8 smart tips to keep your personal loan from becoming a debt burden
2 weeks, 2 days ago

8 smart tips to keep your personal loan from becoming a debt burden

Live Mint  

If you stare at a financial crisis and need funds urgently – you will invariably have a temptation to raise a loan. Now with a range of fintech platforms offering loans aplenty, it is highly unlikely not to opt for a personal loan. Choose the right tenure: Shorter tenure means higher EMIs but lower overall interest whereas longer tenure means lower EMIs, but higher total interest paid. Compare interest rates and charges: Interest rates on unsecured loans typically range between 10 per cent to 24 percent per annum depending on your profile and creditworthiness. Loan apps and predatory lenders: You could avoid unregulated loan apps which offer quick loans but charge extremely high interest rates.

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History of this topic

Are fintech apps providing personal loan a boon or a debt trap? Find out
5 days, 7 hours ago

Are fintech apps providing personal loan a boon or a debt trap? Find out

Live Mint  

With a range of personal loan apps giving instant loan options all around us – is this alright to use one of these apps to arrange the money or is a prelude to an avoidable debt trap? Low or minimal documentation: When you apply loan through any of these loan apps, minimal documentation is required, thus offering loan at a …

Personal loan in a hurry? Beware of THESE 7 points before you jump the gun
5 days, 9 hours ago

Personal loan in a hurry? Beware of THESE 7 points before you jump the gun

Live Mint  

Not being in the pink of financial health could prompt you to take out a personal loan. Here, we list out seven key factors to be careful about before you decide to take personal loan ‘instantly’. Processing fee and charges: Additional cost that loan seekers could be made to incur is high processing fee. Fine print: The loan agent might …

Personal loans for business: 5 crucial considerations before borrowing
1 week ago

Personal loans for business: 5 crucial considerations before borrowing

Live Mint  

Personal loans have become more popular among people who want to finance several needs, such as: medical expenses, education or business growth and expansion etc. Unlike traditional business loans, with their massive paper work and lag in approval, personal loans might be approved promptly, even in hours. Loan amount limits Personal loans, though convenient, have lower borrowing capacities than business …

Planning to borrow? THESE features make personal loans quite different from others
2 weeks, 2 days ago

Planning to borrow? THESE features make personal loans quite different from others

Live Mint  

Are you facing a financial crisis and contemplating borrowing money from a bank as of now? For the unversed, personal loan is a form of borrowing which enables applicants to use money for a range of activities which could vary from organising a wedding to going on a vacation. While you can raise a home loan for anywhere between 9-10 …

Personal loan hacks: How to slash your interest rate after you’ve borrowed—Key ways explained
3 weeks ago

Personal loan hacks: How to slash your interest rate after you’ve borrowed—Key ways explained

Live Mint  

Personal loans are generally taken in India for satisfying one's current financial needs, but do remember a higher rate of interest can increase repayment difficulties. Below are some important points to take into consideration, so that you can aim at reducing your personal loan interest rate, even post availing a loan: Improving your credit score It is essential to have …

Top banks for debt consolidation loans: Where to apply in 2025
3 weeks, 5 days ago

Top banks for debt consolidation loans: Where to apply in 2025

Live Mint  

Several different forms of debt such as credit cards demand personal loans and medical expenses become complicated to handle at once. Benefits of using a personal loan for debt consolidation Borrowers decide on personal loans during debt consolidation because they receive these main benefits. Banks offering personal loan for debt consolidation Banks/NBFCs Interest rates Bajaj Finserv Personal loan 12.99% p.a. …

6 essential tips for effectively managing your personal loan online
3 weeks, 5 days ago

6 essential tips for effectively managing your personal loan online

Live Mint  

Modern digital times provide the simplest approach to handle personal loans online. Consider debt consolidation The total financial burden decreases when you use a single loan with a low interest rate to unite multiple debts including credit card debt with auto loans and personal loans. Elevated loan payments let you pay debt faster which leads to less expensive total interest …

