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Payday Loans No Fax: Neutralize the Penetration of Urgency
The need of small finances often put you in great hassle. You can not asses some of expenses earlier and you can be puzzled when it comes to you abruptly. This is mainly happened in time when your usual expenses consumes almost all your funds and left nothing for your contingencies. These problems are common among the borrowers...
Long Term Business Loans Uk: Execute Your Business Dreams
Any kind of business requires good resources of financial assistance. Be it an already running business firm or a recently establish business house, the need for decent monetary support is inevitable in both the cases. This scenario compelled the finance fraternity to introduce some qualitative financial solutions especially to support the business related activities...
Wednesday, April 16, 2008
Fixed Rate No More Implies 'Fixed' Throughout The Repayment Period
Once people decide to avail loan to own a house, the next thing that storms their mind is choosing between fixed and floating rate of interest. These financial jargons land people in a catch 22 situation. The news media splashes reports on banks increasing interest rates in India and their impact on Equated Monthly Installment (EMI). It is always advised to opt for fixed home loan rate. In fact, many bankers also advise borrowers to go for the same.
When people select fixed rate plan, the payable rate of interest will remain unchanged over the entire tenure of the repayment period irrespective of any subsequent increase in the financial market. But, in actual practice, this is not the case. To have a better loan deal, borrowers have to demystify the nature of fixed interest rate associated with the home loans. This will enable you to make an informed decision.
All the banks include the preset clause on fixed interest rate in their home purchase loan agreement papers. So, if the borrower had taken a loan at 10.5 per cent for 15 years, it does not mean that the same rate will be applicable all across the 15 years. Recently, India's largest public sector bank State Bank of India (SBI) has introduced a clause as per which it reserves the right to revise the fixed rate home loan after every second year. Similarly, other major players like Canara Bank and Corporation Bank also have similar provisions to revise the rates after 5-years of disbursing the loan amount.
Private sector banks and Non Banking Financial Corporations (NBFCs) are also following the same footprints and the rates too are revised from time to time. Another financial jargon associated with the home loans in India is 'Force Majeure Clause'.
While reading the loan agreement minutely, you can easily mark a statement like: "Provided further that from time to time, the bank may in its sole discretion alter the rate of interest suitably and prospectively on account of change in the internal policies or if unforeseen or extraordinary changes in the financial market conditions take place during the period of the repayment." This is the Force Majeure Clause. This clause enables the lender to undertake appropriate modifications in the interest rates on home loans they sanction to their borrowers, if there is a necessity. So, the borrowers are advised to take these aspects into account before loan application.
Loans for People With Bad Credit - the Do's and Dont's
Poor credit auto loans give you an opportunity of owning a car despite of having bad credit status. These loans help you to fulfil your dream of saying that, "I own that beautiful car." Now do not worry and evaluate your credit score yourself and start looking for best deal. Use these loans to improve your credit history by paying all the instalments timely.
Bad Credit Debt Consolidation Loan: Solidify Your Position
Are your multiple debts bothering you? Moreover are you trapped in a bad credit record? Then bad credit debt consolidation loan is the answer to your problem where you can enjoy lower and fixed interest rate. Here your numerous loans are converted into a single one with single monthly payments even though you are suffering from a bad credit record.
Poor Credit Signature Loans Attain Money Through Signature
You are planning to buy a new home or renovate the old one or going to buy a new vehicle or want to go out for a holiday trip but you can’t, due to money shortage. Sometime back availing loans having poor credit used to be a daunting task but recent time has seen the mushrooming of a plentiful of banking institutions and lenders