Key Benfits

• Loans up to £100,000
• Repayment periods up to 25 years
• The Lending Wizard will search their extensive lender panel to find the loan that is right for you
• Save time by getting an accurate personalised quote based on your circumstances
• 14.53% APR typical (variable)
• No impact on your credit profile

You may have to pay a fee of up to 12.5% of the loan amount depending on your credit history and your ability to provide proof of income.

Sainsbury’s Bank has an agreement with The Lending Wizard to arrange homeowner loans. The loan will be with a reputable lender from their panel and there may be a fee you need to pay to the loan provider. If you arrange a loan through The Lending Wizard, Sainsbury’s Bank will receive commission.

Karur Vysya Bank Personal Loan Features:

1. It is an installment loan
2. The loan is available for salaried employees of PSUs, reputed companies, self employed individuals, all other individuals who provide full securities by covering the loan amount with NSCs, KVPs, IVP, RBI bonds, LIC policies, etc.
3. The loan is for personal purposes
4. A guarantor for a secured loan is not insisted upon. However, for an unsecured loan a colleague drawing the same salary should be used as a guarantor.

Primary Security: DPN

Collateral Security: NSCs/KVPs/IVPs/RBI Relief bonds/LIC Policies (Surrender Secured Loan value alone to be considered for LIC Policies)

Repayment: Maximum 36 EMIs

For details of Processing Charges & Other charges, prospective customers are requested to contact nearby branches

Terms and Conditions

• For individuals- IT returns to be submitted.
• Minimum take-home salary of 25% after deduction of the loan amount.
• An applicant who has availed of a KVB Insta Loan earlier shall be eligible for this loan after closure of the Insta loan.
• For an unsecured loan up to Rs. 50,000 the applicant should be from a reputed company with a minimum of 5 years of service & unexpired service of 3 years in that organisation.
• A salary or service Certificate is a must to establish repayment capacity.

The basic criterion is that 85% of the property would be seized if the borrower cannot somehow arrange for the money within the allotted time. Banks like Royal Bank of Scotland Group with headquarter in Edinburgh, HSBC and Barclays with their head quarters in Canary Wharf etc in UK, suggest such points.

Some other eligibility issues to be kept in mind is that-

The borrower has to be an adult, that is minimum 18 years of age is prescribed.

The borrower must have a source of income. A constant in flow of income can improve even a previously bad credit history. If you don’t have a steady income, if you do not earn, what should the bank take as a guarantee that you would pay back in time? Banks never take such risks even if you produce a property.

Most importantly, you MUST have a property that is worthy of evaluation against your income. There has to be some guarantee other than your income that the bank can breathe a sigh of relief. The bank needs to know that there is no way it would lose the money. The collateral is a backup plan, basically.

Banks still look into the credit record. To have a good credit, if not impressive is very important. A poor credit history would make it very tough to get even a secured loan. And even if you bag a loan, the rate of interest will be much higher. Worse the credit history is more will be the interest charged on your loan amount!

Quick secured loan may be wanted to be taken out because of several reasons. One of the most popular reasons is debt consolidation. Many people end up taking quite a few loans at a time and end up not being able to clear off any of them. In such situations, a secured loan can be taken of the amount of the sum of all the loans. This helps because then separate interest rates, dates of payment, loan amount etc need not be remembered. Details of only one loan are to be worried about. The other reasons for taking out a secured loan are: starting a small business, to supplement wedding expenses, for Christmas gifts, for paying tuition fees by students, for holiday trip or medical expenses.

Many years ago, this has become a usual transaction among business owners or land owners and creditors. And as time passed by, it has gone through a lot of modifications and several financial institutions have adopted the scheme and added interest rates into the picture.

When we say secured loans, it means that an individual can borrow money provided that he or she has collateral. The collateral serves as a security for the financial institution in exchange for the loan they have extended to individuals in case of failure to pay. People who avail of such loans are given certain terms with regards to the repayment of their loans and on the interest rates.

Secured loans are intended for people who are in need of a huge amount of money and it can easily be availed as long as there is acceptable and valuable collateral. The only risk in this kind of loan is found on the side of borrowers for if they won’t be able to repay the lending institution, their assets that were presented as collateral shall be foreclosed.

There are two ways to obtain a secured loan. One is through the traditional way where one has to personally transact with the lending institution, while the other is through the Internet wherein a person can apply for a loan virtually. The latter is the most convenient way to get a loan because the traditional processes are simplified and that it can be done right in the comfort of one’s home.

The collateral of a secured loans are also categorized into two. When you avail of a housing loan, the collateral that may be presented is the home itself. In the event that there is lapse on your repayments, the lending institution shall redeem your property. Such property will then be offered for sale and the money produced out of the sold property will serve as your payment. On the other hand, the collateral may only be in the form of a claim or security because it doesn’t really involve a great amount of money. For instance, down payment for a car. Although no property is risked in this second category, it doesn’t mean that no repossession will take place in case you can’t repay your loan.

