Personal Finance In India

The car loan or auto loan in India has its respective popularity because of the financial assistance that it provides to the needy people. It goes without saying that monetary requirement during the time when we purchase a new or old car is considerably larger. It is very difficult for buyer to foot such expenses alone.

In that case, the buyers have to resort to external financial source such as auto finance in order to mitigate financial enormity involved in such expenditure deal. Hence a car loan is one of the best of financial approaches that a person can go for during the time of buying a car.

India auto mobile sectors have experienced inflow of countless new cars of different brands. This has considerably made people enthusiastic to own their own cars. Since monetary expenditure is one of the most core issues in such deal, people often go for certain source that can finance buying the car. Hence, in that context, auto finance seems worth-considering approach to normalize financial tussle involved in buying a new car in India.

The subjective importance of an auto loan becomes conspicuous when someone finances his/her own cars from the car deal. Though such dealer also provides financial help to such buyers, but they are such a loan sharks, who charge huge interest rate, on their auto finance making the buyers almost feel cry from the pain of unbearable EMIs caused by the expensive interest rate charged.

Hence banks car loan has always been the best of financial approach in order to avail auto finance at affordable price. Thus you are benefit doubly. First, you materialise dream of owning a new car of your own. Second, you don’t have to pay much for the EMIs against the loan borrowed.

State bank of India is government owned bank. It provides car loan at incredibly affordable interest rate. Another option might be hdfc bank. This is also one of the most famous and reputable private banks in India. The bank has huge popularity in offering quality auto financial assistance to the needy consumers who wish to buy their own cars. The bank charges lower interest rate than any other banks. Further, it also charges low processing fees to lessen the loan sanctioning procedure.

At last, there are a lot of banks that can offer your auto finance. What you need to do is to choose a bank carefully. For assistance, you can resort to online assistance. There are websites loaded with ocean of information and tips that will guide you how to avail car loan in India. It will also help you compare auto loan offers of some reputable banks in the country.

Car loan or auto loan has been catching on India since years. People, who are desperately in the need of owning a new car, resort to such financial help to normalise their financial tussle. Hence this loan is quite crucial at the time of financial emergency.

Home loan has become one of the most indispensable financial assistance for the people in order to purchase a new home. But a housing finance is only accessible if the borrowers are eligible for it. The article highlights some key points regarding how to increase home loan eligibility. You should understand that the better your eligibility, the fairer chance for you to become qualified for any housing finance. Here are the tips to increase your eligibility for housing finance.

Typically banks are obsessed with applicant’s “proof” so as to determine whether or not they are able to repay the loan on time. For this, banks go through your financial documents stating the income you are earning, credit history, current asset and liability, education and other factors. There are some banks that adopt traditional approach of considering borrower’s previous and current experience in a job employment. One of the traditional patterns involves sanctioning the loan with four or five times more than the actual annual income of the borrowers. But as per the contemporary banks, they adopt different parameters to determine the amount of loan to be sanctioned to a particular applicant.

Hence, one of the best ways to increase your home loan eligibility is to ensure good income to your bank. In the procedure of a housing finance, the more annual income you are generating, the fairer chance I for you to get your loan sanctioned sooner than the later. If you are not satisfied with the current income of yours that it can meet the eligibility requirement of the concerned bank, you can club income of your spouse. On the basis of that combined income, your income will be doubled up thereby increasing your eligibility to a greater extent.

You should also remember that if the housing finance is taken for a short period term, it would considerably require you huge EMI payout thus making your housing finance an expensive deal. Therefore, one of the best things to increase your eligibility is to avail a long term housing finance that would generate less EMI payout even though the interest rate and loan amount remain unchanged.

One of the other best ways to increase your eligibility for the housing loan is to make a conducive and extensive online search to find out few banks and compare their home loan offers using the Internet. It is also noteworthy to understand your personal needs completely before you make your choice regarding the housing finance. For example, if you are not sure about home finance scheme of STATE BANK OF INDIA, ICICI BANK, HDFC BANK and PNB, then using the Internet, you will be able to compare their offers and deduce which one offers housing loan product at more affordable price and interest rate. Hence, using the online comparison is one of the most remarkable ways to qualify for housing loan.

Home loan eligibility can be improved by using various tools and techniques. There are lot of such techniques that will help you improve your home loan eligibility.

