When a fixed amount of money is lent to the borrower with a fixed repayment time, it is called personal loan. They do have a fixed interest rate over the repayment tenure.
Further, personal loans are segregated to two other categories, unsecured and secured, which we shall discuss more on. Beside all the benefits, if you still want to default your score, It is pretty good as defaulting your financial image.
Buddy Loan offers a solution to each of your financial nuance, with a wide pool of lenders. It disburses unsecured loans, yes loans without a collateral with lower interest rates starting at 11.99%p.a.
Which defaulter are you?
The careless: There are people who avail the loan and not care enough to repay it on time for many reasons such improper calculation between income and expenses.
People realise those mistakes once they start paying the EMI. They just manage paying the EMI, which in most of the cases not completely or it is not on time. Which is again a default.
The candid: People who have real tight situations and genuine problems to deal with. They pay all the EMI on time but with the unstable condition they cannot repay the complete amount on time.
The smart ones: They love to play around by roaming scot free without paying the EMIs. However, they can mislead the banks with all the fake reasons.
Unable to pay the loan?
Banks do not need collaterals for personal loans; hence they are called unsecured loans. They have a way to deal with the personal loan default cases.
- Banks and other financial institutions have a different way of dealing with defaulters.
- They can offer negotiations.
- If that fails, they could resort to insist the borrower to present a post - dated cheque for clearing.
- That in case of vehicle or home loan, banks can issue notices, such as public notice, normal notice and Fair value notice.
- If your dues are not paid over 90 days, then the banks will declare you as an NPA.
- If not, the personal loan collateral is seized and sale proceeding are initiated.
Conclusion:
What the borrower (loan defaulter) can do here? Not much. But if the defaulter thinks that ‘property seizure’ or ‘property fair value’ has not been handled properly, they can raise the objection in written to the bank. The bank is obliged to reply within 7 days. But after the reply, the bank can go ahead and sell the asset as per the public notice issued.
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A travel loan is a relatively new concept in the field of banking and financial sector.
In the domain of personal loans, there is a category of loans given for the purpose of travelling.
This loan is for domestic or foreign travel.
With the era of globalization and liberal markets, backpackers and couples, family vacations across continents have increased.This familiarity with the entire market area of the world by the tourism and hospitality sector has made it possible for banks to start creating travel loans.
To enable the possibility of people with fewer funds to take EMI loans and pay sums of money for a long trip abroad easily, many private banks, namely, HDFC, Axis, ICICI, Tata Capital, Bajaj Finserv have started giving out these loans.Standard rates on these loans include a processing fee, prepayment charges and of course the varying interest rates based on the CIBIL score.
They are given out, for salaried, eligible customers in short periods of time, sometimes as short as 10 seconds.The amount, Interest rates and durationLoan ranging from Rs 1000 to 15 lakhs are generally disbursed.
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It can fulfill a set of expenses including holiday, marriage, home renovation, higher studies, and many more.
Buddy Loan always assures super-fast and convenient loans that are sanctioned within minutes.
If you are looking for a longer tenure to maintain the monthly cash flow with ease, then go for long term personal loans.
With long term loans, you can have a longer tenure which ranges between 6 months to 5 years.
The best part of long-term loans is the minimal paperwork, no-collateral, and fast processing which makes it the go-to financing option for millennials.
At Buddy Loan, you can avail a loan up to Rs.
