Can one get a loan against marksheets

Updated: Jul 7 2008, 01:43am hrs
Amitoj Sethi

(Director, www.deal4loans.com)

I want to know whether there are any banking or non-banking companies or banks that provide loans on the basis of the graduation mark sheet I was a victim of fraud when I approached an agent who assured me of loan amounting to Rs 5 lakh against my marksheet and I dont want to get cheated again. Please suggest.

No banks or non-banking finance companies offer unsecured loans based only on graduation marksheets. Banks do offer loans for education purposes, for which the graduation marksheets are required as documents, which need to be submitted along with admission confirmation into the course one is looking to pursue. There are some banks that do offer credit cards or loans based on job appointment letters, but they are few and far between as most banks look at stability in the job before lending to the applicant.

What is the current interest rate for a housing loan for 20 years

A home loan for 20 years can be priced between 11% and 14%, depending on the borrowers and builders profiles.

I want to take a home loan to purchase a second sale property. The cost of that property is Rs 53,00,000. My per month take home salary is Rs 79,000. What is the loan amount that I am eligible for I want to take maximum loan amount. Which bank can provide 90% loan and the lowest interest rate

You should approach consolidation portals like www.deal4loans.com for your loan requirement. They are in a position to put you in direct contact with multiple banks that will be able to fulfill your requirement in one go. Most banks do not lend beyond 60% of the net take home. ie, if your take home is Rs 79,000, your total EMIs should not exceed Rs 47,400.

I am working in a software company with a monthly salary of Rs 8,000 and I want to take a loan of Rs 3 lakh to buy a house. The house is already registered and I would like to know which bank can offer a personal loan for a period of five years I can pay a monthly EMI of Rs 2,500. Also, how will the loan amount be paid to the bank if there is any increment in the EMI every six months or one year What is the mode of payment to the bank for a loan

Banks do offer personal loans for Rs 3 lakh for 5 years. The EMI for the same would be about Rs 7,456 at 17% rate of interest. Given your salary level, I do not expect you to be able to get a loan of more than Rs 1.75 lakh and for an EMI of Rs 2,500 that you are comfortable paying, you can get only Rs 1 lakh as loan. EMI by definition does not change month on month. It stands for Equated Monthly Instalment. Though there are schemes that step up as well as step down EMIs, they are usually not applicable for short tenures. You can repay the EMI through post dated cheques or ECS (Electronic Clearing System).

Please advice if I can take a student loan on our house which we have been living in for the past 30 years. The house is in the name of my father along with his four brothers without their signature.

Ideally for educational purposes, banks give loans which are unsecured and at relatively lower rates of interest. They also have the option of deferred repayment. You should approach nationalised banks in your neighborhood for this.

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