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Essay On Consumer Loan

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Variable rate loans: A variable rate loan is opposite of fixed rate loan. In a variable rate loan the interest rate charged on the outstanding balance varies as market interest rates change. As a result, your payments will vary as well (as long as your payments are blended with principal and interest). The interest rate on these loans is subject to move based on a moving index that the loan uses as benchmark such as such as prime or the Treasury bill. These usually have caps or ceilings on how high they can move in a given period. The rate can change multiple times during the year. Loans for purchase of new vehicles: Almost every bank in India offers this category of consumer loan to its customers. The name of the loan may vary from one bank …show more content…

This is loan is given by banks and credit unions to help customers purchase a primary residence or a second home of their dreams. Start your search with a pre-qualification or pre-approval from your lender bank or any other lending institution. So you know exactly how much house you can afford. Plus, you will also lower your risk of dreaming too big. Advantages of Consumer loan: Consumer loans can be fantastic ways to have cash on hand to buy the tangible items or services you want, or need. Such loans seemingly make life easier as it makes your pocket full of cash. Consumer loan offers several advantages to its customers and some of them are discussed here. Convenience: Both cash and credit is handy for shopping and consumer loan comes in both forms. Consumer loan eliminates the burden of carrying cash around when shopping, renting vehicles or going out for dinner or other forms of entertainment. Consumer loan gives accessibility to credit in emergencies, such as when a roof needs repair or the car needs a new transmission, is the only way many individuals can afford such repairs because consumer loan comes in different flavours suiting the different need of the

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