The following post is a sponsored post. Many people take personal loans when they are unable to arrange funds in the short term. But the same people are capable of getting the required amount after some time. So personal loans do help these people bridge the time gap. So when these people actually have enough […]
The following post is a sponsored post. Unlike home or car loans, the personal loans are unsecured form of loans. So there is no collateral for lenders. So with no recourse to any security in case the failure to repay the loan, the lenders give compensate themselves for higher default risk that they are taking […]
Here’s an ad that I saw from the “bank that claims to know it all” — Tell me this — would your parents be proud/happy knowing that you’ve taken a personal loan to pay for their vacation? I’m also quite sure that they aren’t going to say “We’re so so proud of you my dear […]
Here’s what was asked and answered by Capital Advisor in March, 2011. It’s a loan closure special. If you have a question on managing your personal finances, send me an email and I’ll respond at the earliest. If your question’s beneficial to a wider audience, I’ll publish it in a future edition of “Asked and […]
This is a guest post from Shilpa at Under the Rainbow. Though Shilpa claims that “she knows zilch about financial planning,” her posts always prove the opposite. In this post she explains why you really ought to be careful when you act as a reference for someone else’s financial dealings. I learned this lesson the […]
That depends on where you are right now into the tenure of your loan, but the general answer is “as early as possible into the tenure of the loan.” EMIs for personal loans — or any loan in general — are structured such that the interest component of the EMI forms a significant portion of […]
I’ve been working on improving a few Excel-based calculators that I have previously published. Specifically, I have improved the following calculators: The enhanced Public Provident Fund investment calculator now provides monthly calculations for a period up to twenty-five years. [Link to the original article.] The enhanced Car Loan EMI calculator now supports both Advance EMI […]
Download my Personal Loan EMI Calculator Excel workbook. This workbook has six sheets, one each for a loan duration ranging from one year to six years. Select the sheet corresponding to the loan duration you’re thinking of. For example: select the sheet labeled “3 Years” if you’re looking for a personal loan that you want […]
All that is required is a bit of diligence from your side. Follow these simple steps and you are good to go. Step 1 Ensure that you have received all the canceled post-dated checks that you had issued — as guarantee — to the bank/finance company when you took the personal loan. Step 2 Ensure […]
In a recent notification, the Reserve Bank of India (RBI) has noted that It is understood that some banks are furnishing a copy of the loan agreement only on request made by the borrowers. In this connection, we advise that not furnishing a copy of the loan agreement or enclosures quoted in the loan agreement […]
Public Service Announcement From a recent RBI circular: Guidelines on Fair Practices Code for Lenders Earlier, Banks/FIs were advised that loan application forms in respect of priority sector advances up to Rs. 2.00 lakhs should be comprehensive and should include information about the fees/charges, if any, payable for processing, the amount of such fees refundable […]