Everyone has a reason to get loan from banks and other financial institutions to purchase a new car, motorcycle, home, flat etc. Many people take personal loans to get their commitments done. There is difference in interest rates from bank to bank. Many Public sector banks provide loans in less interest rates compared to other private sector banks. But private sector banks also providing loans in low interest rates because of competition.
In India major banks providing loans in low interest rates and minimal documentation is State Bank of India, ICICI Bank, HDFC Bank, Vijaya Bank, IDBI Bank, Central Bank of India, Corporation Bank, Canara Bank Etc. Other than these Banks many banks also provide loan in competitive interest rates.
Before applying a loan the individual must know the rate of interest, Simplified documentation, Competitive pricing, Transparency, and hidden charges. Many banks collect processing charges of loans, which may vary from bank to bank. some banks processing charges is less than 0.5% and some banks collect more than 0.5%. These charges we must ask before we apply for a loan.
Some banks charge early closure of loans. there is no charges for early closure of loans in some banks, if a person who is going to get a loan, must check all these things, if he/she have the ability to close the loan early, must go through these hidden charges, which may save lot.
In India major banks providing loans in low interest rates and minimal documentation is State Bank of India, ICICI Bank, HDFC Bank, Vijaya Bank, IDBI Bank, Central Bank of India, Corporation Bank, Canara Bank Etc. Other than these Banks many banks also provide loan in competitive interest rates.
Before applying a loan the individual must know the rate of interest, Simplified documentation, Competitive pricing, Transparency, and hidden charges. Many banks collect processing charges of loans, which may vary from bank to bank. some banks processing charges is less than 0.5% and some banks collect more than 0.5%. These charges we must ask before we apply for a loan.
Some banks charge early closure of loans. there is no charges for early closure of loans in some banks, if a person who is going to get a loan, must check all these things, if he/she have the ability to close the loan early, must go through these hidden charges, which may save lot.
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