Personal Loan: Should you use it for investment? Pros and cons revealed
2 weeks, 3 days ago

Personal Loan: Should you use it for investment? Pros and cons revealed

Live Mint  

Taking a personal loan with the intention of investing can be both risky as well as profitable. Let us understand the implications of borrowing a personal loan for investment and whether or not it is a wise decision for you: Understanding personal loans A personal loan is an unsecured type of loan which you can easily borrow for any purpose such as, emergencies, vacation, or ongoing debt repayments. The interest rates offered on personal loans can fluctuate between 9 % and 44 % per annum which usually depend on your credit score, past credit history and your relationship with the lender. They have a straightforward application process and can be used for various investment purposes.” Disadvantages High interest costs: Personal loans usually attract high interest rates as compared to other loans in the market. Points to note before using a personal loan for investments Evaluate investment risks: Investing in the market can come with risks and might put you in debt.

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Choosing the Right Type of Personal Loan for You
1 week, 4 days ago

Choosing the Right Type of Personal Loan for You

Live Mint  

Among the diverse financial products available today, personal loans stand out as a flexible and accessible option for individuals looking to meet their financial needs. Whether it's consolidating debt, funding a wedding, or managing unexpected medical expenses, personal loans can be the bridge to achieving your financial goals. Types of Personal Loans Understanding the different personal loan types can help …

When should you take out a personal loan? 7 key scenarios
2 weeks, 3 days ago

When should you take out a personal loan? 7 key scenarios

Live Mint  

Personal loans provide ready access to money, but with responsibilities and downsides. Understanding personal loans A personal loan allows you to borrow a specific amount of money and pay it back in fixed monthly instalments over a specific period. Higher education: In case you do not have sufficient money to pay for training or tuition in full, you may use …

Personal loan for self-employed: 7 key tips to follow to overcome challenges
2 weeks, 5 days ago

Personal loan for self-employed: 7 key tips to follow to overcome challenges

Live Mint  

If you are short of funds, it is acceptable to explore the prospect of raising a personal loan to meet your needs. Typically, before banks disburse a personal loan, they examine the past few months' salary slips and CIBIL score. Shorter tenure: Banks may usually offer shorter loan repayment tenures to self-employed borrowers, thus leading to higher instalments. Reconciling actual …

6 consequences of personal loans: What you need to know before signing up
2 weeks, 5 days ago

6 consequences of personal loans: What you need to know before signing up

Live Mint  

Personal loans are one of the quick sources of funds that cater to a variety of purposes such as debt consolidation, house repairs, and even sudden medical bills. High interest rates: As personal loans are not secured, they normally come with higher interest rates than other secured loans like mortgages and auto loans. Paying off debt with loans: Personal loans …

Personal Loan: 6 crucial things you need to know before borrowing
2 weeks, 6 days ago

Personal Loan: 6 crucial things you need to know before borrowing

Live Mint  

If you are planning to take a personal loan, it is important that you keep a few aspects in mind before you start with your application process. 6 key factors to consider before applying for a personal loan Understand your credit report: Credit score plays a major role in the personal loan approval process. Beware of misleading offers: Many lenders …

Emergency Fund vs. Personal Loan: Which option is best for your financial crisis?
2 weeks, 6 days ago

Emergency Fund vs. Personal Loan: Which option is best for your financial crisis?

Live Mint  

An emergency crisis can come at any point in your life. However, it is important to understand whether or not you should take a personal loan or utilise emergency funds in such situations. Advantages of personal loans Protect savings: Getting a personal loan can be a good option if your total savings will completely get exhausted in case of an …

How to choose the right personal loan? Here are 7 key ways
2 weeks, 6 days ago

How to choose the right personal loan? Here are 7 key ways

Live Mint  

A personal loan is one of the quickest ways to arrange funds for any reason. Compare the interest rate and other terms from various lenders Once you decide on the loan amount, compare the personal loan offers from various banks and NBFCs. There are many online platforms that can help you compare personal loan offers from banks on various parameters …

Personal loan: Before zeroing in on a lender, make note of 7 key points
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3 weeks ago

Personal loan: Before zeroing in on a lender, make note of 7 key points

Live Mint  

If you are all set to borrow a personal loan, then the first and foremost thing that you need to do is to zero in on a bank to borrow the money from. It is recommended that you choose the best personal loan provider after examining your financial needs, carrying out a thorough research, and comparing different lenders and their …

What are the benefits of raising a personal loan over other financing options?
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3 weeks, 2 days ago

What are the benefits of raising a personal loan over other financing options?

Live Mint  

Are you short of funds and exploring different ways of raising money? There are multiple ways to do so such as personal loan, instant loan, credit card loan and loan against an asset such as gold or securities. Benefits of raising personal loan over other financing options: 1. Instant options available: Thanks to technology, one can raise a personal loan …

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …
Trending News
4 weeks ago

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …

Live Mint  

Life often presents us with unforeseen expenses includeasily available to people. Knowing the key benefits of personal loans can help you make well-informed financial choices to achieve your objectives. The interest rates on personal loans are usually affected by several factors, including your credit score, income, and the loan amount. Quick disbursement process: Personal loans are approved and disbursed within …

Pros and cons of personal loans: Is borrowing right for you?
1 month ago

Pros and cons of personal loans: Is borrowing right for you?