How to get the best personal loan deal in 2025? 3 key tips shared
3 weeks, 5 days ago

How to get the best personal loan deal in 2025? 3 key tips shared

Live Mint  

If you are planning to apply for a personal loan in 2025, remember that you need to plan things well in advance. Let us understand the key tips and tricks so that you can secure a good personal loan at convenient terms and conditions. Here we list out the key tips and tricks Before applying: First of all, you need …

Small personal loan online: 5 key factors to consider before applying
3 weeks, 6 days ago

Small personal loan online: 5 key factors to consider before applying

Live Mint  

In today's digital age, small personal loans are a very popular source of finance for people who want money at a short interval of time. Here are some key factors to consider before taking a small personal loan online: Instant approval and disbursement In this digital age, one of the best things about small personal loans is their rapid processing …

Personal loan: How is this different from a secured loan? An explainer
3 weeks, 6 days ago

Personal loan: How is this different from a secured loan? An explainer

Live Mint  

A personal loan is quite different from other variants of loans. Unlike other loans such as a house loan or a car loan, a personal loan is an unsecured loan. Rate of interest charged on personal loan is usually higher than that of other loans and it does not require a collateral from the borrower. Exorbitant interest rate: By virtue …

Gold Loan Or Personal Loan? Don't Apply Till You Read This
3 weeks, 6 days ago

Gold Loan Or Personal Loan? Don't Apply Till You Read This

ABP News  

When you need quick funds, both personal loans and gold loans are popular options. Gold loans typically have lower rates ranging from 7 per cent to 15 per cent, while personal loans range from 10 per cent to 24 per cent, depending on the borrower’s risk profile and lender’s policies. Loan Tenure Gold loans typically have shorter tenures of 12 …

What not to do with a personal loan: 6 key pitfalls to avoid
3 weeks, 6 days ago

What not to do with a personal loan: 6 key pitfalls to avoid

Live Mint  

These days, personal loans are one of the easiest loans to get. To know about the various offers available and choose the best one, you must compare the personal loan features and benefits from various financial institutions. Action point:Always compare personal loan offers from multiple lenders and get the best deal. Making unnecessary purchases with the personal loan amount Because …

How to avoid the pitfalls of easy personal loans? 5 key points to note
4 weeks ago

How to avoid the pitfalls of easy personal loans? 5 key points to note

Live Mint  

While personal loans are being made easily accessible in India, they are a solution in waiting for money to fulfill all possible needs, be it a health issue or weddings. Five things worth considering before availing a personal loan are listed below: Personal loans can come with high interest rates Personal loans can come with high interest rates, typically between …

How to consolidate debt with a personal loan? 5 key tips to cut costs and simplify payments
1 month ago

How to consolidate debt with a personal loan? 5 key tips to cut costs and simplify payments

Live Mint  

Management of multiple debts can be both challenging and overwhelming. Here are five smart ways to use personal loans for debt consolidation: Streamline repayments: Under this, all the loans are being combined into one loan. Lower interest rates: The interest rate offered by personal loans is lower compared to credit cards, and that will reduce your overall interest cost by …

Personal loan: Should you club it with another borrowing? These are the 4 key advantages
1 month ago

Personal loan: Should you club it with another borrowing? These are the 4 key advantages

Live Mint  

When you are planning to raise a personal loan, and are worried over its high interest rate, you can follow a simple strategy. Suppose you need ₹10 lakh personal loan for home renovation then you can use ₹6 lakh as home loan and the remaining ₹4 lakh as personal loan. Some banks allow you to take a top-up loan on …

How to choose the perfect personal loan? 5 key factors to keep in mind
1 month, 1 week ago

How to choose the perfect personal loan? 5 key factors to keep in mind

Live Mint  

Personal loans are one of the most popular financial options for individuals who require money. The most crucial element to consider when choosing a personal loan is a reputable loan distributor, interest rate terms, repayment options along with other associated factors. Key things to consider while choosing a personal loan: Interest rates Interest rate has a very important role in …

