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 may attract you with personal loan offers which might look like they are cheap both in terms of the interest rate or with some sort of special offer schemes. Avoid approaching multiple lenders: Multiple requests for personal loans are also not good for your credit score since each inquiry is made on the credit report. Applying for personal loans with many hard inquiries in a short time will make lenders consider you “credit hungry” which may result in your application getting rejected or an approval with an extremely high interest rate.

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History of this topic

5 Tips to Get the Best Deal on Your Personal Loan
5 days, 9 hours 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 …

How to get a personal loan if you don't meet eligibility criteria? Here are 8 easy steps
5 days, 19 hours ago

How to get a personal loan if you don't meet eligibility criteria? Here are 8 easy steps

India TV News  

Getting turned down for a personal loan can be frustrating, but not meeting the right standards doesn’t mean all hope is lost. Banks and financial institutions check a variety of factors such as your credit score, income, existing debts and documents before approving a loan. Consider low-cost loans If your income or credit score can’t support the amount of loan …

Personal Loan: Can you qualify with a 666 credit score?
6 days, 13 hours ago

Personal Loan: Can you qualify with a 666 credit score?

Live Mint  

Credit score can help you get low interest rates on personal loans and is one of the major criteria of your application approval. A high credit score can help you get low interest rates and your desired loan amounts. CIBIL Score Range Rating 300-500 Poor 550-600 Average 650-750 Good 750-900 Excellent Can you get a personal loan with a 666 …

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 …

Not meeting personal loan eligibility? THESE steps can help you fix it
1 week, 4 days ago

Not meeting personal loan eligibility? THESE steps can help you fix it

Live Mint  

A personal loan is the most preferred financing option by many as it does not require any collateral and can be used in multiple ways. Before knowing how to improve your chances of getting a personal loan, it is important to know the reasons why your loan application would get rejected. Unsteady source of income: An unstable job or source …

Personal Loan: 6 factors that determine your interest rate
1 week, 5 days ago

Personal Loan: 6 factors that determine your interest rate

Live Mint  

When you apply for a personal loan, the banks consider different factors to determine the interest rate chargeable. Macro interest rate scenario Depending on the macro interest rate scenario in the economy, banks decide the interest rates chargeable on personal loans and other loans at a broader level. Your higher credit score can help you get a personal loan at …

Personal Loan Agreement: 7 key things you must know before signing
1 week, 6 days ago

Personal Loan Agreement: 7 key things you must know before signing

Live Mint  

A personal loan may become a source of support at your time of need. Understanding personal loans An unsecured loan, often referred to as a personal loan, is borrowed for a given amount for various purposes, including debt consolidation, medical expenses, home improvements, and financing holidays. Since it's an unsecured loan, you don't need collateral, though this usually leads to …

5 key tips to boost your chances of instant personal loan approval
2 weeks, 3 days ago

5 key tips to boost your chances of instant personal loan approval

Live Mint  

Personal loans are one of the most convenient tools to access emergency funds. Source of income Most lenders would quickly approve instant personal loans for borrowers with stable incomes and steady employment. Different lenders may have a minimum monthly income limit to grant an instant personal loan. Good credit score One of the major criteria lenders look for when approving …

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 …

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: Where to apply for it? Here are 5 key options
2 weeks, 3 days ago

Personal loan: Where to apply for it? Here are 5 key options

Live Mint  

In case you fall short of money and urgently need it, one of the most feasible options is to raise a personal loan. One could raise a loan from a bank such as SBI, HDFC Bank, Kotak Mahindra or Bank of Baroda, among others. Alternatively, you could Here we list out key ways to raise a personal loan: 1.Bank: Raising …

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 Repayment: 8 tips to pay off your loan faster
2 weeks, 6 days ago

Personal Loan Repayment: 8 tips to pay off your loan faster

Live Mint  

A personal loan may be a good financial tool when used judiciously. Let's have a look at the strategies to enable you to reduce your total debt, and pay off your personal loan more speedily. Principal and interest rate are typically repaid in equal monthly instalments while paying back a personal loan. It is easier and more economic to pay …

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
Trending News
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 …

Planning to borrow? A beginner’s guide for personal loans 2025
3 weeks ago

Planning to borrow? A beginner’s guide for personal loans 2025

Live Mint  

Being in a financial crisis is pretty normal for any of us at any time. One should, however, compare the interest rate charged by your bank with that of other banks that are offering personal loans. Opting for NBFC: When a bank is unwilling to offer a personal loan, you can always approach an NBFC or non banking financial corporation …

Personal loans: How opting for multiple funding options can be a rational move?
3 weeks, 2 days ago

Personal loans: How opting for multiple funding options can be a rational move?