A secured loan is a loan in which the borrower has to offer or pledge some asset like a car, home, or land in the form of security to ensure timely payment of the loan. Banks and financial organizations easily issue this loan because they have collateral with them until the time the borrower pays back the entire loan amount with interest. If in case the individual fails to repay, the financer repossess the asset in order to pay off the loan amount. This is one big disadvantage of a secured personal loan. On the other hand, there is one key advantage and that is lower rate of interest which eventually results in lower monthly installments.

An unsecured loan is the one that does not require any kind of security or guarantee against the borrowed loan. Such a loan is given for small amounts and is issued only if the borrower has good credit. As there is no security with the financer, the rate of interest is comparatively higher than that in case of a secured loan.

Line of credit is another significant type of personal loan. It is a type in which a bank or vendor offers a pool of money that the borrower can use for a specified period of time. Depending on the need and requirement the borrower can draw upto the maximum limit during the specified time period after the amount of credit is determined. It can be secured as well as unsecured. The best part of this type is that the interest is paid only on the money actually withdrawn.

Many people prefer going for secured personal loan because of the enormous benefits it offers. Some of the significant advantages are as follows:

One key advantage of secured loans is that the monthly installment is comparatively lower than unsecured loan. This is because the borrower pledges an asset in lieu of which the lender issues the loan. Because of the security offered, the lender offers loan at lower interest rate that ultimately reduces the EMI (Easy Monthly Installments).

The borrower offers a property, land, jewellery, stocks, shares or bonds to the lender to get some finance. This security keeps the lender assured that the borrower will repay the loan within the specified period. If the receiver fails to repay, then the lender has full right to sell the collateral to pay off the loan. This advantage allows the lender to issue larger loans

There is an option to choose a longer period for repayment of loan as compared to the unsecured loan. The tenure can stretch upto 20 to 30 years in accordance to the convenience of the borrower.

To get this type of loan, the lender is least bother about the credit. Even if the borrower has bad credit, the financer will issue a loan against a security. Unlike unsecured loans there is no pressure of credit score when applying for a loan.

Another great advantage of secured loans is that they are considered a great source of debt consolidation. Many people apply for this type to pay of the present dues in all aspects of life. Taking this loan does not require any kind of specification for using the amount. The receiver is free to use the money at his or her own convenience and to fulfill any personal nee

If you ask for a loan the first thing the banker looks is whether you have enough cash flow and capacity to repay the it. Then comes your credit history, how good are your earlier repayment tracks, what are the other commitments you have, what is the purpose of loan and your profile.

If your income does not support the EMI there is a very little chance that the banker will approve your loan. The EMI must be in your means. If your income is not eligible you have to go for a smaller loan or go for a longer tenure, where the EMI will be less. If you have any other loan obligations the best way is to clear them if the outstanding loan amount is less. Few bankers also take over the existing loans, so allow the bank to take over the other loans where the outstanding is less, this way you may be eligible for higher loan amount.

But the worst scenario for any loan rejection is CIBIL problem, if there are any cibil problems then the loan application will be rejected. The main CIBIL problems are related to your earlier loans, credit cards. If you have defaulted the payments in any of the earlier loans or settled the earlier loans or credit cards then they will have a negative impact on your credit rating. Even late payments of loans and cheque bounces will have a negative rating. So one has to take enough care when taking any loan, so that he can repay the entire loan, in case he defaults in repaying that loan, then getting any loans in the future will be very difficult.

The purpose of the loan is also important for the banker. Say if an individual is asking for a mortgage loan, the banker should be satisfied the purpose for which the loan is taken, then the profile is also important. Most bankers in india maintain list of negative profiles for which they will not lend. Some banks also have negative area lists. Banks need to be convinced for lending to negative profiles and for people residing in negative areas. Most indian banks are also not lending to bachelors not staying with their parents and staying in bachelor rooms or hostels.

The best thing is if you are planning to take a loan in india then you need to plan for it for any where between 6 months to 3 years. If you think it is too long a period then you should always be prepared as you don’t know when you need a loan. Why 6 months to 3 years? Bankers will look at your average balances in the bank for the last six months and in some cases for one year, they check the bank statement for any cheque bounces during that period, loan commitments for the last six months and any nes loans taken in recent period.

For loans like home loans they also look at the last 3 years incomes. Residence stability is also very important. The banks see since how long the customer is residing in the current residence, the longer the more beneficial, similar is the job stability. Current job experience should be more than 1 year at least more than six months. Maintain average bank balance of 1.5 times the planned EMI, see to that there are no cheque bounces, no late payment charges for the credit cards. For all these reasons, depending on the type of the loan you take, I recommend you to plan for 6 months to 3 years or best way is to always be prepared.