Which bank has the best personal loan? Compare top lenders for low interest rates
1 month, 1 week ago

Which bank has the best personal loan? Compare top lenders for low interest rates

Live Mint  

Personal loans remain a popular tool for Indians to get money in a hurry for a variety of purposes, from medical emergencies to renovating homes. With several banks and financial institutions fighting with one another, it is necessary for an individual to be aware of the prevailing situation of interest rates and terms of lending to secure the best deal. …

Personal loan trends 2025: What borrowers can expect this year
1 month, 1 week ago

Personal loan trends 2025: What borrowers can expect this year

Live Mint  

Three key aspects including technological progress together with changes in economic conditions and shifting consumer habits drive fundamental changes in personal lending practices. The versatility of personal loans enables borrowers to combine debt, renovate homes and cover health expenses while financing weddings along with vacations and other purposes unlike mortgages and vehicle loans with dedicated use objectives. Top personal loan …

Personal Loan: Is it wise to borrow to repay current debts? Key things to keep in mind
1 month, 1 week ago

Personal Loan: Is it wise to borrow to repay current debts? Key things to keep in mind

Live Mint  

Do you have a number of financial obligations aka personal loans and planning to redeem them by raising a fresh one? For instance, when you have four loans with a total obligation of ₹10 lakh from different institutions – it is advisable to take these loans to one single loan obligation of ₹10 lakh instead. Loan to repay debt: Scenarios …

Personal loans: A double-edged sword for the middle class—Understanding the risks and benefits
1 month, 2 weeks ago

Personal loans: A double-edged sword for the middle class—Understanding the risks and benefits

Live Mint  

People in the middle class struggle with financial needs that outstrip what their available funds can cover while dealing with medical crises along with major expenses including weddings or higher education. Benefits of personal loans for middle class Reduced interest rates: Personal loans serve as affordable borrowing tools since their interest rates remain lower than those of credit cards. Personal …

Small Personal Loans: Everything you need to know about interest rates and eligibility
1 month, 2 weeks ago

Small Personal Loans: Everything you need to know about interest rates and eligibility

Live Mint  

Are you in urgent need of funds but the quantum is not large enough to go for a big-ticket loan? A small personal loan offered by banks and NBFCs to cover small but unforeseen expenses can be quite helpful in such circumstances. Here is a quick snapshot on small personal loans, interest charges, eligibility requirements and repayment terms. A small …

How does your credit score affect your personal loan interest rate? An explainer
1 month, 2 weeks ago

How does your credit score affect your personal loan interest rate? An explainer

Live Mint  

If your credit score is high, it is quite easy to be able to get a personal loan offer at a low interest rate. When your credit score is mediocre : Getting a personal loan when your credit score is above 600 is feasible but the bank may charge a higher rate of interest. When it is good : A …

5 most common personal loan myths—What you should really know
1 month, 2 weeks ago

5 most common personal loan myths—What you should really know

Live Mint  

Whether an individual has a medical emergency or wants to enjoy a leisurely family vacation, a personal loan can provide the required funding. Some financial institutions consider a credit score of less than 700 also for giving personal loans provided the other factors are in favour. In cases where non-salaried applicants have a good credit score, low debt-to-income ratio, regular …

Long Term Personal Loan: How to weigh the advantages and disadvantages before borrowing?
1 month, 2 weeks ago

Long Term Personal Loan: How to weigh the advantages and disadvantages before borrowing?

