I am in big trouble my brother is coming next month i need to get his car fixed i want 40K for getting engine fixed. I want to take loan but as long as i know about banks they don’t give loan without any reason. I will return this money in 4 months by paying 10K/month. Is there any place where i can get loan?
The only way to get such loan is from friend / relatives!!! This is called unsecured loan and cannot be entertained to any stranger by anyone!
The better way is peer-to-peer loan. It works by getting money from a relative, friend, even parents. If somehow you get 40K from the bank, you will not repay 40K. Most of the banks charge 20-25% interest, which means that you will return 49K-50K or may be more. Why waste money on interest? Request a relative. OR Request your brother to lend you money. Return him later!
Bank gives loan only on new or used autos not for fixing any auto or you can get personal loan but for this reason they will not provide it.
Get 4 friends and start a committee. Get first lot.
Give gold and get loan simple.
The above comments were made on Facebook group.