An old loan is no rider on a new one

Updated: Apr 27 2008, 05:45am hrs
Amitoj Sethi, (Director, www.deal4loans.com)

I work in the navy and intend to buy a car through CSD. My dilemma is: which bank I choose I would require financing worth approximately Rs 2 lakh. What are the interest rates and what will be my EMI for four or five years

You could approach the nationalised banks which operate out of naval bases. The typical rates for auto loans are in a range of 10%14%. The EMI for Rs 2 lakh for 4 years at 12% would be Rs 5,267.

I would like to take a bank loan for my own business from any nationalised bank. The exact business and the location have not yet been decided. I may require nearly Rs 2 lakh. I am working in a private college as a clerk. Please let me know what are the bank formalities and how can I get the loan easily.

You should prepare a project report, which talks about the business you are looking to start. You will need to also create the income and expense statement and the proposed balance sheet. You can approach nationalised banks with these documents for a business loan.

I need loan of Rs 5 lakh to expand my business. Please suggest me the names of some good financial institutions that I can approach.

I would recommend you approach an aggregator like www.deal4loans.com and it would be able to put you in touch with multiple financial institutions that would suit your requirement.

I am into business and already have three personal loans with HSBC and Citibank. I pay all my EMIs on time. Now I want want Rs 15 lakh for my business. I dont have any property to mortgage. But I can pay EMIs on time.

You should prepare a project report, which talks about the business you are looking to start. You will need to also create the income and expense statement and the proposed balance sheet. You can approach banks with these documents for the business loan.

Send your queries to baridb.misra@expressindia.com