Live Mint  

The financial sector experiences continuous change forcing individuals to face expensive requirements for large monetary payments. Benefits of long term personal loans Borrowers who select long-term loans have access to larger loan amounts that consider their income together with debt-to-income ratio. Drawbacks of long term personal loans Future borrowing options of customers may be affected negatively because long-term loans improve …

Which loan is right for you: Personal loan vs. mortgage? Find out now
1 month, 2 weeks ago

Which loan is right for you: Personal loan vs. mortgage? Find out now

Live Mint  

If you are considering loan options and are having a tough time in choosing between a personal loan and mortgage, it is important to consider a few factors so that you can make the right choice. Factors to consider for personal loans High interest rates: personal loans are unsecured, and thus the lender will often charge higher interest rates to …

Personal loan interest rates: 7 key factors that impact your borrowing costs
1 month, 3 weeks ago

Personal loan interest rates: 7 key factors that impact your borrowing costs

Live Mint  

Personal loan interest rates can significantly impact the cost of borrowing and should be carefully considered before applying. On similar lines consistent business performance helps self employed borrowers ensure obtaining loans on lower interest rates. Clarity on the borrowing terms, interest rates, repayment tenure and associated issues brings absolute peace of mind for the borrower and helps in facilitating a …

Personal Loans: What are the risks of borrowing money through digital lending apps?
1 month, 4 weeks ago

Personal Loans: What are the risks of borrowing money through digital lending apps?

Live Mint  

Borrowing money i.e., personal loan through digital applications can expose aspirational borrowers to various risks. Many borrowers generally don't fully understand the terms and conditions of their personal loans, leading to the possibility of exploitation by lenders. It is important for aspirational borrowers to clearly understand terms like creditworthiness, credit score, personal loan, personal loan EMIs, personal loan eligibility, interest …

Is it advisable to opt for personal loan over a credit card? Here’s what you need to know
1 month, 4 weeks ago

Is it advisable to opt for personal loan over a credit card? Here’s what you need to know

Live Mint  

If you possess one or more credit cards and you have an urgent financial requirement to meet, then you can ideally choose one of the two options: either you can raise a loan, or you can make the payment through a credit card. Interest rate: The rate of interest charged by a bank on a personal loan is relatively lower …

Personal loans: Why taking a loan for travel may not be a good idea?
1 month, 4 weeks ago

Personal loans: Why taking a loan for travel may not be a good idea?

Live Mint  

Are you planning to go on a vacation by taking out a personal loan? These are some of the key disadvantages of personal loan that you should be aware of before you decide to take one. Emergency in future: When you take too much of a personal loan now for avoidable expenses, then you compromise your ability to take out …

Best personal loan options in 2025: Top 10 banks with low interest rates
2 months, 1 week ago

Best personal loan options in 2025: Top 10 banks with low interest rates

Live Mint  

If you are in need of quick funds to cover your financial needs for a while, personal loans can be a great option for you to consider. Indian Bank Maximum loan amount: Up to 20 times of monthly gross salary Processing fee: 1% of the loan amount Loan tenure: Up to 7 years 4. 10 lakh Processing fee: Up to …

3 things you can do to get personal loan at the lowest interest rate
2 months, 2 weeks ago

3 things you can do to get personal loan at the lowest interest rate

Live Mint  

A personal loan can solve a range of money-related problems – at least temporarily. Now, another pertinent thing that a personal loan applicant must strive for is to procure the loan at the lowest interest rate possible. So, let us explore different ways to get personal loan at lowest rate as possible: Three things one can do to get personal …

5 simple tips to get personal loans at lowest interest rates
2 months, 2 weeks ago

5 simple tips to get personal loans at lowest interest rates

India Today  

Personal loans are a quick solution to meet financial needs, whether for emergencies, weddings, or big-ticket purchases. STRENGTHEN YOUR CREDIT SCORE A good credit score is your ticket to lower interest rates. SKIP PRE-APPROVED OFFERS ON CREDIT CARDS Pre-approved personal loan offers on credit cards may seem convenient, but they often come with higher interest rates. While personal loans are …

Loan against credit card vs. personal loan - What should you choose? 6 key factors to consider
2 months, 2 weeks ago