Documents are also important. Pan card is must for any loan above Rs. 50000. Residence proof preferably in the name of the borrower is important. The best is a land line telephone bill. Previous employment letters, form 16, previous loan tracks. Any settlement letters (must be preserved) for previous loans and credit cards.

In case of bad credit you can start fresh by taking a secured loan, most people give loans for secured loans like mortgage loans, car loans and home loans in india but unsecured loans are very difficult to come in india if you have a bad credit rating .

Many banks are providng unsecured bank loans to their customers. Unsecured bank loans are the loans which you can get on the basis of the good credit history. Few banks are providing unsecured loans for the people who are having both good credit and bad credit history.

You need to submit your credit report to the bank along with your loan application in order to get unsecured bank loans. The banks will review your credit report and approve the loan amount. For getting an unsecured bank loan the applicant need to have a minimum age of 23 years.

Because of this, it is wise to see if there are other routes available to the borrower before he or she decides to pursue secured loans. Unsecured loans, and sometime, even low interest credit cards may be safer for the borrower, simply because the borrower’s home will not be foreclosed upon in the case of the loan going into default.

Secured finance is widely popular for a variety of reasons. One of the main reasons they are widely chosen among borrowers is because they tend to be available to those with past credit problems. Unsecured loans, or loans where the bank has no guarantee of repayment other than a signature from the borrower, are obviously not offered to those who have had a past history of problems with credit. However, secured loans, because they are normally borrowed against someone’s house, are more acceptable and safe for banks and lending institutions to offer to anyone, including those with bad credit.

Obviously, those who do not own a home will probably not be eligible for secured loans, either. It is possible that some loans might work with other forms of collateral such as a vehicle. Normally, though, secured loans require the ownership of some type of home or property on the part of the buyer. Therefore, those who rent or lease a home or apartment will usually not be eligible for these loans. Because they are not eligible for them, it is very important that those renting or leasing homes try to keep their credit history as positive as possible, in case of future desires or needs to borrow money.

Applying for secured finance is generally very easy in today’s world of technology. They are normally available through applications at banks, as well as applications via the internet. Some people can even apply for secured loans over the phone, and this has become a common occurrence. It is helpful, when applying for these loans, to have all of your financial information ready and available. Applications for secured loans will include questions about your past and current employment, your taxes, your current account balances and debts, etc. Having this information ready before applying for these loans will help the entire process move along as quickly as possible.

Secured loans are definitely a popular option for borrowers in today’s world, and if you check first to make sure they are the right option for you, they may be valuable to your personal pursuits.

So, what is a secured bad credit loan? Basically, it is a loan made against collateral – also called a security deposit – such that if you default on a pre-determined number of monthly payments, said collateral can be legally taken away from your possession and ownership. Collateral can take many forms although cars and homes are the most common while jewelry, valuable coins and other collectibles may also be accepted.

When you offer a car and/or a house as collateral, you can continue to drive it and live in it, respectively. Only after default will these be taken away from you to be sold later by the creditor to pay off your balance of the debt. Jewelries and collectibles, however, will be taken by the creditor and given back only after you have paid the loan.

With that being said, you can fast track your bad credit loan application using the following tips. First, you have to determine the amount of loan necessary to meet your financial needs. This way, you have a clearer perspective on the types of collateral necessary to secure the loan.

Second, you need to assess the type of collateral you are willing to risk. If you are aiming for a lower loan amount, then the car and some jewelry will probably suffice. As much as possible, do not expose your fully-paid house to a foreclosure.

Third, you must do your research of the lending companies that offer secured bad credit loans. You may start with your local bank in which you already have an account then move on to other lending firms.

Fourth, you should weigh the pros and cons of each loan type from each credit company. You want lower interest rates, shorter repayment periods, lesser amortizations, and lower risks to your collateral.

If you do avail of credit facilities other than your local bank, you have to make sure that the company is a legitimate one. With the recession going on, you cannot afford to lose your hard-earned collateral, not to mention become embroiled in more financial trouble.

If you opt for your local bank, you can also negotiate for lower interest rates especially when you agree to your monthly amortization to be automatically deducted from your existing account. Plus, banks usually provide more favorable rates for their customers so this option is indeed a possibility even when you have a less than sterling credit score.

When you and the credit facility have agreed in verbal terms about your secured bad credit loan, it is very important to read the written contract. You want to make sure that your oral agreement was followed to the letter.

Your success in securing the bad credit loan is not the be-all and end-all of your financial standing. You have to adopt a smart financial management plan to turn your bad credit score to a good credit standing.