The best things in life can be
bought. Yep, just about everything, if you set your mind to it. Be it your
dream car, a beautiful home, an education from a renowned university and so on.
Arguing that happiness can't be bought is beside the point because happiness is
in fact a mood, not a commodity. So, how can you buy what you want? What if you
didn't have the money ready at hand or in your bank account? Well, fret not.
Here's a solution, designed just for you! A wonderful solution called Personal
or unsecured Loans. Irrespective of your use for it, these easy loans are
readily available within a short period of time and they are customizable!
There are several banks as well as financial institutions offering unsecured
loans at interesting interest rates. But, the underlying question is how much
can you afford? There are certain prerequisites even to be able to apply. Yes,
the best things in life can be bought which automatically means there's a price
that comes with it - it's just a question of affordability.
Rather, in the case of Personal
Loans it is a question of how much emi (and interest rates) can you afford to
pay while at the same time you don't inconvenience your family monetarily. So,
here's the deal - you make up your mind how much money you would like to borrow
and then check if you are eligible. The contributing factor would be how much
you earn i.e. your net take home salary every month. Once this is done, all you
need to do is go online and search for an emi calculator and you will be able
to make a guestimate of the amount of equated monthly installment you'll have
to forego as part of your salary. The other important aspect that will come to
light would be the interest rate which in turn varies with the tenure you have
chosen.
If you want to find bank specific
information, you can find that out as well. Although, there are several banking
institutions that offer the best personal loans, they also put forth several
conditions and filtering points that need to be fulfilled by the applicant.
This is why it is always important to make a self-assessment of your financial
position so that you can know how much and for how long you will need to pay as
the repayment amount. The loan eligibility calculator is different for each
bank, another point to be kept in mind is to try and find out if the company
you are working for has any relationship with these banks so that they can
avail special offers on interest rates so that you can avail the best personal
loans in the market.
Here's the low down on what you CAN
find out using your loan calculator:
- If you are eligible to apply or not
- Your monthly installments (payable during the tenure)
- The interest rates (varies from bank to bank depending on your profile and the total amount you borrow)
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