Loans

SBI Vs HDFC Vs ICICI Vs Axis Bank: Top 10 banks currently offering personal loans starting at 8.9%

Borrowers must carefully gauge their options and go for a loan that best meets their requirements.

Personal loans come to the urgent rescue of the cash-strapped and help fulfill critical financial goals. These open-ended, unsecured financing facilities could be slightly pricier than the best secured loan offers, but they are still ideal for those who don’t possess or don’t want to pledge the necessary collateral to get a loan against securities such as gold, property, mutual fund investments, fixed deposits, endowment plans, car, etc.

In addition, personal loans are also the preferred financing tool for those whose loan requirement is bigger than the value of their security. If you have a stable income and a good credit score, you can get a personal loan at a rate just slightly higher than, say, a gold loan. In fact, according to the latest research by BankBazaar.com as per data available on September

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Do green loans stack up against regular loans?

In the current world we live in, it’s no surprise that many Aussies are looking to go green. 

While it’s unlikely that recycling, composting or steering away from single-use plastic will cost you an arm and a leg, other efforts come with a heftier price tag. 

Meet the green personal loan.  

Whether you’re installing solar panels, getting a water tank or even making the switch to an eco-friendly car, these loans are designed to make your sustainable dream come true. 

How do green loans differ from regular personal loans? 

Unlike a general personal loan, a green loan is specifically for the purchase of products that are environmentally friendly. 

These could include: 

  • Solar panels 
  • Solar hot water systems
  • Solar battery systems 
  • Water tanks
  • Grey water treatment systems 
  • Double glazing 
  • Eco-friendly or “green” vehicle. 

And the good news is, these loans often come with a lower interest rate. 

“Not only do

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Loans| You can prepay personal loan without any penalty charges



a close up of text on a white background: Usually a bank will not ask for additional papers after sanction of a loan.


© Provided by The Financial Express
Usually a bank will not ask for additional papers after sanction of a loan.

By Chaitali Dutta

Will the bank levy penalty if I prepay a personal loan of Rs 2 lakh?

-Rajesh Katara

No. Usually personal loans are on a floating rate basis. In such loans, you may repay the loan any time, subject to the conditions put in the sanction letter. Please read the sanction letter carefully to see if they have mentioned any upper limit for repayment or a restricted period from the loan disbursed for repayment.

My home loan was sanctioned before the lockdown. Now, the bank wants a fresh employment letter. I got a new job in August and it is not accepting that. Should I go to another bank as I have paid booking amount?

-Ajay Kaushik

This may be due to the stress on the job front

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Everything you need to know about payday loans

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Angela Lang/CNET

For the millions of Americans living paycheck to paycheck, running out of money is a constant, looming concern. Approximately 12 million people take out short-term, unsecured loans — sometimes called “payday” loans — every year, according to the Federal Reserve Bank of St. Louis. And though these loans may help them survive until they receive their next paycheck, they also exact a steep toll. Still, with millions of Americans out of work or facing reduced hours due to the COVID-19 pandemic, many will continue to depend on this dangerous financial tool. 

If you don’t have a strong credit history, it may be difficult to secure a traditional loan or credit card. But there are plenty of lenders that will let you borrow without a credit check, with few questions asked. The terms will be severe, however, and they’ll certainly end up costing you far more than you borrowed.

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Best Personal Loans for Fair Credit of October 2020

How much will a personal loan cost?

As with most credit products, the rate you receive on a personal loan depends a lot on your credit score. Borrowers with fair or average credit will pay a higher rate — somewhere around 20%, according to a NerdWallet lender survey — than those with good credit. The interest rate also affects your total monthly payment, as does the term length; a longer term means lower monthly payments, but more interest.

How to qualify for fair-credit loans

Focus on your credit score. Even if lenders look at other factors, your credit score is a key consideration. Building your credit can mean better odds of qualifying and getting a lower rate.

Add a joint applicant or co-signer to your application. There are risks to co-signing, but it’s an option that can help you qualify for a loan that you wouldn’t be able to on

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What Does ‘APR’ Mean On Loans And Credit Cards?

You’ll see APR used in conjunction with several different financial products, including credit cards, loans and hire purchase agreements. But what does it actually mean and how does it work? In this guide, we explain all you need to know.

What is APR?

APR stands for Annual Percentage Rate, and it’s the official interest rate used for borrowing on a credit-based product. It takes into account the headline rate of interest you’ll pay as well as any additional charges or fees.

In other words, it’s a standardised way of showing the cost of borrowing over a year.

The APR will be expressed as a percentage of the amount you’ve borrowed and is calculated using a formula outlined in the Consumer Credit Act (1974). Each lender must abide by this, making it a useful way to compare products such as a loans and credit cards on a like-for-like basis.

It’s

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Secured vs. Unsecured Personal Loans

We want to help you make more informed decisions. Some links on our site — clearly marked — will take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.

If you’ve ever taken out a loan — a student loan, a mortgage, or a car note, for example — you have either put up an asset as collateral, or you have not.    

That’s because every type of debt falls into one of two buckets: secured or unsecured. To help you figure out what’s best for your financial situation, we asked experts to weigh in on the most common questions surrounding secured and unsecured loans.

Secured vs. Unsecured Loans

A secured loan requires you to put up an asset as collateral in exchange for the loan. 

For example, auto loans, taken out to pay for a

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Interest Rates for Personal Loans Are Near All-Time Lows

Personal loans are more affordable now than ever. Should you get one?

A lot of people don’t put much thought into borrowing money until they actually need to do so. But if you’re in a financial crunch, you may need an affordable way to borrow money. And a personal loan may be the right solution for you.

You can use a personal loan for any purpose and you qualify based on your credit score and other factors. The better your credit, the more favorable the rate you’re likely to snag. And of course the lower your personal loan interest rate, the more affordable that loan is to pay off.

Here’s some good news in that regard: Personal loan interest rates are near an all-time low, according to new research by The Ascent, so now may be a good time to apply for one if you have a need.

Personal loan

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Best Personal Loans of September 2020

The best personal loan lenders offer great loan products at a low interest rate, but they are not the only game in town. If you need money to fund a project or pay an unexpected expense, here are two other options:

Credit cards

A credit card can provide fast cash in an urgent situation. If you qualify for a card with a 0% APR introductory offer, you have months (generally between 12 and 18) to pay the debt off with no interest. One caveat: Never use a credit card with a 0% transfer offer unless you are confident you can pay it off in full before the promotional rate expires and the interest rate shoots up to its standard rate.

Secured line of credit 

A secured line of credit can help you snag the best rates for personal loans. That’s because a secured line of credit requires you to

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6 Personal Loans to Finance Your Bathroom Remodel

How much does a bathroom remodel cost?

The average cost for a midrange bathroom remodel is $21,377, according to Remodeling magazine’s 2020 Cost vs. Value report. A more extensive “upscale” project costs an average of $67,106.

Personal loans for bathroom remodels

  • Borrowers with good to excellent credit get the lowest rates. Annual percentage rates on personal loans range from 6% to 36%. The rate you receive depends primarily on your creditworthiness and financial situation. Borrowers with high credit scores (above 689 on the FICO scale) and low debt get the best rates.

  • Funding is fast. Some online lenders can fund your loan within a day or two. Having the required documents available — including proof of income like pay stubs and bank statements — can speed the process.

  • You get the money in one lump sum. You should have a solid estimate of your project’s cost to ensure you apply

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