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In this video, we will discuss about Personal Loan In the last two videos, we discussed about Home Loan Then we discussed about Car Loan In this video, we will discuss about Personal Loan which is also known as PL Personal Loan is run in three ways You must have seen that in the last 4-5 years whether the demand for anything has increased or not but the demand for Personal Loan has increased so much that every other person gets Personal Loan How do we get three types of loans? First, we take loan from the bank Second, there are many Instant Personal Loan Apps I'm talking about those apps which are RBI registered apps For example, TrueBalance, Creditbee, NaviPersonalLoan BuddyLoan, MoneyViewLoan and many more So, I'm talking about these apps Third is SCAM I will write SCAM here because I'm talking about Chinese Loan App Let me tell you a recent incident about this There is nothing called Chinese Loan App It's just that some people apply for any loan app They didn't see that it's RBI registered or not They went to the Play Store There are many scams in the world This is a personal incident where I live There was a boy who applied for a loan of Rs. 5000 He got Rs. 5000 in his account He got a phone call after a week that you have to pay Rs. 10,000 for such charges He got scared that you are asking for double the amount in a week So, what's the problem? In a way, anyone will say that I don't pay Now, whenever we apply for a loan from such loan apps Whether it's a registered app or a Chinese loan app Whenever we apply for a loan from them In the beginning, they will ask you to give access to your gallery You give access to your contact details You give access to your location Now, what happened? He got Rs. 5000 in his account and is asking for Rs. 10,000 Now, he said I don't pay All the photos and videos of the gallery have been sent to him The scammer in front of him He took a photo from the gallery in a minute He edited it with AI He made the boy's photo nude He put a girl's photo and sent it to him He said, I want Rs. 10,000 right now Otherwise, I will WhatsApp all your contacts Now, anyone will be in panic mode That Rs. 10,000 He approached me I advised him to shut down his phone for a month If you negotiate with him There is no end to it He is asking for Rs. 10,000 You will give him Rs. 10,000 He will ask for Rs. 15,000 Then he will ask for Rs. 20,000 His emotions are nothing What is wrong with you He is doing wrong with you If he had emotions, he wouldn't have done such a business His job is to take as much money as possible from you Why are you negotiating with him? The one who will send 2-4 contacts You tolerate him Tolerate the mistake you made But shut down your phone for a month Don't even look at it If you negotiate with him He is sitting to rob you So, the first thing Then we will discuss Personal loan from banks And Instant Personal Loan The apps that are popular these days Then we will discuss about it But our work now is To understand the topic of Personal Loan We are not reviewing any app here Whatever we are doing We are doing it for our understanding So, what is Personal Loan? Now, I told you about Car Loan No, first I told you about Home Loan In Home Loan, I told you that In today's date, almost 9% We get Home Loan at 8.5-9% Similarly, we get Car Loan at 9% or 10% Now, I am talking about banks only We will see Instant Personal Loan apps later Now, we understand from the point of view of banks Any bank Whether it is State Bank of India Or any other But when I apply for Personal Loan from banks One second, will you stop? Okay, let's go Now, we are talking about Personal Loan So, Personal Loan Banks also say that We will give you at 15% or 20% Now, you thought about one thing Home Loan is also a loan Car Loan is also a loan And Personal Loan is also a loan So, I get this Home Loan and Car Loan At such a low rate of interest But why do I get Personal Loan At such a high rate of interest? Now, I will explain you about Gold Loan So, I get Gold Loan at 8% or 9% This is also very cheap So, what is the enmity of banks with Personal Loan? Personal Loan is also a loan in a way So, banks Sometimes, banks also put 25% On Personal Loan At a rate of interest So, what is the enmity of banks with Personal Loan? See I explained to you in the video of Home Loan That on Home Loan A charge is created Of Bank Mortgage Similarly, in the video of Car Loan I explained that Your car is hypothecated That is, there is a charge of hypothecation on it Similarly, when we take Gold Loan I will explain this to you in the next video We haven't covered this yet So, the charge on this Is called Bank Pledge The names of all three are different Which means That all three things are mortgaged with the bank Till when? Till the time you don't pay the entire EMI of the bank Means If there is a Home Loan You stopped paying the EMI of the house So, the bank has the right To vacate your house And sell your house To recover your money Similarly, if you have a car loan And you are not paying the car loan So, the bank has the right To seize your car Sell it in the open market And recover your money Similarly, in Gold Loan Gold is in your bank If you don't pay the EMI Then the bank will sell that gold And recover your money So, the bank has a security That if you don't pay the loan tomorrow Then the bank has your things mortgaged The bank is feeling safe That it's okay Don't pay the money I have your things mortgaged Which I will sell And recover my money But when we take a personal loan From any bank While taking a personal loan The bank only looks at My credit history It looks