Personal Loan News
A loan is when you borrow a certain amount of money at a pre-decided rate of interest and tenure. Loans are categorised in different categories by banks/non-banking financial corporations/other financial institutions - home loan, car loan, gold loan, personal loan, etc. A personal loan can be utilized for various purposes such as pay for home renovations, purchase of household/other items, or to even consolidate debt. People between the ages of 21 and 60, employees of private limited companies and public sector undertakings are eligible to take such loans.
What are the benefits of raising a personal loan over other financing options?
Raising a personal loan has a number of advantages. It is unsecured, offered at a fixed rate of interest, given by an array of lending platforms and disbursed instantly
1 min read30 Nov 2024Personal loans: Use EMI calculator to check monthly instalments across time durations
A personal loan EMI calculator ascertains the monthly instalment based on the interest rate and loan duration.
1 min read29 Nov 2024Personal loan for debt consolidation: Know the pros, cons and process of using it
Personal loans: Debt consolidation helps manage multiple loans by merging them into one personal loan, offering benefits like lower interest rates and simplified payments. However, potential downsides include extra fees, the risk of accumulating new debt, and temporary impacts on credit scores.
3 min read29 Nov 20247 types of personal loan repayment method: Which one is best suited for you?
Personal loans: Choosing the right loan repayment method is crucial for financial management. Effective strategies include tight budgeting, prioritizing debts, and understanding various repayment options to achieve long-term financial stability and security.
3 min read29 Nov 2024Personal loan: 10 key questions to ask yourself before opting for it
Personal loans: Typically people raise a personal loan for a range of purposes such as for a wedding, renovation at home, to buy a luxury item and for vacation abroad, among others. The first thing, therefore, you need to ask yourself is whether you need the loan or not
2 min read29 Nov 2024Personal loans and tax benefits: How to maximize your savings
Personal loan: Aligning a loan’s purpose with its use is crucial for potential benefits. Home loans are easier to document, while personal loans, though unsecured, do not generally qualify for tax benefits unless used for specific purposes like education or business expenses.
2 min read27 Nov 2024Planning to borrow from a personal loan lending app? Make note of 6 key points
Personal loan: When it comes to personal loans, banks and large NBFCs are somewhat reliable, but lending apps have yet to strike a chord with the masses. It is, therefore, recommended to be careful before jumping on the bandwagon
3 min read27 Nov 2024Personal Loan: 5 key determinants of repayment tenure you need to know
Personal Loan: Your personal loan repayment tenure should ideally be determined by a number of factors which include the rate of interest, ability to repay, future income and your long term financial goals
2 min read27 Nov 2024How does your credit score impact personal loan approval and interest rate?
Credit Score: Your credit score is crucial for personal loan eligibility and interest rates. A higher score increases chances of approval and better terms, while a lower score can lead to higher rates and stricter conditions. Understanding and improving your score is key before applying for a loan.
3 min read26 Nov 2024Looking for a personal loan? THESE are the documents you need for your application
Personal loans: To secure a loan quickly, gather the necessary documentation, including identity and proof of income. Each lender has specific requirements, so consult them directly. Being organised can facilitate a smoother application process and help you meet significant life goals.
2 min read26 Nov 2024Popular Topics
Budget
The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared