1

I am buying a land in India for that i need personal loan for about 15k. I am not sure what should be the good reason to give to credit unions to get the loan approved.

Please suggest and thanks in advance for the help.. :)

  • 1
    To be clear, you are seeking the loan from a U.S. bank to buy land in India? It's hard to imagine any of them would be willing to give a loan secured on land in India. – ChrisInEdmonton Mar 8 '16 at 22:11
  • 4
    A "good reason" is always the truth. Lying in a loan application is never a good idea. – Joe Strazzere Mar 9 '16 at 12:49
5

The truth is usually the best reason to give when asked why you want the loan. Expect the credit union to be fairly leery of giving someone an unsecured loan to buy land in a foreign country. A bank in India might be a better bet. If that fails, you might try a Peer to Peer lending site like Lending Club or Prosper if you qualify, though the interest rate won't be great.

1

Your personal loan in this case sounds much like a personal line of credit as per this. Since it mostly seems like an unsecured loan vs one taken against a collateral, you should not really be obliged to mention any specifics.

Also it mentions:

If a borrower defaults on an unsecured loan, the lender cannot claim property.

If you are not keeping this property as collateral (as it is a personal loan) there is no obligation to mention it on your application. You could have taken this loan for any personal reason whatsoever you like to mention which can be a debt consolidation etc.

0

Get in contact with someone in India and open a NRE account in India. There are agents which can help in getting loan in India from Indian banks even if you are abroad.

protected by Chris W. Rea Oct 17 '16 at 2:19

Thank you for your interest in this question. Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).

Would you like to answer one of these unanswered questions instead?

Not the answer you're looking for? Browse other questions tagged or ask your own question.