I have an outstanding 1.3 lakhs personal loan of other private bank. I was in need of 60000 for function at home and approached ICICI bank executive where he gave some condition that existing loans will be taken over + 60000 for 15.5% interest. I felt fishy. My existing loan of 1.3L contains interest charge. Now if i avail ICICI loan, i’ve to pay interest for old loan(that contains interest) plus doc charge. I rejected the offer and availed gold loan for 10% in a nationalised bank.
Buy gold coins in frequent interval for 1000/2000 and save it. It will help you to get loan at less rate comparing to these personal loans where we will end up paying more interest for longer period with document charge. It will also reflect in CIBIL.