Loan against credit card vs. personal loan - What should you choose? 6 key factors to consider

Live Mint  

When you want to raise a personal loan, you may have an option to raise it against a credit card rather than opting for a conventional personal loan. Typically, loan against credit card is a pre-approved one and conversely, a regular personal loan has to be applied for. On the other hand, a regular personal loan carries a relatively lower …

6 leading banks providing personal loans you can use for education – Find the best rates
2 months, 2 weeks ago

6 leading banks providing personal loans you can use for education – Find the best rates

Live Mint  

Education is a crucial part in building a foundation to shape your career. Top banks providing personal loans for education Banks Interest rate Axis Bank 10.49 to 22.50 Bank of Baroda 11.40 to 18.75 State Bank of India 11.45 to 14.60 HDFC Bank 10.85 to 24 ICICI Bank 10.85 to 16.25 Kotak Mahindra Bank 10.99 to 16.99 Punjab National Bank …

Personal Loans: Your Path to Financial Freedom
2 months, 3 weeks ago

Personal Loans: Your Path to Financial Freedom

Deccan Chronicle  

Imagine turning your lifelong dreams into reality! Understanding Personal Loans Personal loans are an unsecured credit facility offered by financial institutions, allowing individuals to borrow a fixed amount of money for various personal needs without collateral. With predetermined interest rates and fixed repayment tenures, personal loans provide a structured borrowing option for debt consolidation, medical emergencies, home improvements, or travel …

Personal Loan: Why should small business owners include it in their financial planning?
2 months, 3 weeks ago

Personal Loan: Why should small business owners include it in their financial planning?

Live Mint  

Key solutions to the financial barriers of entrepreneurship are planning and resource management. Personal loans don't have to be secured to your assets and, unlike mortgage loans, won't take anything you own in case you default on the loan. Personal loans can help small business owners focus on their financial wellness and minimize risks – when carefully weighing aspects including …

Fixed Rate Personal Loans: Why could they be the future of borrowing? 4 key reasons
2 months, 3 weeks ago

Fixed Rate Personal Loans: Why could they be the future of borrowing? 4 key reasons

Live Mint  

While fixed rate personal loans, which were supposed to be exceptions to the prevailing variable-rate lending norms, gained in popularity even, this piece probes the implications to the lenders themselves, whether that shift spells potential permanence as an economy emerges with its set of interest-lowness conditions. Disadvantages of fixed interest rates Higher rates: High initial interest rates compared to variable …

Personal loan approval: How does your salary influence the decision? Find out
2 months, 3 weeks ago

Personal loan approval: How does your salary influence the decision? Find out

Live Mint  

If you want to get a personal loan, your employment as well as your income plays a major role in making your application eligible for the loan. Let us understand the role of your salary in loan approval of personal loans: Importance of gross income Gross income is the total income earned before the deduction of taxes which is an …

Where can you apply for a personal loan? Check 5 key options
3 months ago

Where can you apply for a personal loan? Check 5 key options

Live Mint  

Borrowers can seek a personal loan from any of the main loan providers which include banks, non-banking financial companies, digital lending platforms, among others. Typically, one tends to seek a loan from a bank, but if the bank turns down the application, one can approach an NBFC or digital lending app. Banks: As mentioned above, one can seek a loan …

Interest free personal loans: From benefits to eligibility; all you need to know
3 months ago

Interest free personal loans: From benefits to eligibility; all you need to know

Live Mint  

Life has a funny way of throwing unexpected expenses at you. Benefits of interest free personal loans Instant access to purchases: These loans are the best for urgent financial requirements because they enable you to buy what you need immediately. Drawbacks of interest free personal loans Reduced financial stress: You will have a low credit score but also increased financial …

Personal loan: How an impressive set of documents can help you get loan at a lower interest rate?
3 months, 1 week ago

Personal loan: How an impressive set of documents can help you get loan at a lower interest rate?

