by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Lower Interest Rates Interest Rate Reduction: The primary motivation for a balance transfer is to get a lower interest rate, which can reduce the EMI (Equated Monthly Installment) and the total interest paid over the loan tenure. Impact: Even a 0.5% to 1% reduction...
by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Lower Interest Rates Interest Rates: LAP interest rates generally range from 8% to 12% per annum, significantly lower than credit cards (18-36%) and personal loans (12-24%). Impact: By consolidating high-interest debts (like credit cards or personal loans) under a...
by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Debt Consolidation One of the most popular uses, personal loans can help consolidate multiple high-interest debts (like credit card balances) into a single loan with a lower interest rate, making repayment more manageable. 2. Home Renovations or Repairs Personal...
by Sunil Srivastava | Nov 9, 2024 | SNP Finserv
1. Bank Business Loans Turnover Requirement: Generally, banks like SBI, HDFC, and ICICI may require a minimum turnover of ₹10 lakh to ₹1 crore annually for small businesses. Larger loans may have higher turnover requirements. Loan Amounts: Loans typically range from...
by Sunil Srivastava | Oct 23, 2024 | SNP Finserv
Understand the Rejection Reason: Obtain a detailed explanation from the lender to pinpoint whether it was due to credit score, incomplete documentation, or other factors. Improve Credit Score: Address any credit issues by paying off outstanding debts, reducing credit...
by Sunil Srivastava | Oct 19, 2024 | SNP Finserv
What is Loan Against Property (LAP)?A Loan Against Property (LAP) allows you to borrow money by mortgaging a residential or commercial property. The loan amount is typically a percentage of the property’s market value (usually 60-80%), and it can be used for various...
