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...