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Personal Loan catering your financial Needs

April 12, 2016 | Author: | Posted in Loans

You can get a personal loan at a low interest rate from your family members and friends’ network.  Personal loan gets approved and amount disbursed quickly.

Despite the fact the rise in its demand, some people are hesitating, because of the misconceptions they heard.  In personal loan interest rate will be higher than other loans because of no collateral is needed as security.

Personal loan are needed, when we go for grand events in home, marriage or it can be a Home renovation which will make a stress on our monthly expense.  People used to get the loan sometime for educational purpose, health issues and for some times emergency need.

From the loan application process to till have the amount credited in to the account; it is some time like more than herculean task because approval process gets us delayed.

Being steady and strong in finance can help our family in the present time as well as in the future too. However due to numerous problems, like price rise in essential commodities and other marketing strategies, you may find yourself down in financial status. There are varieties of sources for you to get out of the financial problems.

If you are looking easy and safest way for getting finance is Personal loan. Personal loan in Chennai is given by almost all banks.

Does your credit score affect your loan?

All banks have a look at your credit score, credit history to evaluate your repaying capacity. In case you are using credit cards, then you need to improve the credit history of it, before processing your loan application.

Generally banks prefer to give low interest rate to those who have high credit scores. Credit score will always play a vital role in your loan process determining your interest rate you pay.

Banks consider your credit record before your application. Hence you must make sure that you have good credit History. Also having a saving account, maintaining that account in good way

Sometimes you need to apply for loan which best suits your money flow. Sometimes applying for huge amount than your eligibility gets declined.

You have to compare the various banking loans, terms and conditions, their interest rate, tenure periods and choose the best loan with low interest rate.

Finally your financial needs are catered with the right banking institution.

Documents required for salaried Person:

Identity Proof – Passport, Driving license

Address Proof

Last three month Bank Statements

Passport size Photograph

Pay slip for last three months

Document Needed for Self employed person:

Id Proof

Address Proof

Last six month bank statements

Income Proof

Proof of office Ownership

Managing your Money

If you want to attain good position in finance, Budgeting is the right way for your financial planning.

Have a Control on Money:

If your spending is higher than the source of your income, have a tab on where your money goes and where you can have cut back.

Just record your transactions regarding all your money in comings and out goings. Then analyze and figure out where your money across living costs, household bills, financial products, medical bills, clothing accessories and transportation.

Maintain a spending diary to check where your money goes and how much you spend on what per month.

Even you need to make not of small spending such as having cup of tea and meals. You get to know the clear picture of what you spend in the longer run.

You need to define the goals before achieving it. Some of the common goals are buying a new Car, Buying gold, Education and Marriage.

After defining goals, you need to describe time frame for execution of same.

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Nancy is an internet marketer and has been in this field for long time.

This author has published 2 articles so far.