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10 things to consider when taking a loan
Meenakshi Subramaniam
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August 22, 2006
Have a need? The bank has a loan.

Today, you can get a loan catering to virtually every need that arises. Home loans, education loans, personal loans, consumer durable loans, wedding loans, vehicle loans, used car loans and home improvement loans are the most common.

Want to buy jewellery? State Bank of Hyderabad's offers Vanitha Gold Loan towards buying gold jewellery. CanJewel of Canara Bank and Swarna Abharna from Indian Bank also help meet expenses for purchase of jewellery.

Need cash for a holiday? SBI's Easy Travel loan, from Rs 24,000 to Rs 2,50,000, covers your foreign and domestic vacationing needs and pays for the cost of the ticket, hotel stay and visa. Bank of India's Star Holiday Loan offers up to Rs 2,00,000.

While home improvement loans facilitate internal and external repairs and structural improvements like painting, plumbing and tiling, Allahabad Bank offers a furnishing loan for just upholstery and furniture.

Have a family function? ING Vysya Bank offers specific loans.

United Commercial Bank has a short-term pension loan amounting to 10 times last pension received and payable in two years.

Computer software loans, loans for doctors, hospital bill loans are some other options on the loan platter.

Out of all, personal loans are the most convenient because the customer does not have to explain why he needs the money. He can use it for whatever purpose he requires.

The most exciting part is that, for most of these loans, often no guarantor, security or collateral is required. Within 72 hours, the cheque arrives at your doorstep. What's more, in some cases, you don't need to have an account at the bank.

Here, we tell you what to look for when opting for a loan.

Points to note

Meenakshi Subramaniam is a former IRS officer, residing at Kolkata.

Disclaimer: While efforts have been made to ensure the accuracy of the information provided in the content, or the author shall not be held responsible for any loss caused to any person whatsoever who accesses or uses or is supplied with the content (consisting of articles and information). 

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Number of User Comments: 13

Sub: name the bank

nice artical.which are the banks who calculate the monthly interest?

Posted by m santosh

Sub: Thanks 4 d info

Thanks for sharing the info. these are gud points 2 consider.

Posted by Anurag Nagpal

Sub: Taking loans

On point no.4,it is preferable to discuss with the bamk,the method of application of interest.Some nationalised banks are the best for the borrower,as they charge ...

Posted by k.chandrasekharan

Sub: comment

It is very good for those who r taking loan.

Posted by Nagaraj k

Sub: Education loan

What care should be consider while taking educational loan, especially if the parents are retired, is there any points that has to be noted before ...

Posted by Archana


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