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...