Car loan, salary loan and housing loan are the top 3 personal loans in the market. The definition of personal loan according to business dictionary is a “consumer loan granted for personal (medical), family (education, vacation), or household (extension, repairs, purchase of air conditioner, computer, refrigerator, etc.) use, as opposed to business or commercial use. Such loans are either unsecured, or secured by the asset purchased or by a co-signor (guarantor). Unsecured loans (called signature loans) are advanced on the basis of the borrower’s credit-history and ability to repay the loan from personal income. Repayment is usually through fixed amount installments over a fixed term. Also called consumer loan.” http://www.compareking.ph
2. Car loan, salary loan and housing loan are the top 3 personal
loans in the market. The definition of personal loan according
to business dictionary is a “consumer loan granted for
personal (medical), family (education, vacation), or household
(extension, repairs, purchase of air conditioner, computer,
refrigerator, etc.) use, as opposed to business or commercial
use.
3. Such loans are either unsecured, or secured by the asset
purchased or by a co-signor (guarantor). Unsecured loans
(called signature loans) are advanced on the basis of the
borrower’s credit-history and ability to repay the loan from
personal income. Repayment is usually through fixed
amount installments over a fixed term. Also called
consumer loan.”
4. SALARY LOAN
This kind of personal loan is the most popular and easily
available in the market. The bank or lending company sets
a minimum monthly or annual salary and this will be the
basis for the amount loanable, the interest rate and the
monthly repayment. The term can be as short as 6 months
to 48 months. The interest rate can be as low as 14% a
month to as high as 28%.
5. HOUSING LOAN
Everyone dreams of living in a home where they can call it
their owned. Housing loan is available in most of the banks
but since this is a secured loan, it is highly advisable to look
into the details especially your options before availing.
Interest rate, the amount of the loan, and other terms
should be carefully studied. There are fixed and variable
interest rate that needs to be explained thoroughly by the
bank.
6. CAR LOAN
What comes next to a new home? A new car of course! A car
loan can be availed not only in banks but other financing
company. One’s financial history is an important factor in
order to get the nod of the bank or the lending company.
There is also an in-house financing program with car
dealers that you can work out but still it will depend on your
financial status and the car dealer’s proposal.
7. From the definition alone we can see the top 3 personal loans
but the question is, is it available in the market? The
answer is a big YES. But if we rephrase the question and
put the word “EASY” then that will make the question; is a
personal loan easily available in the market? The answer is
MAYBE!