at my PAN card It looks at my salary And trusts me And gives me a loan amount It can be 5 lakhs, 1 lakh, 10 lakhs Whatever it is Keeping my credit worthiness in mind The bank trusts me And gives me a loan It's a simple thing Similarly, you must have seen credit cards What happens in a credit card? Someone is given a limit of 1 lakh Someone is given a limit of 50,000 Someone is given a limit of 5 lakhs Is the bank saying Keep my things mortgaged? It's not saying Keeping my credit worthiness in mind Looking at my PAN card Looking at my past history Giving me a loan On the basis of trust Giving me a loan limit In the credit card It's the same thing That's why we call credit cards Personal loans These loans are called In the eyes of the bank Unsecured loans And this home loan Car loan, gold loan This loan The bank calls it Secured loan The bank knows If I have given 100 rupees Then I have 4 ways I will recover this money But when the bank gives a personal loan The bank knows If I am giving a personal loan The bank knows Only 80 people will give my money back 20 people are going to default Now the 20 people who will default How will the bank repay them? With these 80 people Ultimately, the bank won't go into a loss The bank knows This is a business Where 20 people have to default The bank will take legal action The bank will send them Section 138 notice LRN loan recall notice DLN It will send all three notices It will send you from the court But what will happen What will happen by legal action? The bank won't get the money Let's assume The bank will drag the customer to the court It's time waste Whatever it is It's a different thing Will the bank get the money? The bank has given a loan of 1 lakh The court case will be filed separately 10-15 thousand will be spent on it The bank's money is being wasted It's simple It's an unsecured loan That's why the rate of interest The bank keeps it expensive Now I will show you some screenshots So that you can understand Now I will try to explain to you On one side there are personal loans of banks On the other side Instant personal loan apps Their rate of interest Now I will show you the banks first I have written the names of some good banks Like ICICI Bank Its personal loan rate of interest Goes from 10.50% to 16% SBI's personal loan rate of interest Starts from 11% Similarly HDFC's rate of interest Starts from 10.50% And goes up to 25% Similarly AXIS's rate of interest Starts from 10.50% Now understand one concept here Suppose this is a bank How does the bank work? It is a depositor It may deposit money in the bank's savings account It may get FD or RD done It will deposit money in the bank In return, the bank will give it 3% On the savings account 6% on FD Rate of interest The money it deposits in the bank The bank will give the same money to another customer It may give it a personal loan Give a home loan It may give money on loan from 8% to 15-20% The earnings in between Becomes the bank's earnings Okay? But the instant personal loan apps Like for example Bajaj MoneyView Any of these How do they work? Suppose this is a loan app It doesn't have its own money You are not going to an instant loan app To deposit a deposit Or open an FD So the instant personal loan app Takes money from the banks Or the NBFC companies Like your Aditya Birla There are many NBFC companies They take money from them And give it to the customer It's a simple thing I had told you That the bank Gives a loan by checking Now the personal loan Is also verified by the bank The bank verifies the SO document And then gives the loan Still, the bank says 80 out of 100 people Will return the money 20 people will default Okay, the second thing What is the instant personal loan app doing? It is giving loans to everyone It is giving loans to Sibyls Kuruni Sikhis It is assuming That if you give money to 100 people Only 60 people will return the money 40 people will default The second thing Where is the money coming from? Either from the banks Or from the NBFC companies Where the bank was giving the depositor's money On such a low rate of interest Or on such a high rate of interest They take the money On such a high rate of interest And then put the money On the risk So, it is obvious That if the bank Gives me a personal loan On a rate of interest Of 12-13% Then they are helpless That 20% 30% Even I have made some videos Where on a rate of interest Of 50-50% These instant personal loan apps Disburse the personal loan So, it is the same thing I often say in my videos That all these Instant personal loan apps The more distance you keep from them The better it is But once I got a comment What did it say? Sir, you are doing a job in a bank You get a proper salary You file an ITR So, you easily say Banks give you a personal loan So, you say it But what about those Who don't even know the meaning of ITR Those who get a salary Only in cash If such people get helplessness Then where will they go? If they don't go to Instant personal loan apps Then where will they go? Okay, it is absolutely right In your helplessness You can say Take instant personal loan apps But in that also You have to keep in mind That you have to take loan from such apps First thing is It should not be a Chinese loan app Second thing It should not be a loan aggregator app Like I just told you An example of Credit Bee Okay, what is Credit Bee doing? There is no promotion I am just explaining it to you Okay, with an example Credit Bee took money from an NBFC company And gave it to the customer That's it This is the rule It has no other option But there are some apps Like Buddy Loan This is a loan aggregator app Customer comes to it Okay It