Live Mint  

If you are suddenly short of funds, you should remember that you can always raise a personal loan to meet your demands. Instead of personal loan, you can also raise funds through an array of sources such as credit card and instant loan. Second, you can use multiple channels such as credit card, instant loan and personal loan. There could …

Personal loan: 10 key questions to ask yourself before opting for it
3 weeks, 3 days ago

Personal loan: 10 key questions to ask yourself before opting for it

Live Mint  

If you are suddenly short of funds and do not wish to borrow from friends then one of the options that you can avail is to raise a personal loan. However, before raising a personal loan, make sure that the interest rate is not exorbitant, time duration is optimum, and the lender is reliable, so on and so forth. Let …

Personal loan application: What are the documents required for a personal loan?
Trending News
3 weeks, 6 days ago

Personal loan application: What are the documents required for a personal loan?

Live Mint  

Are you planning something significant in your life, such as a wedding, remodelling your home, or that long-awaited bucket list vacation? However, before applying, however, you'll need to provide the following documents to the lender: In this article, we will examine the key documents required for a personal loan. Documents required for applying personal loan To ensure a fast and …

Personal Loan: How to get a pre-approved personal loan? Eligibility, benefits and process explained
4 weeks ago

Personal Loan: How to get a pre-approved personal loan? Eligibility, benefits and process explained

Live Mint  

A personal loan is a widely used financial tool that helps individuals meet their funding needs. A pre-approved personal loan is provided instantly to selected individuals by various banks and NBFCs based on your creditworthiness and credit history. Interest rate: Due to your good credit history, you may get your personal at a lower interest rate while opting for a …

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 …

Personal loans: How is a pre-approved loan different from a regular one? See details here
1 month ago

Personal loans: How is a pre-approved loan different from a regular one? See details here

Live Mint  

If you fall short of money, then you can avail the option of raising a personal loan from a bank or non-banking financial company. Typically, banks give pre-approved personal loan offers to their customers with a high credit score and whose loan liability is non-existent or marginal. Some banks also offer pre-approved loans to their existing customers who already have …

Applying for a personal loan? Essential dos and don’ts to keep in mind
1 month ago

Applying for a personal loan? Essential dos and don’ts to keep in mind

India TV News  

Personal loans are popular forms of credit, but they come with higher interest rates and stricter eligibility criteria. Dos and Don’ts While Applying for a Personal Loan Dos: Take appropriate steps for secured loans Do thorough research: Before applying for a personal loan, compare lenders, interest rates, terms, and associated fees. Don’t ignore your credit score: A poor credit score …

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: …

Personal loan application: How does credit score matter and what are the other factors considered?
1 month ago

Personal loan application: How does credit score matter and what are the other factors considered?

Live Mint  

Before applying for a personal loan with any bank, NBFC, or fintech, make sure you check the eligibility criteria. The higher the credit score, the better the chances of the personal loan getting approved, provided the applicant fulfils the other eligibility criteria. Some banks and NBFCs may consider personal loan applications with a lower credit score and approve them on …

Can you get a personal loan? Check eligibility criteria first
1 month ago

Can you get a personal loan? Check eligibility criteria first

Live Mint  

Personal loans are helpful for fast money if you need such speed to cover medical costs, house improvement, or that dream vacation. Understanding eligibility criteria for personal loans Lenders often consider a variety of factors when determining eligibility for a personal loan in India. Age, income, employment stability, credit score, and existing debt are all important eligibility factors. Factors affecting …

What is a personal loan? A comprehensive guide for first-time borrowers
1 month ago

