A loan that is unsecured, in other words a loan that is borrowed by individuals from a bank or a money lender without securing it against any asset like a car or a house is called a personal loan and is also known as an unsecured loan. In order to get an ideal personal loan, there are some things or tools that a person should refer to and keep in mind before applying or during the application of a loan.
Loan tools help calculating the personal loan effectively. One can also make comparison between the interest rates offered by different banks with the help of loan tools. They are-
• Loan calculator or an EMI calculator the personal loan EMI calculator is very efficient in comparing different types of loans. EMI stands for equated monthly instalment, which is the fixed amount that is to be paid to the bank or any lending institution until the entire amount loaned is completely paid off.
The personal loan EMI calculator makes complicated calculations easy and simple.
• Budget calculator- it is very difficult to keep track of all the monthly expenses that one has and this is where a budget calculator comes in handy. The budget calculator breaks down the person’s finances and then offers tips to help the person make optimum utilisation of his total income.
• Credit Report-Several credit bureaus gather data and information regarding a person’s credit history to create credit reports on the basis of which the money lenders or banks often determine whether they can sanction a loan or not and how much interest rate should be offered on the loan sanctioned. These reports are available online and even at different credit report companies.
There are other ways of acquiring an ideal personal loan. A person may not receive the same rate as advertised by a company or bank as it is based on individual credit scores. A person may apply for the best rate loan in order to find out the rate of interest he is eligible for. Opt for a best rate loan that doesn’t use risk-based pricing. If there’s any way to repay the loan early, one should opt for the best-rate loan which does not have any early repayment charges.
Borrowers may also take help from debt advice agencies or get official help from the pension’s ombudsman service, which will take into consideration all the complaints that the person might have regarding his or her loan. The agency will also give suggestions as to how to repay the loan and effectively use the tools.
Loan tools help calculating the personal loan effectively. One can also make comparison between the interest rates offered by different banks with the help of loan tools. They are-
• Loan calculator or an EMI calculator the personal loan EMI calculator is very efficient in comparing different types of loans. EMI stands for equated monthly instalment, which is the fixed amount that is to be paid to the bank or any lending institution until the entire amount loaned is completely paid off.
The personal loan EMI calculator makes complicated calculations easy and simple.
• Budget calculator- it is very difficult to keep track of all the monthly expenses that one has and this is where a budget calculator comes in handy. The budget calculator breaks down the person’s finances and then offers tips to help the person make optimum utilisation of his total income.
• Credit Report-Several credit bureaus gather data and information regarding a person’s credit history to create credit reports on the basis of which the money lenders or banks often determine whether they can sanction a loan or not and how much interest rate should be offered on the loan sanctioned. These reports are available online and even at different credit report companies.
There are other ways of acquiring an ideal personal loan. A person may not receive the same rate as advertised by a company or bank as it is based on individual credit scores. A person may apply for the best rate loan in order to find out the rate of interest he is eligible for. Opt for a best rate loan that doesn’t use risk-based pricing. If there’s any way to repay the loan early, one should opt for the best-rate loan which does not have any early repayment charges.
Borrowers may also take help from debt advice agencies or get official help from the pension’s ombudsman service, which will take into consideration all the complaints that the person might have regarding his or her loan. The agency will also give suggestions as to how to repay the loan and effectively use the tools.
No comments:
Post a Comment