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Home > Categories > Finance and Insurance > Personal Loans > View Advice  

Query from: Sravanthi, USA, 05/10/08
Topic: PERSONAL LOANS      Submitted on: APOnline
Subject: Personal Loan

Hi, I have a friend who is handicapped and is trying to pull through her life with a small self employment scheme (running a small grocery store).She needs a loan for her investment.I want to know who is the best person to contact for this.Any help would be greatly appreciated.

Rate = 3 (Rated by 8 Council Members)
[ This query closed ]
Response from: buddy Pooh,   
Council Member on
Source: This information comes from my own knowledge.
Dear Sravanti,

The best way to start is to take a loan of Differential Rate Of Interest (also called as DIR scheme)from a nationalised bank.The amount of loan is Rs.15000/- and rate of interest will be only 4% P.A.

This way she can start and on improving the business she can get from amount of loan from the bank.

Rate = 2 (Rated by 5 Council Members)

Thank this advisor   
Response from: Facing challenge goin gettin tough day by day,   
Featured Member on
Source: This information comes from my own knowledge.
This loan is needed in Us or India ??

Rate = 0.5 (Rated by 5 Council Members)

Response from: Joey P,   
Featured Member on
Source: This information comes from my own knowledge.
Please remember when a person deals with food for human consumption, that the government has to have annual inspections from the health inspectors. The best way to get a small personal loan for somone who is handicapped and cannont work, is to go through friends, since banks look at a few things before apporving a loan, if the person can work it will increase the chances of being approved but if they can't the bank may not give the loan since if the person's busness does not make money the person has no income to pay the loan back, or go into defult which cost the banks more money then it cost the person. But if the loan has a co-signer with good credit then they will approve the loan, but if the person defults who ever con-signs for the loan well be held just as responsable as the person who wanted the loan. So the best way is to go through a friend, since a friend well excpet the fact that the busness had a bad month, the friend will also know the peson personally and will know the backround of the person and their assests, and their fanancial backround.

Rate = 2 (Rated by 4 Council Members)

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Response from: Geetha Gopakumar,   
Council Member on
Source: This information comes from my own knowledge.
If she is an educated girl having 10th class Certificate or more then she is eligible for loan under self employment scheme. with the small scale industries division - self employement scheme department of state govt. through them banks sanction long term loan for the same upto 25000 - 35000/-. If personal loan then you can contact the nearest national/schedule bank of your locality and contact the loan section officer there. Now a days all these things are easier.

Rate = 2 (Rated by 2 Council Members)

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