Live Mint  

Personal loans are one of the most sought after products in the field of finances, since they fulfil the need for instant money for any purpose. Personal loans are usually repos which are meant to meet specific needs despite the fact that as much as lenders set caps depending on your income and your ability to repay. No collateral required: …

3 Key Reasons to Consider a Personal Loan for Financial Emergencies
1 month, 3 weeks ago

3 Key Reasons to Consider a Personal Loan for Financial Emergencies

Live Mint  

Personal loans offer a practical solution for various financial needs, including home renovation, quick cash, and life event expenses. By consolidating multiple loans into a single personal loan, you can simplify financial management and avoid missed payments. Additionally, fixed interest rates provide predictable monthly payments, helping you avoid missed deadlines and improve your credit score over time. However, it's important …

Personal Loans: 3 smart reasons to consider borrowing for your next big expense
3 months, 1 week ago

Personal Loans: 3 smart reasons to consider borrowing for your next big expense

Live Mint  

Whenever you fall short of money or stare at a sudden shortfall, all you typically think of is to raise a personal loan. These, and many more, are some of the key reasons for which it is not uncommon to raise a personal loan. Best Personal Loan for you at lowest interest rate Instant Apply Here we present three key …

Considering a personal loan to buy a car? Here are its pros and cons
6 months, 3 weeks ago

Considering a personal loan to buy a car? Here are its pros and cons

Live Mint  

Personal loans might be a sensible option when buying a car in some cases. Potentially low interest rates: Good credit score can turn the tables when it comes to personal loans versus car loans for car purchases. While personal loans typically have higher interest rates than car loans, if you have good credit score, you might snag a lower rate …

Impact of personal loans on financial planning: Here are the pros and cons
6 months, 3 weeks ago

Impact of personal loans on financial planning: Here are the pros and cons

Live Mint  

Personal loans can be both beneficial and detrimental to financial planning. Best Personal Loan for you at lowest interest rate Instant Apply Access to funds for specific financial goals. Consolidation of high-interest loans, such as credit cards, into a single personal loan with a reduced interest rate to save money and simplify repayment. Personal loans integrated into financial planning This …

Personal loans for big purchases: Here are the pros and cons
6 months, 4 weeks ago

Personal loans for big purchases: Here are the pros and cons

Live Mint  

A personal loan presents a viable option for financing significant purchases. In contrast to credit cards, which may have variable interest rates based on your creditworthiness or the state of the market, personal loans provide peace of mind. Possibility of reduced interest rates: Interest rates on personal loans are usually lower than those on credit cards, especially for borrowers with …

Personal loan for business: Here are its pros and cons
8 months, 3 weeks ago

Personal loan for business: Here are its pros and cons

Live Mint  

Personal loan for business: Personal loans are usually taken and used for personal expenses but some borrowers may consider taking this type of credit to finance their small business ventures. This is because of the following reasons: Elevated interest rates : Personal loans generally carry higher interest rates in comparison to business loans, which can substantially inflate the total borrowing …

Using personal loan for debt consolidation? The pros and cons of this move
9 months, 2 weeks ago

Using personal loan for debt consolidation? The pros and cons of this move

Live Mint  

Managing high-cost debt is essential for alleviating stress and advancing towards your financial objectives. Best Personal Loan for you at lowest interest rate Instant Apply Streamlined management : You’ll be dealing with a single monthly payment instead of multiple ones, simplifying the tracking and management of your debt. Possibly reduced interest : If the interest rate on the personal loan …

Using personal loan for debt consolidation? The pros and cons of this move
9 months, 2 weeks ago

Using personal loan for debt consolidation? The pros and cons of this move

Live Mint  

Leveraging a personal loan for debt consolidation can serve as a beneficial strategy to handle your debt and potentially cut costs. Here's an overview of the primary advantages: Personal loans present numerous benefits over salary advance loans, potentially making them a superior choice for diverse borrowing requirements. Here's an overview of the primary advantages: Increased loan amount : Personal loans …

Personal loans pros and cons that you must be aware of
9 months, 2 weeks ago

Personal loans pros and cons that you must be aware of

Live Mint  

A personal loan represents an unsecured borrowing arrangement available from institutions such as banks or credit unions. Best Personal Loan for you at lowest interest rate Instant Apply Characteristics of personal loans The demand for immediate funds is a widespread challenge, whether it’s an unexpected medical emergency or an unplanned wedding. : Due to the absence of collateral that lenders …

5 scenarios in which quick Personal Loans can be useful
1 year, 6 months ago

5 scenarios in which quick Personal Loans can be useful

India TV News  

Getting credit now is easier than ever before. Here, personal loans are a viable choice because you can use the funds without any restrictions, and this includes paying off existing high-interest credit. You only have to pay the interest applicable on the personal loan Moreover, when you consolidate your debt, you are effectively closing your other credit accounts. Lenders provide …

It’s better to use your investments to pay off loans
4 years, 2 months ago

It’s better to use your investments to pay off loans

Live Mint  

With the Reserve Bank of India’s six-month moratorium on equated monthly instalments ended on 31 August, individuals who have had to endure the covid-19-induced pay cuts, job losses and rising debts are not sure how to repay their existing loans. While loan restructuring is a useful and timely financial scheme, it risks putting borrowers into a debt trap, which must …

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