| Is personal loan a good option? |
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| Written by Site Administrator |
| Wednesday, 28 October 2009 05:12 |
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Owing to its high interest rates, a personal loan cannot be reasoned as a good option. The only advantage it has to its credit is that it can be obtained easily with relatively less paperwork and you can enjoy repayment tenure of upto 5 years. If you need emergency amount for a really short term of one year or less, it is better to obtain a loan against your property. By ‘property’ we mean, Gold, Assets, Shares, Insurance, etc. The bank will keep these as security with them and lend you the money for one year. The interest rates are also very low in this case. The only catch is that you cannot extend the repayment term for more than one year. After the expiry of the payment term, you must repay the entire amount and release your property from the bankers. Otherwise, the property will be auctioned by the bank to recover the money lent. Comments (0) |