India is situated as one of the most important places in the world where scope of acquiring a wide spectrum of borrowings available on a large scale. The significant features of such borrowings are to objectify financial requirements of individuals during extreme monetary odds.

Introduction of numerous borrowing alternatives by different lending institutes or banks has consequently magnified chance of acquiring right time monetary support in accordance with personal requirement of individuals in the country.
All these finance sources can be accessed from any bank or financial institute anywhere in the country. So many distinctive features and remarkable benefits are associated with these types of borrowings like home loan, car loan and credit cards.

The distinctive features of such borrowings are mentioned in the following manners.

Home Loan – Materialize Your Housing Projects

The home loan is considered one of the most important financial borrowings to actualize an idea of dream housing project. Whether it comes to materializing home purchase, home construction or you wish to simplify refinancing procedure of your existing house; the home loan/housing finance offers you remarkable monetary assistance against your needs.

In addition, you can actualize remodeling process of your existing house to accentuate its beauty. Ostensibly, the housing finance sounds panacea to solve monetary issues in respect with these housing projects.
Housing finance is sanctioned for the repayment duration of 25 years (max) over the principal amount. However, the quantum of finance is subjective to credit worthiness of individual applicant. The loan quantitatively differs from bank to bank.

Some of the distinguished home loan players in market today include State Bank of India, hdfc, icici bank and Axis bank. People who are unable to finance exorbitant expenses related to housing project opt for housing loan in India to materialize housing projects.

Personal Loan – Objectify Personal Expenses

This type of financial borrowing is of unsecured type. To objectify personal expenses of individuals is the predominant implication of such finance. Therefore, as the name itself sounds, personal loan is all about materializing particular expenses of yours in respect with education, medication, holidaying, shopping consumable items and so on.
Moreover, personal finance answers your needs substantially. The quantum of loan ranges anything from Rs 50000 to more than 4 lakhs as per your needs. One of the salient features is that you don’t have to clarify prospective needs of the loan to lender like the way we experience with borrowings such as car loans and home loans.
In addition, such finance, being of unsecured nature, hardly requires you pledge your valuable asset as collateral. The quantum of loan amount is subject to lender’s evaluation of your current financial status. Moreover, if collateral is submitted, the interest rate is subsequently reduced while the repayment is moderately applied.

Car Loan – Materialize Dream Vehicle

This sort of borrowing is available to finance your dream car. Considering huge inflow of branded cars in market has attracted potential car buyers a lot, many banks have come up with car loans with distinctive features.
Car loan is remarkable answer to deplete monetary problems in respect with buying a new or old vehicle of your choice.
You will be financed up to 85% against new vehicle for the repayment duration of 5 years. The repayment has mandatory EMIs system of timely payment. During monetary odds to purchase a dream vehicle, the car finance is really one of the most important borrowings to choose from.

Credit Card – Personify Expenses

The predominant feature of such type of borrowing is conspicuous when monetary transaction against shopping is facilitated on the drop of a hat. Credit card manifests as a trustworthy and fast system of payment during online/offline shopping activities.

Moreover, it has virtually obliterated chance of carrying huge cash money in wallet as the card itself is storehouse of right time monetary backing on the go.

The credit card offers a wide spectrum of benefits to users. Apart from availing immediate monetary assistance in time of necessity, some associated features like free credit, international acceptance, ease with e-shopping and hassle free cash withdrawal have accentuated its importance substantially.

Moreover, the card is considered one of the best ways to repair damaged credit history of the past. Through timely payment of the credit card bills to the card issuer, the cardholders can strengthen credit history remarkably in due course of time.

Costly interest rate, overspending and credit traps are some conspicuous shortcomings with this plastic money. Therefore, such type of borrowing is lucrative and constructive if used properly and sagaciously during extreme financial odds.

The above mentioned information details types of borrowings available in India. Each of them carries respective features and benefits. Ostensibly, each of them is arguably unique and constructive depending upon the situation they are used.

India has many sources in terms of banks and financial institutions offering different types of borrowing alternatives for people. Home loan, car loans, credit cards, personal loans are some vital segments of such finance sources. Each of the sources has its unique and respective features.

Fortunately, in the contemporary society, where experiences are increasing day by day, a personal loan has come as a great relief for those who experience great financial shortcomings during the time of purchasing something costly or making certain expenses of key value like marriage. Hence, in order to sort out financial deficiency on such expenses, a personal loan is one of the greatest fiscal supports for the people.

