Urgent Advice needed on loan

[Subin97]

I have an offer for 2L from INDmoney INstcash. Currently in required of 1L.Check their payment terms as 0 foreclosing charges but with fixed EMI till duration.

Is it wise to choose this? Note I am in urgent. Also I am self employed no offers on getting personal loans.

Interest rate per month is 1.48%.

And also I have a doubt that If I foreclose this loan in near future do we need to pay also the interest we agreed for the whole duration?

 

[Arpi]

I have an offer for 2L from INDmoney INstcash. Currently in required of 1L.Check their payment terms as 0 foreclosing charges but with fixed EMI till duration.

Is it wise to choose this? Note I am in urgent. Also I am self employed no offers on getting personal loans.

Interest rate per month is 1.48%.

And also I have a doubt that If I foreclose this loan in near future do we need to pay also the interest we agreed for the whole duration?

Interest will always be pro rata basis. Only till date of closure you will have pay.
If you have any credit card, check for loans being offered on those. Always better to take loans from banks than these apps.

 

[Subin97]

Interest will always be pro rata basis. Only till date of closure you will have pay.
If you have any credit card, check for loans being offered on those. Always better to take loans from banks than these apps.

Yes I have HDFC cards. They are offering pre approved loan on credit card but when submit via their portal it shows not eligible .

 

[Anshit]

Call HDFC and check , Sometimes they don't charge processing fee for loans on Credit card and also is there is chance of getting a better interest rates, The 17.76% interest is a bit high

 

[akshayhs]

Who's the lender? IDFC First bank?

 

[avikrish]

I have an offer for 2L from INDmoney INstcash. Currently in required of 1L.Check their payment terms as 0 foreclosing charges but with fixed EMI till duration.

Is it wise to choose this? Note I am in urgent. Also I am self employed no offers on getting personal loans.

Interest rate per month is 1.48%.

And also I have a doubt that If I foreclose this loan in near future do we need to pay also the interest we agreed for the whole duration?

Try personal loans from your existing savings banks, it will be easy. Foreclosure charges will be there since it is personal loan.