Friends When you don't use money wisely you will meet all your financial needs. What you have to do is discriminate further with the support you provide to other people.That is,if you realize how and where you have to invest the money, then you're not going to face financial problems.The ambitions of some people are high, just as high are the actual financial goals.They have the confidence, the ability to do something big, and their willingness is incredible.
Then this great dream, or ambitious aspirations, takes more capital to achieve. Right now, we do have a lot of choices to meet these major needs.All the banks are able to assist. Many finance companies are introducing with lots of new ideas for you.A loan can be a challenging job. But now all the banks and finance companies are able to loan you.
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You have to follow those guidelines after taking a loan, if you follow them very carefully, you'll never have any financial issues in your life.
The first and most important rule is to take out a such loan amount that you can repay.
Banks or finance firms are all set to lend to you. They can offer loans in any amount. But you need to take the amount of the loan you need and you'll easily pay it back.And we want to pay it back too. So how much of a loan should that be? So that you can quickly return it.
You want this loan to be repaid by deducting all of your expenses from your total income.Estimate that amount and specify how much you would like to borrow. That means you have no issues.Assume you need a personal loan, then that loan's installment should be just 10 % of your net income.
Take short term loan:
When you want to get a home loan, you will be hurried to by banks. For the home the loan amount is very large. Banks instantly offer you a loan for a term of 25/30 years.
But it's very difficult to repay the loan. And at compound interest the banks lend to you. When we repay this interest in a short time, we will prevent the loss.
When you grasp compound interest, you'll be familiar with the benefits and drawbacks of this long-term loan.
Suppose you take a Rs 50 lakh loan from a bank for home and consider to pay it back it in 10 years, then you'll have to pay a total interest of 57 % at an interest rate of 9.75 per cent in 10 years on the Rs 50 lakh loan amount.
In 20 years, if you want to repay this loan, the compounded interest on the same 50 lakhs would be 128 % in 20 years. The amount of interest will be seen as such a big difference.
Make sure you pay the monthly EMI's on time.:
Everybody should keep track, after taking a loan, to repay the installment in time. This is a thing of the past. Arrange for paying the installment on schedule, unpaid. Also in future it is very important not to skip a single payment or to postpone it.
And if either of you loses the installment, misses out on payment or is late in paying the installment, your credit report will be affected. You've become bad name. Your credit score falls down. And if you want to get a loan again in the future, you would find it difficult to receive the loan.
Do not take loan for investment or show your Wealth or Stock Market:
Never invest by just taking out a loan. Suppose you borrowed a big amount of money at somebody's request in the stock market. So if the price of those shares unexpectedly goes down, the debt will rise and this investment will result in a loss.
Buy term insurance to cover huge amount of loans.
If you buy a big home, or a luxury vehicle, the loan amount is very large. And the time of repayment is longer too. There are certain bad things happening in life. There shouldn't be such a time in your life but this insurance won't hurt your family if something goes wrong.
Use loan Balance Transfer schemes:
if you paying a high interest on loan and other side some other bank is providing low interest rate loan then transfer your loan to that bank and saves a lots of money by paying low interest rate.
Before signing the loan agreement papers Check them out carefully:
There are several provisions in this contract, it's best to look at what exactly they are, because after signing, there is nothing you can do.
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