Hence, one should always opt for this option during the onset of extreme financial crunch.

There are many private and government banks which offer personal loan as per the monetary demand of target customers in India. If you are one of the customers with having financial crunch, you can choose a bank of your need and apply for the loan without having an experience of lengthy documentations and hard-to-follow eligibility criteria of banks as mostly happen in acquisition of home loan or car loan in India.

The most conspicuous feature is that you can get it without a bank’s demanding pre-requisite documents. What a bank may consider is your income strength and creditworthiness. If you take the bank into confidence, there is no hassle involved in acquisition of personal finance in India.

Secured and unsecured are two types of personal loans available in India, and acquisition of either of the loans is based on subjective decision of a bank offering the loans. However, procurement of secured loan is not an easy task, as this loan requires a borrower to be pre-qualified with some elemental essentials. For instance, you should act in compliance with documentations while the credit score of yours is taken into consideration by the bank.

Furthermore, if you don’t have asset to secure as collateral, unsecured loan will not be given to you. However, the amount of loan and tenure you will avail with this loan are comparatively larger than the unsecured loan. Even the rate of interest on it is relatively shorter than that of unsecured loan.

The above-mentioned first two paragraphs highlight acquiring unsecured personal loan easily. So based on the details, you can easily deduce what loan will be compatible to your need. Furthermore, the very personal loan, be it secured or unsecured can also become well-suited to your need, if you opt for it with careful consideration.

There are many banks offering such loans at different prices and rate of interest. So, better shop around carefully to find qualitative loan for your needs. What will be the use of having such loan if it is incompatible to your need? Hence, avail your loan with proper consideration.

A personal loan offers ultimate financial solution to sort out various needs of individuals. Secured and unsecured personal loan have their respective features and are offered by banks as per demand of customers. Make sure you plan properly before getting either of loans.

A large number of people are engulfed with various types of expenses of different natures. While some expenses directly relate to fulfilment of life’s set of goals, there are expenses of no crucial values but to merely satiate luxurious demands of individuals. Whatever may be the expenses, the hard fact is they demand financial intervention for their total satisfaction. In other words, you require money to satiate these expenses that crop up in life off and on. Hence, under such circumstances, a person definitely experiences a reliable source to fund such expenses, if the person is not able to fund them with current financial condition. Such sources have different names and a personal loan, which banks offer, is one of the most reliable one.

The monetary significance of having a personal loan or finance is that as a borrower, you will avail sufficient finance to fund personal expenses. One of the benefits of it is having least problem in terms of documents and eligibility during the time of applying the loan at a bank. Banks, considering importance of earning maximum numbers of customers, have come up with outstanding and lucrative deals on their personal loan offers, which people can avail at affordable price and with no compliance with documentations and other subsidiary factors.

In India, the concept of borrowing a personal loan has its matured stage, as many people are getting aware of it. They take interest in buying the loan to finance their personal expenses related to wedding costs, travelling costs, shopping and others. Banks like HDFC, ICICI, Citibank, SBI etc offer personal finance to help you manage various expenses in your life that might sound difficult to deal with due to lack of proper finance in hand.

The maximum loan amount of Rs 10 lacs can be availed as personal loan in India for the duration of 5 yrs (max). However, this is subject to a bank’s set of terms and conditions, which are based on a borrower’s payment capacity, current income and credit rating (not matter much for unsecured loan). All these factors play very crucial role in helping your loan application gets rejected or approved. However, predominantly, most banks are concerned to your current income capacity. If you earn well enough, then you can avail the loan, without bothering for having bad credit scores.


Hence, if you bother to manage personal expenses, there is none better option than getting a hand on personal loan. It will help solve financial problems to a greater extent.

The basic fact of having a personal loan relates to fulfilment of personal expenses that an individual can’t manage due to insufficient funds in hand. Hence, with a personal loan in hand, one can satiate one’s need to a greater extent.

A credit card is accredited to be one of the most important sources to fund your needs immediately. This sort of borrowing has its own relevance when it comes to any immediate financial needs. More then merely being a source of your petty finance, this is unavoidably important when it comes to improving credit score. If you have experienced the bitter taste of poor credit score (of course, denial of loan and other sour results), then you can understand the magnitude of problem you experience. Hence, with the assistance of such borrowing, you can very much improve your damaged credit score by systematically and continuously paying off the balance of your credit card balance.

