What if you are planning to start your new venture to consolidate your income? Though You have an excellent plan, skill and experience of handling the works yet you are unable to execute your plan in reality. Why? Just because of a shortage of Funds?
Sure, for launching your own business either small or large you will need a budget, it may be as small as Rs 50,000 or as bigger as Rs 5 Lakh. In both conditions, if you don't have that much-expected amount then, of course, your plan will be shattered leaving you at dissatisfaction and helplessness.
Consider a situation if you are able to get that amount to manage your budget and it helps you make your dream true where you own a venture then surely you will love to know the process and its viability. The best option for you is to manage your fund by availing of a personal loan without asking your acquaintances for financial help which will disclose your financial status and if the request is turned down then it will hurt you as well.
A personal loan can be availed from a financial institution by fulfilling the personal loan eligibility criteria in two ways, one via getting a secured debt and the other by availing an unsecured debt.
Secured debt or secured personal loan: In this type of personal loan you need to keep collateral as a security against your loan amount. The collateral can be a fixed deposit within the bank, it can be a loan against your investment like Stocks, mutual funds, insurance or any property. In a secured loan the lender will have the authority to take away the deposited collateral in case of non-repayment.
Unsecured personal loan: In this type of personal loan you need not deposit any collateral within the bank and this will be purely based on your income, credit history and your risk-bearing capacity to repay the debt. An unsecured personal loan will be paid to you without any security on the debt by the lender.
But availing of an unsecured personal loan can not help you much as the amount will be proportional to your salary and suppose you have a low salary profile then the fund might not fulfil your requirements. The lender will also check your credit history and Personal loan eligibility criteria very minutely and if it has been downgraded then you might not be able to qualify for an unsecured personal loan.
How does a secured personal loan will work for you?
Whereas in the case of a secured personal loan you don't have to worry about the present source of income as you are already maintaining which collateral ral with the bank or NBFCs. So a lender will always welcome you as the recovery of the loan amount is secured. In a secured personal loan the amount can be as big as the value of your property, though you can avail less than the value of property to maintain a low risk by the lender. If you are making timely payment then your property has no risk of being attached for repayments of debt.
An exquisite feature of a secured personal loan is you can avail it for long terms even up to 25 years as a tenure of loan maturity which you can't get in case of an unsecured personal loan which mostly ranges from 12-60 months. Taking a secured personal loan is a wise decision as you avail a personal loan with the help of your wealth for creating more wealth for you and without losing your wealth though. Even if you have a poor credit history you are able to get a secured personal loan for your requirements at the relatively low personal loan interest rates.
Here we have brought personal loan features of Manappuram Finance limited:
Age: 23-60 yrs (at loan maturity)
Interest Rate: 9.99%
CIBIL: 750 and above ( for Secured Personal loan not applicable)
Lowest EMI per lakh: NIL
Tenure: 12 -60 ( For secured personal loan it is not applicable)
Processing Fee: Up to 2%+GST
Prepayment Charges: 4% of the sum
Part Payment Charges: NIL
Minimum Loan Amount: Rs. 50,000
Maximum Loan Amount: Rs 5 lakh
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