What is Sigma Solutions Loan?
Personal credit is an
unrestricted loan, which means that you are not required to explain to your
bank the purpose of your credit. You use the Sigma Solutions Loan sum
as you see fit, whatever your need. You can use it immediately or later.
Personal credit allows you to quickly have a sum of money to cover the
financing of one or more of your projects, purchases or personal payments. Need
to pay a bill in the emergency? Need to finance studies? Need to pay for your
medical expenses? Need a new high-tech television?
To choose your lender,
use our comparator to calculate the total cost of your loan, the fees and the
monthly payments you will have to repay.
WHY COMPARE PERSONAL LOAN OFFERS?
As the name suggests,
personal lending is a type of consumer credit that lets the borrower allocate
the loan amount as he pleases, on one or more occasions and over a free period.
The characteristics of the personal loan:
In India, the maximum amount of this type of loan is Rs 1,00,000 – 40,00,000, repayable over a period of 1 year to 10 years depending on the duration. A personal loan is compulsorily embodied in a written contract whose clauses must respect the common rules of the Consumer Code:
The characteristics of
the personal loan:
amount of the loan
Total Loan Amount
Overall effective rate
(APR)
term of the loan
Amount of monthly
installments
The same applies to the
right of withdrawal of 14 days, which allows the borrower to renounce the loan
without having to justify himself. Generally the rate and the monthly payments
are fixed, the lender however being able to propose a revisable rate or a
capital refundable in fine (at the end of the loan).
When to use a personal loan?
In the case of an
unrestricted loan, the borrower shall dispose of the loan in its entirety. Part
of the sum may be used immediately for an expenditure and the balance retained
for one or more subsequent uses.
“Be aware, however, that
the monthly payments cover all the capital and begin as soon as the funds are
released. ”
This type of loan can be
subscribed as well by comfort as by necessity. An individual handyman who plans
to carry out work in his main or secondary residence thus has the necessary
funds for purchases of materials and equipment.
Another situation is the
scheduled purchase of a rare used car that will be easier to negotiate by
immediately disposing of the sum.
The personal loan can
also be used to cope with an unexpected situation such as certain health
expenses. In many cases, this kind of loan is often used in whole or in part
to finance a child’s education. It
can also be used to improve its daily life or to offer a dream vacation.
Is a personal loan more
difficult to obtain than the one assigned? It is enough to note the number of offers of personal loans to understand that it is relatively easy to subscribe one. Subject to the provision of a secure profile, the banker or the credit institution shall grant a personal loan without difficulty.
The reason is that this
type of loan is more profitable for the lender than the one affected. On the
one hand the management fees are reduced and on the other hand the lender does
not have to follow the actual use of the funds. It is also less likely to be
involved in suspensions of payment of due dates, such as a defect in the goods
purchased following a dispute with the seller or the service provider.
Note that borrower
insurance for a personal loan is optional.
The possibility of early repayment
An unexpected or
expected return of money in the longer or shorter term may be the opportunity
to repay the personal loan in advance.
Since 1 May 2011, the prepayment
of a personal loan of less than Rs 10,000 is not accompanied by any penalty.
For the higher amounts,
a penalty of between 0.5 and 1% can be applied by the lender. However, the
penalty rate must be specified in the contract entered into by the borrowe
