Category: Personal Loan

  Banks and NBFCs offer personal loans to both self-employed professionals, such as CS, CA, engineers, doctors, etc., and self-employed non-professionals such as commission agents, contractors, etc, to finance their personal needs. Lenders usually check for credit score, income, stability of business, repayment capacity, age, etc, and other eligibility criteria before approving a personal loan....

  The first question that comes to mind: Why was my personal loan application rejected and what should I do now? Should I apply to another bank right away? How can I improve my personal loan approval chances? Do I have other loan options? Well, this article will help you answer your questions.  Coming to...

  To close a personal loan early, you can either opt for pre-closure/foreclosure or make partial prepayments, or transfer it to a different lender at a lower interest cost. Foreclosure refers to when you repay the entire outstanding balance of your personal loan. Partial prepayment refers to when you repay your outstanding loan amount partially....

Improved credit access and rising lifestyle aspirations have encouraged many people to avail and service multiple loans. Higher debt burden not only reduces the savings ratio of individuals, any unforeseen income disruptions can lead many of them towards defaults and debt trap. Thus, borrowers having multiple loans should always aim towards optimising and reducing their...

When looking for a Personal Loan, it is key to choose the best-suited offer available to you. Following are some tips to improve the chances of availing personal loans at lower interest rates and favourable terms. Build and maintain your credit score Lenders usually prefer to lend personal loans to individuals with a strong credit...

  Foreclosure charges are fees that a lender levies when you repay your personal loan before the repayment tenure. It allows the borrowers to reduce EMIs and overall interest costs. The RBI has prohibited banks and NBFCs from levying charges on part-prepayment or foreclosure on personal loans offered at floating interest rates. Limits on Personal...

Whether it is a student loan, some unpaid credit card bills or a house loan you are close to defaulting on, most of us look to pay off the dues and get debt free. However, it often becomes very difficult to pay off these debts using only one’s salary. In such a case, many people […]

  Goods and Services Tax (GST) has been applicable in India since July 1, 2017 and applies to various goods and services, including financial products like personal loans. Whether you are servicing a personal loan or are planning to avail one, knowing which fees and charges attract GST can help you in evaluating its true...

You applied to multiple lenders in search of a lender that will offer you a personal loan at lower interest rates and on better terms. But does applying for loans within a shorter duration affect your credit score? The answer is yes. Multiple personal loan applications within a short period of time negatively impact your...

  Getting a personal loan without a PAN card is not possible, as every RBI-registered and regulated lending institution checks your PAN card for loan processing. Your PAN card is an essential document required for monetary transactions and holds high importance in the loan approval process. As per the RBI’s guidelines, you need to submit...