How to get the best deal on your personal loan

A personal loan is something which is designed to meet the various personal requirements.  Most of us have various personal requirements and at that juncture if we are running out of money, the personal loan will be the only aid to come out of the financial worry. Irrespective of the kind of requirement you can avail the personal loan. As far as source of personal loan is concerned, all most all the banks and most of the financial houses are offering the personal loan to their customers.

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If you are really in need of a personal loan you can approach to any ban or any of the financial houses to get your personal loan. However you have to keep in mind that the personal loan attracts a hefty rate of interest. The rate of interest for personal loan is very high compared to all sort of loan. In fact the rate of interest varies from banks to bank.  If you have been a premier customer for bank the bank can reduce the rate of interest for the premium customers. Before approaching to any bank it is always advised to make your home work in knowing the rate of interest for personal loan in various banks. You can approach to the bank which is providing the personal loan with the least ROI.

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Secured personal loan: A secured personal loan is that where the baker will take some collateral security for the purpose of security. As far as security is concerned the bank can take any of the immovable property, share and bond in the names of the customer, any FD or RD in the name of the customer, any policy of incurrence with regular payment of premium can be taken as security. All most all the bank prefers to take the collateral security prior to sanction the personal loan. As the risky associated with the personal loan is very high, the banker always prefer to be on the safer side by taking the collateral security. At the same time if you have a good history of credit and loan repayment with the same bank or any other bank will also be taken into consideration. A positive report will help to get the personal loan sanctioned at the earliest.

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Unsecured personal loan: Unlike the secured persona loan the banker does not take any collateral security form the customer in case of the unsecured personal loan. As the bank do not take any collateral security prior to sanction the personal loan, this loan poses a higher risk and financial threat to the bank to become a NPA. While sanctioning the unsecured personal loan the only aspect will be taken into consideration is the trustworthy of the customer and his credit history.  If the customer is a premium customer having a very good track record of history and repayment of loan, certainly the bank can sanction the unsecured personal alone. Now you might have cleared that under which category you will be eligible for your personal loan.