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Personal loans can be used to finance anything from funding an unexpected medical emergency, marriage, home renovation to even education fees.
Yes you can. But an asset will only build if its value grows higher than the rate of interest paid by you on the loan. So, a Personal loan that you take for your child's education will fetch you greater returns in the future than investing in a Plasma/ LCD television, which depreciates with time. A well planned Personal loan can go a long way in creating personal wealth.
Most banks prescribe certain limits on Personal loan based on your income and ability to repay. However, it is always advisable to borrow an amount that you will be able to safely repay without much discomfort.
You can easily pay your Personal loan on the basis of a repayment schedule issued to you by the bank. Be realistic about your ability to repay every month. Don't depend on uncertain future earnings, nor try to overstretch your payback capability. Remember, easy repayment is in your hands.
When you take a Personal loan, you are making a commitment not only to repay, but repay within a specific time schedule. This is called as a loan amortization schedule. This will help you keep a track of the amount that you pay in principle and interest every month. Always insist on an amortization schedule from the bank and keep it carefully, as you may need to refer to it from time to time.
Yes, but only if it is from a reputable bank. Make sure you have understood all their terms and conditions correctly. Do not get pressurized to take hurried decisions. Ask for as much information as you need.
The following factors must be considered before taking a Personal loan:
Often, the lowest quoted EMI could actually lead to longer payment periods. A high loan amount instead of helping you might become a burden, and fast processing may force you to take a hasty decision, without complete information.
The key to finding a bank that you can trust is to do plenty of research. Talk to your associates and friends about their experiences with a particular bank. A reputable bank will ensure that you have a peace of mind and a pleasant banking experience. Here are some facts that you must consider while choosing your bank:
With a network of over 100 branches and 450 ATMs, Emirates NBD has a customer base of over 100,000 personal loan customers.
At Emirates NBD you have a choice to return the Personal loan within 7 days without any charges (conditions apply), if you feel that the loan provided is not as per your expectations or any of the terms and conditions are not favourable to you.
Any Personal loan that you take from Emirates NBD is automatically insured at a nominal cost. In the case of an untimely death, it´s the partner insurance company covers the whole loan amount thereby saving the family from any burden.
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