Thanks for presenting such a lovely article. I am sure its going to be very useful for many people opting for Personal loans now and later. More of such informative articles will always be welcome!! :-)
It was a very nice article and was worth reading it. Generally in hurry we land up making mistakes in choosing the lender. But after reading this I think anybody will think twice before taking the debt.
I have read the article on Personal Loan. I have a very bad experience taking a loan from ICICI. You will never come to know their interest rates. Many hidden things surface only after the loan is sanctioned to you. Interest rates are exorbitant and are on flat rate contrary to what their agent will tell you. I ended up paying 17% instead of 9.75% or so (if paid on reducing balance as promised by the agent). There is no clarification from their end even after writing to them.
Personal Loans
by Anurag on Jan 07, 2007 11:48 PM Permalink
But it also depends on two other parameters: 1. Turnover/Sale/Income of the person. 2. Amount of return filed by the person.
If the amount of ITR is more then rate of intrest is less else it is more. Also,if the sale of the person is more then the amount of intrest rate is less, which is because the person is progressive.
Also, the nature of business or job in which the person is into decides the rate of intrest. Builders generally can expects the higher rate of intrest. Thanks
Well, the article is good, but interest rates indicated need not be so high ... it again depends on where you work and your take home and you could bargain for personal loan interest rates at even 11 % p.a. on a reducing balance basis.
I have bargained with a few lenders mentioned in the article for fixed rates of 7 % and have taken at 6.5 - 7% fixed or 11.5 - 12% max reducing rates. Again, it depends on how much you need - If you desperately need the money then you can expect high rates of interest !!! and if you aer not so very desperate and work in a reputed company and earn quite a decent sum then they would provide lower rates.
The rate of interest is directly proportional to need for funds. Thats the hard fact.