is not doing anything Customer comes to it It will take all the details It will say You are eligible for loan from Credit Bee You take loan from Credit Bee It is just doing the work of a loan aggregator So why should I give you a commission? I will not take it directly from Credit Bee So first thing You have to keep in mind Second thing You have to keep in mind That you don't have to take loan from any loan aggregator app Buddy Loan is also RBI registered But it is a loan aggregator app So you have to take care of some of these things Rest, you have to go only when you are forced Okay Like I had a personal loan from ICICI Bank It was 3,17,000 I took it for a year Look at the rate of interest 13.4% So I am getting 13.4% personal loan from banks So the same thing Once I applied from that From MoneyView No, I applied from Credit Bee Credit Bee gave me 24% So the same thing Then why should I go here? It is my PAN card I am the only person Bank showed me this live at 13.4% Okay I forgot to put a screenshot Credit Bee gave me a loan at 24% See there There is only one person He is getting such an expensive rate of interest at one place And so cheap at another So if we talk about personal loan We should prefer banks Okay Anyway, I will show you some more things About instant loan apps It is popular nowadays So it is important to have knowledge There are different loan apps Like Bajaj They say we will give a personal loan of maximum 40 lakhs Navi says we will give maximum 20 lakhs So there are different such apps There are some famous ones I have put screenshots of them Okay They say maximum 10 years Bajaj says I will give maximum 8 years Navi says I will give maximum 6 years Personal loan So there are such different Like there is a small app M pocket It says we will give only for 4 months True balance says We will give maximum loan for 6 months So all these things See rate of interest Navi is saying from 9.9% to 45% They are themselves writing That there is such a high rate of interest Bajaj, Finsav From 11% to 37% Okay Some apps are like this They say 28.8% onwards Means it starts from 28.8% Now there is no end Even if it goes to 50% Even if it goes to 55% So these things Are very expensive Rate of interest So it is better to stay away from them Okay See processing fees Navi says it is 0 See the rest True balance 0 to 15% Now the same thing If someone takes a loan of 1 lakh Okay Rate of interest Assume it is 35% Processing fees Assume that 15% Now took a loan of 1 lakh 15% processing fees In the account Only 85,000 came Loan on the head Of 1 lakh And rate of interest How much to pay 35% So tell me what is left with the person Better than this If you have to take on such expensive rates of interest Then go to the market Take a loan from Saukar So it is better So there are different apps Some I have seen many videos In which laughter also comes Some people come After coming I don't understand Just start reading Like money view Because I have put Special screenshot To tell you this What will they do Will come and say See see Rate of interest of money view From 1.33% Means After coming You will get it at 1.33% First thing He is saying His rate of interest 1.33% Starts from per month So first thing Rate of interest To tell 1.33 Multiply by 12 He will sit Almost 16% And from 16% That is the start Not getting at 16% People come Means Sometimes laughter comes That there are so many views Of people And after coming They are just reading That you will get it at 1.33% And people also agree It starts from 16% Go to 18% And go to 40% So These things also You understand a little It is written somewhere Like outside the banks It is written many times Once I IDFC No IDBI bank Which has become private For the first time Outside this It was written Our gold loan Rate of interest That 0.75% Starts from Okay Starts from 0.75% Now They just put a star on it Okay What does star mean? Per month Now 0.75% First thing Multiply by 9 This annual rate of interest Will come And from here Start Not that You will get it on this Sorry Not 9 Multiply by 12 Start from here Annual rate of interest Means Start from here Not that Getting at this much These things also In banking It is necessary To understand deeply Okay Rest It was for big loan I have put a screenshot here That this is only Loan aggregator app Okay Like when I Applied for a big loan At last They told me From here Branch app Moneyview Yes bank And many more From here You can take a loan You are eligible for them When I want a loan I will take it from here Okay On phone Loan comes on phone This is even more Strange When you go to its app You will go to loan section It is saying This is cross selling Means It is a customer Customer went to phone pay Where is it recommending On phone To buddy loan See Buddy loan is coming On phone pay app Now buddy loan I told you This is loan aggregator app It will send it to moneyview Now in between They are not sitting To do social service Whose commission Will it go from? Customer's I told you If you have to take Instant loan app Then go to instant loan app Which gives directly There are many Like It is cross selling They are selling to customer It is writing itself I have more than 15 partners If you have to give loan Then give it Why you are sending it So this is same As all So almost The thing is In personal loan The main thing You have to remember This is an Unsecured loan That is the only reason The rate of interest Of personal loan Is very high Because in this The customer Has not kept anything bank ke paas ghir bhi nahi rakhi hoi. Iske baad hum next video mein discussion karenge education loan ke baare mein, wo bahut accha topic hai.