3 Types of EMI Calculator for Home Loans, Home Loan Eligibility, Vehicle Loans or Auto Loans or Car Loans, Personal Loans, Fixed Rate EMI Loans, Floating Rate EMI Loans, Accelerated Repayment of EMI Loan, Lump Sum Repayment of EMI Loan, Reverse EMI calculation etc.
You are in a plan to buy a big Product like purchase a House
or Car etc.
So it is very necessary to be careful before you apply to or
take Loan because it may be expensive than others banks are providing. Therefore it is better to take some important
steps before you take a Loan which are given below:
The below are some of the important points which you need to
be clarified before you apply or take an EMI Loan or any Loan (Home, Car,
Personal and may be any other Personal Finance Loans):
All types of Loans are not offered at same Rate of Interest,
why is this?
Loans are offered at different Rate of Interest because the
main reason or even 100% reason is the Security of the Loan. For example Personal Loans are more costly
than Car Loans and Car Loans are more costly that Home Loans, the reason is
Security of the Loan; let us see the reason below:
If you take Home Loan the security for Home Loan is Home
itself. It means the banker can recover
the Loan amount if the borrowers default to pay the Loan instalment through
sale of home.
In same way if you take Car or Vehicle Loan the security is
Car or Vehicle itself like Home Loan.
Then why Car or Vehicle Loans are more costlier than Home Loans, the
reason is Car or Vehicle get warned out time by time which will result in depreciation
of the value of the Car or Vehicle as a result if the borrower default to pay
any instalments the banker may not recover total amount even after selling the
Car or Vehicle.
Personal Loans are issued on the security of Salary or some
other income like Income from Profession which are intangible securities
therefore it becomes harder to banker to recover the Loan instalments if the
So it is clear that Security of the Loan is the main reason
for cheap or costly Loan.
Now if you want to take a Personal Loan then be clear that
you are not Including tangible assets like Car or Vehicle, House Renovation
etc. instead you take Loan for tangible
and intangible assets separately. For
example if you want to take Personal Loan for your Child Education and to
purchase a Vehicle then take separate Loan for both.
See we can get various types of Loans with different in
Interest Rates which are included in the Head of Home Loans, Car Loans, Personal
Now we can think more about the Security like how it would
be if we take loan by providing extra security than what we provide vehicle for
Vehicle Loan, salary security for Personal Loans etc.
The above idea is nice you can try in this way also, for
this you should ask the banker that you provide some extra security like Fixed
Deposit or some Valuable Property etc. if the banker convinced he may give you
a cheap Loan.
Now after deciding what type of Loan (Home Loan, Car Loan
Personal Loan) to take, we need to think of the other factors like which bank
is best for my Loan.
Lot of people will consider only Interest Rate difference of
difference banks and conclude on the Bank to approach for Loan but it’s not
like this you will have other charges applicable on EMI Loans. Details are given in below Link