Indian Stock Market News and Views.
Personal Loan Is it good?
The economic rescission has made people think twice before opting for a Loan, before the economic slump down there would only be a few families in the city that does not have any loan. Car loan, credit card loan, housing loan, personal loan, etc. Personal loans seems to be the attraction without any security normally the intrust rate would be higher, to get a loan was not an hard option for many of us. The situation has changed completely with the commence of the economic slow down, the banks have completely stop lending personal loans or they have stopped or limited it to their own customers. I would personally do not suggest that you should take out any loans since once started they are difficult to stop like smoking and one full life will not be enough to clear all the loans and sleep in peace.
Personal loan has its own advantages and disadvantages like any other product. If you can work out in a better way then they would not be a burden for you. Personal loans should be to complete short term uses, since the rate of intrust is higher and its an unsecured loan, it is purley given on the basis of the income you earn and for the banker the recovery is in a lower angle, but banks manage to recover it, they are made for that. If you have a short term need a personal loan would be the best option.
You should avoid taking multiple loans, you may have the power to get some more loans from different banks, but do not make your EMI’s kill your life, so stay away from multiple loans. Avoid making purchases of real estate through personal loans since they are sometimes too hard to liquidate and would cost you a nice sum as interest. Another option to avoid is equities, with a personal loan, since they are too volatile markets they would cost you dearly.
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