Your queries: Loans; Apply with collateral to get lower interest rate on your loan
—R S Murthy
We are currently in a high-interest rate scenario, hence all loans without collateral (personal loans) will be at a high-interest rate. If he has any asset against which a loan can be sanctioned, say bank FD or a life policy or real estate, then the expected interest rate would be lower.
—Subham Kumar
The interest applied on an education loan, while the student is studying, is simple interest based on the outstanding loan account. Once the EMI starts, the interest calculated is compounded. Yes, most banks will calculate the interest based on a daily reducing balance.
—Avighna Joshi
You can still go for a balance transfer to a lower interest rate option. The process for the balance transfer is the same for all home loans. The mortgage of the flat will be registered on the Agreement of Sale executed with the builder.
—Manoj Sharma
Mostly it takes about a quarter for the updates to start reflecting in the CIBIL report. Check your latest report after a month.
—Anupam Shastri
Your wife may take the loan in her name and you may pay the interest on the loan. It is better to add your name to the loan so that the financial transactions are smoother. Take the loan from an established NBFC or a scheduled bank or a large, stable private bank. Your gold assets would be safe in that case. The gold would be valued by the NBFC/bank and you will be sanctioned a loan based on its value.
The writer is personal finance wellness expert and founder of AZUKE Finance. Send your queries to fepersonalfinance@expressindia.com
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