Live Mint  

If you are planning to raise a personal loan then the bank would invariably ask you to submit several documents such as your salary slips, your bank statement and Aadhaar card, PAN, among others. Notably, if your documents indicate financial liquidity, the bank may even offer you loan at a lower interest rate as well. For instance, someone with a …

Personal Loans For Big Purchases: Here Are Some Of The Pros And Cons
3 months, 1 week ago

Personal Loans For Big Purchases: Here Are Some Of The Pros And Cons

ABP News  

A personal loan is a practical option for financing significant purchases or one might need for the unplanned purchase. Here Are Some Of The Advantages Of Taking A Personal Loan Fixed Interest Rates Unlike credit cards, which often have fluctuating interest rates, personal loans typically come with fixed rates. Potential For Lower Interest Rates Personal loans often have lower interest …

Top 5 myths about personal loan eligibility you need to stop believing
3 months, 1 week ago

Top 5 myths about personal loan eligibility you need to stop believing

Live Mint  

Personal loans are one of the most popular forms of credit which are opted by people if they are in need of quick cash and want to cover their financial needs temporarily. Personal loans offer instant loan disbursement and flexible repayment period which becomes a great choice if you are in an emergency and want financial assistance. If you do …

Struggling to get a personal loan? Here’s how to improve eligibility
3 months, 1 week ago

Struggling to get a personal loan? Here’s how to improve eligibility

Live Mint  

Major requirements in terms of finance will be changed with a high-value personal loan. Personal loans are flexible for all purposes, such as debt consolidation, emergency medical care, home improvement financing, and dream vacation planning. Personal loans typically carry higher interest rates compared to other types of loans. Key factors influencing personal loan eligibility They base a number of factors …

Personal Loan: 5 key strategies to lock interest rate before it spikes
3 months, 1 week ago

Personal Loan: 5 key strategies to lock interest rate before it spikes

Live Mint  

If you are planning to raise a personal loan in the near future, it is important to carry out an exhaustive background search. These are some of the key points one should remember when it comes to the raising of personal loan at the lowest possible rate. Five key personal loan strategies Fixed rate of interest: Typically, personal loan interest …

Instant personal loan: These are the top 9 reasons to apply for it
3 months, 2 weeks ago

Instant personal loan: These are the top 9 reasons to apply for it

Live Mint  

If you are in an urgent need of money and the requirement does not qualify for a specialised loan category such as a car loan or a business loan, then it is recommended to opt for a personal loan. Although one typically applies for a personal loan at a bank or an NBFC, one can consider opting for an instant …

5 Tips to Get the Best Deal on Your Personal Loan
3 months, 2 weeks ago

5 Tips to Get the Best Deal on Your Personal Loan

Deccan Chronicle  

Selecting the best Personal Loan option with affordable rates, nominal charges, and favourable terms helps you rein in the borrowing costs and repay your EMIs with ease. Having a credit score of 750 and above increases your chances of getting quick Personal Loan approval at lower interest rates and better terms. Negotiate With the Lender Once you have checked the …

7 instant personal loan mobile apps you can explore in 2025
3 months, 2 weeks ago

7 instant personal loan mobile apps you can explore in 2025

Live Mint  

If you are falling short of money and urgently need funds to meet your deficit then one of the most feasible options that you can explore is to seek a personal loan. Although one can approach a bank or an NBFC for a personal loan, there are a dozen mobile applications also that enable users to procure a personal loan …

Personal Loans vs. Payday Loans: 10 crucial differences you need to know
3 months, 2 weeks ago

Personal Loans vs. Payday Loans: 10 crucial differences you need to know

Live Mint  

If you are short of funds and urgently need money to cover an unanticipated expense, you can rely on a personal loan. We are referring to the pay day loans, which are quite similar to personal loans but still vary in terms of interest rate, loan amount and repayment period, among other criteria. Purpose: Personal loans are offered by banks, …

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