the year from the employee’s salary.

These loans don’t have to be made for travel purposes, so see if your employer provides these loans – they’ll be the cheapest you can get.

Choosing the right loan

Loans have never been as cheap as they are right now. A price war between competitive lenders means that rates have plummeted over the past couple of years.

But even the lowest interest rate loans can have hidden costs. Before you pick the type of loan, it’s crucial to decide one thing.

How much, for how long?

The formula’s simple. Borrow as little as possible, repay as quickly as possible. To avoid complications, always base your borrowing on what you can comfortably afford to repay (preferably after doing a budget ), as borrowing too much can cause debts to spiral out of control.

Beware – while borrowing over a longer period spreads the debts and decreases monthly repayments, it massively increases the interest you’ll repay. Borrow Ј10,000 at 7% over three years and the interest cost is Ј1,100. Borrow the same over 10 years, and it’s Ј3,900.

Beware ‘representative’ rates

All advertised loan and credit card APRs are ‘representative’. This means only 51% of successful applicants have to get those rates. So, up to 49% may end up with a more expensive loan than they applied for (if they get accepted at all).

Sadly, the only real way to find out whether you’ll get the advertised rate is to apply, though this leaves a search on your credit file, which can hit your ability to get credit in future.

Best Buys Personal loans

If you’re looking for a loan, check out the best buy rates below. We list loans by ‘bands’ as the rate you could get differs depending on how much you want to borrow. Plus, if you want to find out which loans you’ll get, without applying, use our eligibility calculator to see your chances.

The best buys are below, but there’s the chance to undercut some of these rates by 0.5 percentage points if you’re a Nationwide current account customer (or you successfully apply for one of their accounts). Read a full Nationwide how-to.


Personal Loan with Low Interest Rates, Eligibility Calculator – Standard Chartered Bank India #small #personal #loan


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Features

You can take out a Personal Loan without the need for security, collateral or guarantors

Details

Here are some of the other features of the personal loan you can avail of:

  • Repayment options vary from ECS, PDCs or Account Debit.
  • Easy documentation and quick processing
  • Existing Standard Chartered Personal Loans can be topped up with ease

Eligibility

Documents Required
  • Identity Proof – Passport, photo pan card, driving license, votes id card, photo ration card
  • Address Proof – Passport, telephone bill, ration card, electricity bill, driving license, life/medical insurance policy, rental agreement, apartment allotment letter

FAQs

    • What are the minimum and maximum loan amounts?

    You can avail of loans ranging from Rs 1,00,000 to 30,00,000 depending on your eligibility, income and repayment capacity..

  • What are the loan tenure options?
    The loan can be repaid over a period of 12 to 60 months tenors are only available for select profile of customers.
  • Are there any additional charges?
    A processing fee of a maximum of 3% of the loan amounts and requisite documentation charges is payable upfront. This fee will be deducted from the Loan amount at the time of disbursal.
    • How much time will it take for my loan to be approved?
      Your loan will be disbursed within 4-7 working days post receipt of the required documents.
    • Do I have to provide any security, collateral or guarantors?
      No security, collateral or guarantors are required for obtaining a personal loan .
    • What is EMI?

      EMI stands for Equated Monthly Installments. This installment comprises both principal and interest components. Please use the EMI Calculator to find out the EMI you need to repay.


  • Personal Loan Calculator – Compare Personal Loan Interest Rates #10000 #loan


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    Rates and Fees

    Up-front rates with no hidden fees

    At Lending Club, there are no hidden fees or charges. You can check your rate (with no impact to your credit score) and apply for a loan free of charge.

    All loans feature an affordable fixed rate, which means your monthly payment will never increase! Plus, you can prepay your loan at any time to eliminate future interest payments; there’s never a prepayment penalty or fee.

    When you apply for a personal loan through Lending Club, each loan offer you receive is assigned a grade ranging from A to G with a corresponding interest rate, origination fee and annual percentage rate (“APR”).

    An APR shows you the cost of borrowing money on a yearly basis. It can help you quickly compare different loans or credit cards on an apples-to-apples basis. The APR on a personal loan through Lending Club includes both the interest rate and origination fee. The origination fee is deducted from your loan proceeds, and there is no fee if you do not receive a loan. We’ll never ask for an upfront payment of any kind.

    The range of interest rates, origination fees, and APRs for each loan grade is listed on the table below. You may not be eligible for the full range of rates or loan terms displayed here.