When is a good time to prepay or part prepay a home loan? When you think about the above question, the next question that comes to mind is how do you define a “good time”. One of the ways to assess this could be the number of EMIs saved due to your prepayment. Let’s understand this with… Continue Reading
A gold loan is a quick way to raise funds for short to medium term needs. You can pledge your gold jewellery with a bank or a gold loan company to get a short-term loan. When you repay the loan, you get your jewellery back. Since the gold loan is secured (backed by your jewellery), you… Continue Reading
In many of our earlier posts, we have considered big ticket loans (car loans, home loans etc). However, those starting their professional careers or those who have just stepped out of college may not really be looking for such big-ticket loans. They may be looking for much smaller loans to purchase products for lifestyle, convenience… Continue Reading
In this post, let’s look at a few education loan products from Punjab National Bank. We will compare four education loan products from PNB. PNB Saraswati (For higher education in India) PNB Pratibha (For admission to premier institutes such as IITs/IIMs/AIIMS) PNB Udaan (For higher education abroad) PNB Kaushal (For pursuing vocational education and training)… Continue Reading
Many Indian banks offers loans to NRIs (Non-resident Indians). However, since the rate of interest for loans is higher in India as compared to personal loans abroad, it is tempting to take a personal loan abroad instead of taking a loan in India. In fact, I know borrowers who have taken a personal loan abroad to… Continue Reading
We have discussed several ways of raising funds in times of need. We have talked about many other ways of raising quick funds such salary loans, personal loans, gold loans, loan against securities or mutual funds. In this post, let’s look at another way of raising funds in times of need — Loan Against Car. I am not… Continue Reading
You need an education loan for higher studies. To be on the safer side, you want to apply to multiple banks, but the effort required to make multiple applications scares you. Here is a fine solution for you. The Government of India has launched a portal “Vidya Lakshmi”, where you can search for loans and apply to… Continue Reading
A Reverse Mortgage Loan (RML) can provide a useful income stream for senior citizens during their retirement. You can monetize your residential property and generate income while continuing to retain the ownership so long as you are alive. I have discussed Reverse Mortgage loans in detail in another post. In this post, I will look… Continue Reading
In an earlier post on Loan against Property, we had discussed the product in detail. In this post, we look at Loan against property product from State Bank of India. SBI Loan against Property (SBI LAP): Salient Features Loan amount up to Rs 7.5 crores Loan Tenure of up to 15 years Loans extended against… Continue Reading
It is not very difficult to get a personal loan if you are a salaried employee. Not so easy for others. There are professionals who started their practice a few years back and need a loan to expand their practice, redo their office or anything else. For such professionals, there are specific loan products to… Continue Reading