C.S.Sudheer Reviews The Pros And Cons Of Taking A Personal Loan

C.S, Sudheer, IndianMoney CEO reviews that they advise thousands of people every day in regard to financial situations. According to Sudheer Indian money review, most people in India are unaware when it comes to their financial dealings and investments. Indian money is a company which aims at imparting financial education to people. Here, C. S. Sudheer review the pros and cons of taking a personal loan.

Pros:

1. Multi-purpose loans:

c. s. Sudheer review Bangalore states that the biggest advantage of a personal loan is the fact that it can be used for various purposes. Other loans like education loans, home loans or car loan etc. can only be used for that one particular purpose only.

2. Collateral is not mandatory:

 Collateral refers to a valuable property like a car or house that you mortgage in order to get the loan. In most personal loans, they do not ask for collateral. This encourages more people to opt for personal loans.

3. Interest rates are low:

For most personal loans, the rate of interest is relatively low when compared to borrowing money from credit cards, especially if the person taking the loan has a decent credit score. This is not the case with credit cards. With credit cards, no matter how good your credit scores are, the interest rate won't go below a certain point.

Cons:

1. Time duration:

The payment rules are stricter for personal loans when compared to credit cards. In credit cards, you can take a liberal amount of time to pay back the cash. But, in personal loans, there are fixed time periods for each payment. Failure in payment can lead to seizing of your collateral or suing you for non-payment of due.

2. Scamming:

According to Sudheer Indian money review, there’s a huge potential for scamming in personal loans. Not all are authentic, there can be fake ones too. In some cases, people ask you for money in advance on the pretext of starting the process and then vanish with the money.

3. Penalties

In many cases, the banks impose a fine or a penalty on you if you prepay the whole amount so that they can get back the amount that they lose in the form of interest. But in other options like credit cards, you have the option to pay off the whole amount, without any penalty being imposed on you.