Category: Personal Loan

  Pros & Cons of Opting Longer Tenures on Personal Loans Opting for long-term personal loans can ease your monthly burden and meet your financial needs without troubling your funds. However, is it correct to lock yourself into a long-term commitment with the lending institution? Let us first understand the basics of opting for repayment...

6 Key Insights You Should Know About Pre-Approved Personal Loans A pre-approved personal loan is a loan offer extended by a lender to its select existing customers having a good credit profile. Such loans are collateral-free and can be used for various purposes, from home renovations to business growth. Here are six important aspects to...

  Dos and Don’ts of Personal Loan Prepayment Most people resort to personal loans, especially during financial emergencies, due to their unsecured nature, easy accessibility, quick disbursal and flexible end use. However, due to its high interest rates, many borrowers choose to prepay their personal loans whenever they have surplus funds. While prepaying a personal...

For most people, a personal loan is a preferred credit option for dealing with financial shortfalls and emergencies - largely due to its easy accessibility, zero collateral requirement and faster disbursals. Moreover, borrowers can use the loan proceeds for any purpose, except for speculative activities. However, the absence of collateral increases the credit risk for...

Any default in EMIs means that you have to pay penal charges to your respective lender. Additionally, this can negatively impact your credit score, leading to higher interest rates on future loans or reducing loan eligibility. In this article, you’ll get to know about the consequences of missing an EMI, how it affects your credit...

CIBIL score reflects your creditworthiness, which banks/NBFCs check to decide whether to approve or reject your personal loan application. If you get the loan, your behaviour to repay the loan again impacts your credit score. So from application to repayment, Personal Loans and CIBIL Score remain closely connected. Highlights: Good CIBIL score (750+) enhances the...

Lenders decide personal loan eligibility on the basis of several factors like credit score, income, repayment capacity, age, occupation, employer’s profile, etc. It is after evaluating your credit profile against these parameters, lender decide: if the loan should be approved; how much of the amount should be sanctioned, and at what interest rate While personal...

Lenders approve your personal loan application on the basis of various factors such as your credit score, age, income, repayment capacity, occupation and employer’s profile. You can predict the odds of getting a personal loan by seeing how well you measure up against its eligibility factors. Some of these factors are discussed here to help...