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Personal Loans - Too Good to Be True


IDBI Bank Personal loans offer you flexible repayment schedule and lower interest rates. Avail a personal loan or overdraft facility in easy steps. – PowerPoint PPT presentation

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Title: Personal Loans - Too Good to Be True

Personal Loans - Too Good to Be True
  • A small car outside your cottage, the best
    education for your child, a memorable wedding for
    your sister, the best treatment in town for your
    ailing family member, jewelry for your wife or a
    big refrigerator and a microwave and an
    air-conditioner, not to forget mounting credit
    card dues.
  • The solution to these needs, wants and problems
    lies in finance. Name it and personal loans offer
    a quick, reasonably easy solution!

  • Unlike other loans, this loan is a hassle free
    loan. No clarification, guarantor, security
    required for this loan! Isn't it too good to be
    true? The loan can be used for renovating
    property, marriage expenses, medical expenses,
    holidays, purchasing consumer durables, higher
    education etc.
  • But why a personal loan when there are
    specialized loan products to meet specific needs?
    They may not be always helpful.

  • Let us take the example of one of the most
    fundamental needs - good education. While an
    education loan covers the costs relating to your
    course and the cost of living, your parents may
    have still needed more cash! Who else would they
    turn to, but the good old friend-personal loan?
    You may find it difficult to get a study loan
    from banks if you plan to do a correspondence
    course or a part-time one. This loan will help
    you stick to your plans.

  • Fast forward. A fairly well-paying job, an
    educational loan to be paid off. Time to change
    your second-hand bike for a new car. You will
    surely not be an ideal candidate for car loans.
    The possibility of getting a car loan is low even
    when you settle for second-best, a used-car.

  • A personal loan will buy you a used car or a new
    one if your income can justify it. If you fall
    short of funds for the down payment of the car,
    (after getting a loan), this loan will help you
    seal the deal.
  • Friends, girlfriends, dinners, parties, gifts,
    designer shirts, a happening social life, all
    this means mounting credit card bills. Don't
    fret. It will even take care of your mounting
    credit card dues in time of need.

  • Need your 'own' house? While the housing loan
    will help you get it, you may not have enough
    funds for the 10-15 per cent down payment that
    you require to buy a property? Believe it or not,
    the answer is a PERSONAL LOAN! You can spend on
    your wedding and then spend on needs such as
    appliances and jewelry with the help of a
    personal loan.

  • Sounds good, doesn't it! Well, there are a few
    things to keep in mind, about these loans. You
    get this loan, primarily based on your income. If
    you have taken any previous loan, the repayment
    track record along with your employer's profile
    will have a bearing on this loan eligibility. It
    can also be availed against proof of life
    insurance policy premium receipts.
  • There is a catch though. The interest rates on
    these loans are high (as high as 22-30 per cent
    in some cases) and the maximum tenure is 60
    months or five years.

  • If you avail this loan for down payment or other
    expenses, it has an impact on your auto or home
    loan eligibility as it adds to the expenses.
  • So, to conclude, this loan is like a magic wand,
    to be used selectively. Treat the personal loan
    as a last resort in times of need.

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  • Thank You!