Category: Personal Loan

6 Things You Should Know About Pre-Approved Personal Loans In today's fast-paced world, access to instant credit can offer much-needed financial flexibility. Whether you're looking to cover marriage or education expenses or a medical emergency, personal loans often provide a reliable solution. Among these, pre-approved personal loans stand out for their speed, convenience, and minimal...

  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...

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...