Question: Can a personal loan be converted into a secured loan?
Answer: If you are finding it hard to repay your personal loan you request your bank to open concert in into a secured loan. You will need to offer an adequate collateral security as per your loan amount. With the high interest rate of personal loan a better idea would be to liquidate some investments and repay your personal loan completely instead of getting it restructured.
Question:
Can a personal loan be converted into a secured loan? Answer:
If you are finding it hard to repay your personal loan you request your bank to open concert in into a secured loan. You will need to offer an adequate collateral security as per your loan amount. With the high interest rate of personal loan a better idea would be to liquidate some investments and repay your personal loan completely instead of getting it restructured. Source: CoolInterview.com
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I am a railway employee and my monthly income is Rs. 22,000. I need a personal loan of Rs. 4 lakhs and prefer to get it from SBI. Kindly guide me if I am eligible to get one.