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No. Minors are not eligible for loans as individuals. The only loan they are eligible for is an educational loan, that too will be granted only if an earning family member applies for the loan as a joint applicant. Loans are usually granted only to individuals who have an income and have the capacity to repay the loan.
What else can I help you with?
Are fixed deposits secured or unsecured loans?
Loans against Fixed Deposit (FD) are secured loans where borrowers secured against collateral (fixed deposit). The amount of secured loan depends on the FD deposit amount and this can go up to 90% – 95% of the deposit amount.Who can Apply for Loan against FD?· Loan against fixed deposits is extended to all the fixed deposit holders, be it individual holder or those with joint accounts· FD in the name of a minor does not qualify for this facility· Investors of 5 year tax saving FD cannot apply for this type of loanBenefits of Secured FD Loan· It offers lower interest rates in comparison with other types of loans (0.5% – 2% above the applicable FD rate)· You don’t have to break FD and go for premature withdrawal thus suffering loss of interest on FD· There’s no processing fees· You can obtain the loan against domestic as well as NRI FDs· The repayment is simple – a lump sum or installments (not later than FD tenure)
Should you pay a security deposit for a loan?
Whether you should pay a security deposit for a loan depends on the type of loan and your financial situation. Secured loans typically require collateral, which can act as a security deposit, reducing risk for lenders and potentially resulting in lower interest rates. If you're considering a personal loan or a rental agreement, a security deposit might be necessary to secure the terms. Always weigh the benefits against your ability to repay and the specific loan requirements.
If a customer deposits $10000 into a bank how much money would the bank be capable of lending to an eligible loan applicant if this bank retain 20 percent of the deposit to cover withdrawals?
If a customer deposits $10,000 into a bank and the bank retains 20% to cover withdrawals, it will hold onto $2,000. This means the bank can lend out the remaining $8,000 to eligible loan applicants. Therefore, the bank would be capable of lending $8,000 from that deposit.
Which loans are eligible for student loan forgiveness?
Federal student loans are typically eligible for student loan forgiveness programs, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. Private student loans are generally not eligible for these forgiveness programs.
Can you get a payday loan with a insight prepaid direct deposit card?
can. you get a heyday loan with a insight prepaid direct deposit card?
What is loan against fixed deposit?
Fixed deposit is the case in which you deposit the amount for a particular time period. Now the loan which you get against your deposit is a specific amount of money which is differ according to bank policy.
Are fixed deposits secured or unsecured loans?
Loans against Fixed Deposit (FD) are secured loans where borrowers secured against collateral (fixed deposit). The amount of secured loan depends on the FD deposit amount and this can go up to 90% – 95% of the deposit amount.Who can Apply for Loan against FD?· Loan against fixed deposits is extended to all the fixed deposit holders, be it individual holder or those with joint accounts· FD in the name of a minor does not qualify for this facility· Investors of 5 year tax saving FD cannot apply for this type of loanBenefits of Secured FD Loan· It offers lower interest rates in comparison with other types of loans (0.5% – 2% above the applicable FD rate)· You don’t have to break FD and go for premature withdrawal thus suffering loss of interest on FD· There’s no processing fees· You can obtain the loan against domestic as well as NRI FDs· The repayment is simple – a lump sum or installments (not later than FD tenure)
Who's eligible for a VA-backed loan?
Veterans are eligible for a VA-backed loan. Veterans who were released are also eligible for VA-backed loan.
Should you pay a security deposit for a loan?
Whether you should pay a security deposit for a loan depends on the type of loan and your financial situation. Secured loans typically require collateral, which can act as a security deposit, reducing risk for lenders and potentially resulting in lower interest rates. If you're considering a personal loan or a rental agreement, a security deposit might be necessary to secure the terms. Always weigh the benefits against your ability to repay and the specific loan requirements.
Can a loan calculator tell me if I am eligible for a loan?
There are calculators out there in the internet that can tell you if you are eligible for a loan. One calculator that is reliable is http://www.hdfc.com/applications/calc_ComputeLoanEligible.asp
Which loans are eligible for student loan forgiveness?
Federal student loans are typically eligible for student loan forgiveness programs, such as Public Service Loan Forgiveness and Teacher Loan Forgiveness. Private student loans are generally not eligible for these forgiveness programs.
Can you get a payday loan with a insight prepaid direct deposit card?
can. you get a heyday loan with a insight prepaid direct deposit card?
Can a minor obtain a loan with a cosigner?
Yes, a minor can obtain a loan with a cosigner, as the cosigner takes on the responsibility of repaying the loan if the minor fails to do so.
Can a minor obtain a loan with a co-signer?
Yes, a minor can obtain a loan with a co-signer who is legally responsible for the loan if the minor fails to make payments.
Can you get a loan with a rush card?
Can I get a loan with rushcard if I receive direcr deposit
What are the terms and conditions for obtaining a certificate of deposit loan?
The terms and conditions for obtaining a certificate of deposit loan typically include a minimum deposit amount, a fixed interest rate, a set loan term, and penalties for early withdrawal.
How can a minor get a car loan?
A minor can not get a car loan ithout a parent signing the papers.