Benefits Explained -

Unquestionably, a credit card is enabled to sustain certain amount of money to the users. So, the most pertinent and remarkable benefit of this borrowing lies in the fact of providing you immediate monetary assistance that may be saving grace for many times. Be it taking out money from ATM machine (not recommended though) or purchasing favorite items and paying off the bills, this borrowing is a surefire way to get sorted out your monetary needs.

As aforesaid quotation, this is one of the most pertinent ways to improve your poor credit scores that may otherwise could bring forth a reason for the denial of any new or cash credit in future. So, with the help of a cash credit, you will get over this problem. However, there is condition, you have to pay off the bill to the issuer before the deadline of the credit card statement ends. With having said all this, one fact remains unchanged – that it may ruin you if you don't use it wisely.

What's That Supposed To Mean?

Well, every card that you purchase or have comes with a predetermined or imposed terms and conditions, and repayment of the outstanding is one of them. To put it in simple term, if you do not pay off the balance to your issuer before the deadline or after few months, the card not only be canceled but will put you in trouble of handling wrath of the issuer. Many a time, the issuers have to resort to threatening means of recovering bad debts from the default cardholders. Hence, don't default.

This sort of borrowing is both useful if you spend it wisely and bad if do it otherwise. Do not overspend and use it when the situation requires money to solve it.

A Credit card is accredited to be one of the most important sources to fund your needs immediately. This sort of borrowing has its own relevance when it comes to any immediate financial needs. More then merely being a source of your petty finance, this is unavoidably important when it comes to improving credit score.

A personal loan is one of the types of finances which is lent to the individuals with insufficient credit history. Since such type of finance doesn't have necessary requirement of collateral submission, the cost of the finance is usually higher in terms of a higher rate of interest. Hence this sort of finance has its expensive payout as the borrower has to pay off higher EMI on account of higher interest rate.

Personal loan is not bad at all given that the fast and quickest lending. If this finance is compared with other ones such as home loan and car loans, we come to the conclusion that this one is comparatively faster on several grounds. Firstly, these loans are of secured by nature while personal finance is not. Secondly, these secured finances have different terms and conditions including the ones related to documentation. But if you borrow personal finance, there is no much paper works and much documentation.

Another thing to understand about the feature of personal loan is, it is very easy to borrow as presence of collateral and security requirements is not there. Hence when it comes to borrowing the finance, the time taken from completion of the process of documentation and other formalities is completed very fast. Usually personal finance is lent within 24 hours in a day. Some banks like HDFC Bank Personal Loan can offer the finance in an hour.

Though this sort of finance is unsecured, a borrower has to understand that it is must to pay off the finance within the due date. This means, you will be supposed to pay off your EMI to the lender as per the terms and conditions involved. Failure in the payment of the finance will make you default borrower that will subsequently cost you dear (usually you will have poor credit history). Hence whether you take the finance or not, it is must of you to ensure that amortization is done as per the terms considered.

Personal finance is used to sort out needs such as purchase of TV, refrigerator, computer system and other consumable items. Moreover the finance can be used to purchase a car. You can also take this finance to pay off huge pending credit card dues of yours. Though Personal Loan Interest Rate, especially to the bad credit borrowers, is very higher, you can escape this if you give collateral against the finance.

A personal loan is one of the types of finances which is lent to the individuals with insufficient credit history. Since such type of finance doesn't have necessary requirement of collateral submission, the cost of the finance is usually higher in terms of a higher rate of interest.

Getting a hand on home loan or housing finance in India is not a difficult task provided that borrowers follow underlying terms and conditions of a lender properly. Although the entire loan sanctioning procedures consumes too much time, still there is a huge popularity of such loan in India among potential customers.

Getting home loan involves fulfilment of documentation and eligibility criteria of different banks in the country such as hdfc, icici, sbi and PNB. Almost all the banks have similar and identical documentation, except some minor changes. This requires any borrower search extensively to choose a lender with affordable housing loan offers.

Before choosing a lender, ensure that it maintains absolute transparency regarding terms and conditions and other hidden charges applicable on the acquisition of housing finance. In other words, the prospective lender should maintain clarity in its loan so that there is no discrepancy between what bank offers and what you avail. In addition, most borrowers tend to make an advance payment over their outstanding housing finance. The concerned bank applies some charges over such prepayment.

