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Many banks offer loans for personal use and choosing the right bank to avail of the most suitable scheme becomes difficult for a general consumer. With loan-availing procedures becoming lenient and the RBI mandating loan disbursal within a month of completion of formalities for eligible individuals, the demand for loans for personal use has seen an upwards trend.
Many times, many of us consider a personal loan as the finest choice for all contingencies, whether it is a foreign trip, a marriage, or other ceremonies which are inevitable. But, choosing a personal loan minus analyzing its clauses and services can turn out to be an irresponsible step and cost dearly.
Many banks and financial institutions provide smart deals on personal loan offers with low interest rates. There’s no fixed loan principle for arriving at the qualified loan amount, as all banks have different techniques of calculation.
The usually acknowledged practice is to fix a ceiling of about 50 per cent of deductions from salary including the repayment of the loan to be sanctioned. If one is within this ceiling, then the eligible amount could be about 10/12 times the gross monthly salary or 6 times the total taxable income as declared in Form 16 or income tax returns (ITR). This can differ among nationalized banks and private banks.
For professionals – doctors, lawyers, chartered accountants, architects, etc. – there could be additional conditions to be satisfied. Loan plans for such professionals with lower rates of interest, the bank might ask for some details on the profession as also copies of receipts/payments and/or income/expenditure account. Personal loans are particularly designed for those who don't want to go through the hassles of giving security or hypothecation.
Created on Apr 24th 2018 09:12. Viewed 214 times.