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Category: Personal Loan

Home Category: Personal Loan (Page 5)

Planning to Get a Personal Loan? Improve Your Eligibility With These Smart Tips

Vandana Punj
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...

What Happens If You Miss a Personal Loan EMI? Know the Consequences

Bhumika Khandelwal
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 and Personal Loans: What’s the Connection?

Rahul Misra
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...
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Step-by-Step Guide on How to Transfer a Personal Loan from One Bank to Another

PaisaBazaar
Financial emergencies may force you to avail personal loans at higher interest rates. However, once the emergency subsides, you can consider transferring your outstanding personal loan amount to a new lender offering lower interest rates and/or at better loan terms. Securing a personal loan at a lower rate of interest will not only reduce your...
Personal Loan Eligibility

How Lenders Decide Personal Loan Eligibility?

Vandana Punj
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...
Factor Affecting your personal loan approval

What are My Chances of Getting Personal Loan Approval

Vandana Punj
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...

How Do Lenders Decide Personal Loan Amount

Vandana Punj
Banks and NBFCs usually offer personal loans from Rs 10,000 to Rs 40 lakh. However, personal loan amount that a lender sanctions to an applicant primarily depends on his income and existing loan repayment obligations. Some lenders use Multiplier Method wherein they factor in applicant’s income to determine their eligible personal loan amount. Other lenders...
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How to Track the Status of your Personal Loan Application?

Rahul Misra

हिंदी में पढ़े After the loan application is submitted with the bank or lender, almost every applicant becomes curious to find out whether the loan is approved, rejected or under process. Without knowing the status of the loan, the applicant remains in dilemma for further actions. So, let’s read on to know the ways and…

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Personal Loan for CIBIL Defaulters

Anubhuti Agrawal

Anil took a home loan of Rs. 5,000,000 a year back and was making his regular EMI payments on the loan till four months back, when tragedy struck and he lost his job. As a result he could no longer keep making his scheduled home loan payments. First the EMI overdue payment reminders started and […]

Personal Loan vs Education Loan: Which is Better for Funding Education Cost?

Vandana Punj
हिंदी में पढ़ें Quality education lays the foundation of a steady career and a better package. However, its ever-increasing cost has rendered it out of bounds for most people. As a result, most people have to finance their higher education through education loans from banks or NBFCs. However, those who cannot avail education loan due...
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