Here, you should opt for a bank with zero prepayment charge on home loan. More so, a customer is charged processing fees thus requiring him/her consider choosing a bank that offers housing loan at zero percent processing charge. Alternatively, you should choose a lender with lowest interest rate on housing finance.

Generally, home loan in India is available on either of floating or fixed interest rate. Floating interest rate tends to be changeable according to fluctuating tendency of financial market. Hence, home finance on this interest rate is risky as it might hike or slump premium outgo followed by fluctuation in home loan rate in financial market.

On the other hand, fixed interest rate remains stagnant for certain years and hence it doesn’t affect premium outgo despite change in the rate of housing loan in the stock market. Hence, choose your option wisely as both interest rates have their respective pros and cons. Other than considering interest rate, you should also consider credibility of a bank.

Credibility of a bank matters most to ensure you get a best deal in terms of lower interest rate, ample loan with extended tenure and flexible repayment option. Just as a bank scrutinises a borrower’s credibility, you should also scrutinise credibility of a bank by taking into account its various features of housing loan. This way, you will be able to avail your loan without any hassle.


Home loan requires some extensive considerations before getting a hand on it. you should trust a bank with credible reputation in the market in terms of offering cost effective loan for your housing needs.

When it comes to making financial transaction, credit card is accredited as the fastest and most reliable alternative. Fortunately, as compared to traditional types of cards which had limited circulation, today’s contemporary version of cards has a comprehensive circulation among millions of people.

Those were times when people were not much aware of such plastic money and used to make shopping using hard cash in wallet.

Even though they were aware of danger of theft while travelling with such hard cash, they were helpless and had to bite the bullet of experiencing such lurking dangers around. Today, the concept of cash card in people’s mind has very matured and they believe that it is the most convenient and comfortable medium of making financial transaction against any shopping online or offline.

With emergence of so many credit card companies in the market today, people, who love buying free of hassles, have got salient chance of getting their hands on such plastic money easily. You can also get a hand on your favourite card by consulting one of the companies.

What You Should Do

In the context of obtaining favourite card of your choice, you should make a comparative analysis of options available in the market these days. First of all, choose a bank that can quench your need in this respect. For this, make an online search and Google search some companies which are involved in merchandising cash cards.

However, some of the banks like state bank of India, hdfc bank, icici bank, Citibank etc could be your destinations for plastic money.

If you are sure of which one might provide you the best of deal, you can compare their products and list features and prices associated with their plastic credit products. Things might seem time consuming on the face of it and really it is, but it’s blessing in disguise.

You will be benefited eventually when it comes to an understanding which product is suitable to your needs.

In selection of credit card, you should not forget your needs. You should opt for this option at urgent monetary condition from where escape is hard and difficult. Most users maximise inappropriately and consequently, they incur heavy debts out of the usage of such plastic money. It should be born in mind that each use of the card comes with certain charges which eventually add up your liabilities if you don’t make payment timely.

Moreover, failure to timely payment of such bills might also damage your credit history. Hence, systematic management of card is also one of the important things to understand.

Credit card is reliable system of payment. You can make the use of this plastic money in whatever transaction requiring monetary payment. There are many banks and credit card companies in the market.

Home loan has turned out to be of great help for all those who want to buy their own house. Due to the presence of varied loan options in the market like Corporation Bank home loan, SBI home loan, Axis Bank home loan, DHFL home loan, ICICI Bank home loan, etc. At the time of taking the loan, you would be needed to pay some amount as a down payment because the lender will not finance the entire home cost. Usually, down payment varies between 10 per cent-20 per cent of the total home cost as lender finance the remaining portion.

Age of the building

Another factor which should be considered is the age of the building. On the basis of age of the building, down payment may change. If it is old then you would be needed to pay high down payment. You should always try to make as much as down payment you can.

Down payment concept is existed due to below reasons-

• It shows credit worthiness of the borrower.

• It proves to be an insurance cover for the borrower as they know that if they will default in loan repayment then they will not lose the property but it will also cost them their down payment amount.

• It makes sure that borrower has stake vested in the property.

• It ensures that lenders are protected from any fall in interest rate as the amount which they lend is lower than the market price of the house.