Personal Loan or Loan against property Comparison

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• Personal Loan or Loan against property
  Comparison
• Difficult situations can arise in life without
  any information. Some of which are financial
  reasons, others can be medical situations that
  lead to complex problems in life. When medical
  conditions arise, hospitals can be sought after
  and when finances are needed, you must resort to
  banks. Banks provide loans that can ease you out
  of difficult times. There are many types of
  loans, some are low interest home loans, others
  are Business Loan in Delhi, Bangalore, or smaller
  cities wherever you plan to begin the venture.
  Loans provide you flexibility and bring you out
  from an adverse situation at least for the time
  being. Other types of loans are personal loans
  and Loan against property. What you must opt for
  can be decided once you know what is a personal
  loan and what is loan against property.
• What is personal loan?
• A sum of money that you can raise from the bank
  without giving any property as collateral is a
  personal loan. This money can be used for any
  purpose and can be taken for a specific period of
  time. After the expiration of the time, the
  entire amount must be paid off along with the
  monthly installments that are levied along with
  the hefty interest rate. You may use this money
  to either make a house, or for a wedding, or
  even for your business, thus not restricting you
  from the way you want to spend it.
• What Loan against property?
• This loan is taken by mortgaging the property.
  The sum of the loan is about 70 of the estimated
  cost of the property. In such a case as the bank
  has a security, the interest is relatively low.
  However you must pay this within the said time
  as otherwise, the property will be taken by the
  bank.
• Factors that help you choose between the two
  loans
• Processing Time
• Interest Rate
• Extent of Financial Need
• Span of return of loan
• Credit Score
• These are some of the factors that may affect
  your decision of taking loans. It is imperative
  that you first consider them before plunging
  into the loan business as in either cases it has
  to be repaid back. You must by now would have
  perceived that due to high rate of interest you
  should ideally not use the money for building a
  home, as it is not low interest home loans and
  that secured loans are the best Business Loan in
  Delhi and countrywide as you can expand the
  business within a stipulated time period.