The Big Question
This brings us to perhaps the biggest question that needs an answer. That question is- Is it worth taking a loan for vacations if it is paid back? The answer is NO. A loan is meant to make funds easy in the pocket but not for entertainment purposes. A loan should only be used for productive reasons and a vacation is not on the list. A loan should only be used for buying a commodity like house, car or to pay a big utility bill.
Point to Consider.
This brings us to perhaps the biggest question that needs an answer. That question is- Is it worth taking a loan for vacations if it is paid back? The answer is NO. A loan is meant to make funds easy in the pocket but not for entertainment purposes. A loan should only be used for productive reasons and a vacation is not on the list. A loan should only be used for buying a commodity like house, car or to pay a big utility bill.
Point to Consider.
Only if it is really necessary should one consider taking a loan. After all, paying interest for a long period of time is meaningless, unless required. If you still need a loan, consider the following questions:
1- Who can get a loan: Generally, as long as you can pay the loan back, you're eligible. Even a minor can under guardian supervision. A bank makes a decision according to your monthly income. If you are taking from an outsource, then it depends on your income or what you are keeping against the loan, like a loan against gold or property.
2- Rate of interest: Usually the first place to take a loan from us the bank you have an account with. Though this seems like the best way to avail a loan, still if you do a little research on other possibilities like online possibilities, is not a bad option.
3- Suitable EMI: If you avail a loan from the bank, the EMI is set basically according to the monthly payment you have with you after deducting any taxes like income tax etc. A suitable EMI deduction for you should be 10% of your monthly income so you still have an adequate amount of money for other bills and expenses. Hence, a little money management can help you increase the EMI to 30% and clear your loan sooner.
4- Loan Against Property/Gold: Loan against property or gold is given on part of the full value of the property or gold. Say your gold item is 15,000. You can easily get a loan of 10,000 on it.
1- Who can get a loan: Generally, as long as you can pay the loan back, you're eligible. Even a minor can under guardian supervision. A bank makes a decision according to your monthly income. If you are taking from an outsource, then it depends on your income or what you are keeping against the loan, like a loan against gold or property.
2- Rate of interest: Usually the first place to take a loan from us the bank you have an account with. Though this seems like the best way to avail a loan, still if you do a little research on other possibilities like online possibilities, is not a bad option.
3- Suitable EMI: If you avail a loan from the bank, the EMI is set basically according to the monthly payment you have with you after deducting any taxes like income tax etc. A suitable EMI deduction for you should be 10% of your monthly income so you still have an adequate amount of money for other bills and expenses. Hence, a little money management can help you increase the EMI to 30% and clear your loan sooner.
4- Loan Against Property/Gold: Loan against property or gold is given on part of the full value of the property or gold. Say your gold item is 15,000. You can easily get a loan of 10,000 on it.
What You Need to Know About Loan Grants
Reviewed by herrostar4u
on
May 14, 2019
Rating:
Reviewed by herrostar4u
on
May 14, 2019
Rating:
13 comments:
My acct detail,,, acct number, 31100571122, acct name Okafor Confidence,,, First bank
The first comment is not correct,,, this is the correct one,, acct number 3100571122, acct name Okafor Confidence, first bank
Account number 3092467302, jude Nzubechukwu Obiakor First Bank, please sir help me I really need ur help
Hello sir, is me Adam bu Arinzechukwu
My acc no.2117966455, zenith bank
Name: Eze Arinze Cosmas
Phone no. 09035961492
Odika chikora Victor First Bank of Nigeria plc
acct number. 3050579302
0073058880,diamond bank,jacinta lona ogbole
My account name and number is arinze chinonso E. 4187338014 (fcmb) first city monument bank sir please help me
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You are blessed abundant Sir my account name Oluwapelumi Abosede abdulrasaq diamond bank account number 0096766951
Pls sir help me with everything thing is pls my account number is 0041256976
tanks send for me I we pay back soon account number 2117973828
uba bank
orya terwase
I'm david Flomo from Monrovia Liberia I'm chief waiter due to the lockdown of the coronavirus I'm by pleading you to help me with the somme 1000$usd to start cold water busines at home and I insured you every month I will be paying small till I finie paying here is my WhatsApp number +232777612466
hi .my account number 3029974043.polaris bank I will pay back after 1month
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