Easy Personal Loan or Bank Trap for you
Most of you have heard, read, or seen on tv about Easy Personal Loan. more & more banks are offering these loans Ge countrywide, icicibank, hsbcbank, even citibank, previously they gave loans to only professionals like doctor's engineer's but now through citifinancial they are giving loans to people who are earning 4000/- or more per month the documentation are quite simple any ordinary person can meet their criteria but the intrest rates are very high and the method of recovering the loan incase of default is illegal.
Are these loans really easy.
I suggest you never take a loan on a flat intrest rate as flat intrest rate's rip you off. only take a loan if you really
require it. Never take a loan for going on a vacation or for entertainment or any other reason Many people take loan and invest that in stock market, forex market or in any other investment scheme hoping to get higher returns but they under estimate the risk that if things go wrong the result would be worst. a few days of enjoyment and 36 months of loan repayment headache.
Check out these facts before you apply for one
They charge you a flat intrest rate of 20 to 36 % per year
They add you to defaulter's list and add your name to CIBIL so that you credit get's spoiled and you cannot avail any further loan
In a flat rate of intrest you continue to pay the same amount of intrest per month until you loan get's paid
this means your basic amount lowers every month but the intrest rates remain the same
For example if you take a loan of rupees 30, 000/- for 36 months @ 20% per year they will charge you 18, 000/- intrest
they will divide it ino Equated monthly Installments.(EMI) you basic amount keeps on decreasing but you pay the same intrest rate till the end of 36 months & besides that they will deduct processing fees from your basic loan you will only get around 27, 000/- if you apply for a 30.000/- loan
They charge 300 - 500 rupees if your installment chq. bounces
They charge you 300 - 500 rupees late payment or penalty
They send goondas if you don't pay on time.
So Do you require an easy loan
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This article is written by freshnewsin.com you can use this article on your site with this resource box intact www.freshnewsin.com.
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