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Old 23rd March 2009, 16:05   #1
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Default All your Personal Loan Queries here.

Have been noticing off late, few of T-BHP'ians need information regarding their existing loans or need information in getting their loan papers processed.

Any details you require,viz.,

1) Rates of Interest prevailing
2) Documents required to apply for loans
3) Consolodation of existing multiple loans
4) Getting loan schedules
5) Where to get a Loan processed faster.
6) Common KYC's before applying for a loan
7) Why a loan gets rejected

I work for a reputed Bank in Bengaluru. Do let me know if any of you guys have any queries before taking a plunge, or if you are already in it.
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Old 5th August 2009, 15:02   #2
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I was looking for a personal loan (to finance a property purchase). I could have tried a home loan (for buying land) but then if I don't construct the house within 2 years (which I don't plan to in the near future) , the home loan will be converted to personal loan.

Which bank is the best ( offering good rates) for taking a personal loan ? What are the existing rates ? Or are there any other options other than personal loan ( which are cheaper) ?
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Old 5th August 2009, 15:05   #3
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Is this solely for personal loan related queries, or even home loan related?
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Old 5th August 2009, 16:29   #4
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or if you can also include car loan then it will be perfect.

Last edited by brraj : 5th August 2009 at 16:31.
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Old 5th August 2009, 19:45   #5
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A related MUST read thread : Personal loan to pimp a car. Trust me, you can't afford to miss it! Just make sure you aren't *supposed* to be working, else your laughter will be a dead giveaway.

Last edited by GTO : 5th August 2009 at 19:48.
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Old 21st August 2009, 23:29   #6
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Quote:
Originally Posted by joecherian View Post
I was looking for a personal loan (to finance a property purchase). I could have tried a home loan (for buying land) but then if I don't construct the house within 2 years (which I don't plan to in the near future) , the home loan will be converted to personal loan.

Which bank is the best ( offering good rates) for taking a personal loan ? What are the existing rates ? Or are there any other options other than personal loan ( which are cheaper) ?

Buddy, HDFC Bank is the only bank which is offering the best deals in Personal Loans.

PM me your contact details, will let you know the rest of the details
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Old 29th August 2009, 23:18   #7
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What is the current interest rate for personal loans?
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Old 30th August 2009, 02:30   #8
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The rate varies with the profile and the amount and there is some amount of bargain too.

I am a Branch Manager with a major Personal Loan Financier and you can PM me your queries.
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Old 30th August 2009, 09:26   #9
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If you have a Fixed Deposit of say 10L, can you still avail a loan of 10L against it, for 1% interest?
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Old 30th August 2009, 13:20   #10
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Personal loans are the WORST loans one can get into.
Only consider these in case of extreme emergencies. Else, one can get into debt trap. Someone i know closely got into one, and believe me, its very difficult to get out of the debt trap once you get into it.

As a tip - consider keeping bad loans like personal loan, auto loan to minimum, preferably none. Good loans like Home loan, education loan, home improvement can be considered, but only of amount one can comfortably repay.
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Old 31st August 2009, 11:27   #11
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Quote:
Originally Posted by DCEite View Post
Personal loans are the WORST loans one can get into.
Certainly YES. Those hidden costs, promised interest not being considered, abnormal interest rate etc.

@Pavan
My personal loan EMI is ending on 5th Oct, what are the steps do I need to take to get back my Cheques & Documents(NOC etc) from Bank?
Do I need to approach the Bank ?
Loan is with ICICI & EMI is Auto debit.
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Old 31st August 2009, 11:39   #12
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Quote:
Originally Posted by sushrutha View Post
My personal loan EMI is ending on 5th Oct, what are the steps do I need to take to get back my Cheques & Documents(NOC etc) from Bank?
Do I need to approach the Bank?
Loan is with ICICI & EMI is Auto debit.
If the EMI is auto debit, ideally it should stop on its own but there have been instances when the next one or two EMIs also hit the account. One does get the refund but its better to approach the bank beforehand.

You should get in touch with the bank after 10th Oct for NOC and your ECS security PDCs.
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Old 31st August 2009, 15:45   #13
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Quote:
Originally Posted by WanderNomad View Post
You should get in touch with the bank after 10th Oct for NOC and your ECS security PDCs.
Thanks for the info Dude.

A small correction
Quote:
Originally Posted by sushrutha View Post
My personal loan EMI is ending on 5th Oct
Instead, It's ending on 5th SEPTEMBER.
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Old 31st August 2009, 16:06   #14
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Quote:
Originally Posted by PAVAN KADAM View Post
Buddy, HDFC Bank is the only bank which is offering the best deals in Personal Loans.
HDFC Bank could be that, but from my experience, their home loan is to be avoided. Took a home loan at 7.5% in Jan 2006, interest now at 10.75%, even as new customers are getting it at 9%. Have initiated discussions with others (public sector and foreign banks) to kick out HDFC. A difference of 1.75% even with prepayment penalty will pay for itself in 1 year.
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Old 31st August 2009, 16:14   #15
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If there is Cheque bounce recorded in the a/c in the last 6 months the loan is most likely to be rejected, It happened to a friend of mine just few days back with HDFC.
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