What is a personal loan? A comprehensive guide for first-time borrowers

Live Mint  

Personal loan loans are flexible financial options that can be availed in pursuit of different goals of life such as paying an emergency medical bill, funding home improvements or realising that special dream vacation. Important factors to consider before taking personal loans 1.Loan terms and conditions: Before taking a personal loan, always read the fine print. 2. Credit score: It …

Personal Loan: 10 common mistakes to avoid before you apply
1 month ago

Personal Loan: 10 common mistakes to avoid before you apply

Live Mint  

With the advent of digitisation, getting a personal loan is at your fingertips. Personal loan mistakes to avoid Taking a personal loan even when you don’t need it: From time to time, you will keep getting pre-approved personal loan offers from various banks, NBFCs, and fintechs. Minimum credit score List of cities whose residents can apply Before applying for a …

Personal loans: These are the 5 key reasons to borrow money. Check list here
1 month, 1 week ago

Personal loans: These are the 5 key reasons to borrow money. Check list here

Live Mint  

If you are falling short of money while you buy an important item for yourself or someone else, then you don't need to fret. Whether you want to spend money on a wedding, or buy an expensive jewellery for your partner or want to go on a vacation -- you can take a personal loan to meet your need. But …

Personal Loan: How does your DTI ratio affect your chances of getting a loan?
1 month, 1 week ago

Personal Loan: How does your DTI ratio affect your chances of getting a loan?

Live Mint  

When you apply for a personal loan, the bank or NBFC considers various factors for loan approval. Some banks may consider a DTI ratio of up to 40 – 45% range and still approve the personal loan application. A higher DTI ratio impacts your personal loan application in the following ways: If the DTI ratio is above a specified percentage, …

Understanding Personal Loan Interest Rates: Key Factors to Consider
1 month, 3 weeks ago

Understanding Personal Loan Interest Rates: Key Factors to Consider

Live Mint  

Personal loan interest rates in India are influenced by various factors, including credit score, income, and repayment history. A high credit score and stable income are generally associated with lower interest rates, while a history of timely repayments and low default rates can lead to more favourable terms. Other factors such as loan purpose, employment stability, and the lender's risk …

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 …

What are personal loans and how do they work?
2 months, 3 weeks ago

What are personal loans and how do they work?

Live Mint  

Personal Loan: While personal loans are popular for urgent needs, they carry high interest rates. To obtain a personal loan, you must adhere to specific guidelines and meet the Personal loans primarily depend on your credit score, financial status, and current market conditions. Interest rates vary by bank, but they are usually calculated using a simple formula: Interest rates vary …

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 …

Personal Loan Eligibility Criteria Explained
3 months, 3 weeks ago

Personal Loan Eligibility Criteria Explained

Hindustan Times  

Getting a personal loan in India can be a bit difficult. Things to Remember while Applying for Personal Loan What are Personal Loan Eligibility Criteria? Some common personal loan eligibility criteria in India include the following. Factors Affecting Personal Loan Eligibility Let's understand some common factors that affect personal loan eligibility in India. Some personal loan apps in India offer …

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 …

Considering a personal loan for higher education? Here are its advantages and disadvantages
8 months, 3 weeks ago

Considering a personal loan for higher education? Here are its advantages and disadvantages

Live Mint  

You might be eligible for a personal loan to fund educational endeavours. : Personal loans usually entail higher interest rates in contrast to student loans, potentially leading to a notable increase in your overall repayment amount. Not eligible for educational benefits: Opting for a personal loan for education means missing out on specific benefits offered by student loans, including income-driven …

Personal loan eligibility calculator: From eligibility criteria to documents required, key things to keep in mind
9 months, 2 weeks ago

Personal loan eligibility calculator: From eligibility criteria to documents required, key things to keep in mind

Live Mint  

The particular prerequisites for applying for a personal loan may slightly vary depending on the lender. Best Personal Loan for you at lowest interest rate Instant Apply Documents required for personal loan Identity verification : This may involve providing documents such as your Aadhaar card, PAN card, passport, or Voter ID. Credit history: Although a positive credit score is preferable, …

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 …

What are factors which determine low interest rates for personal loans
10 months, 1 week ago

What are factors which determine low interest rates for personal loans

India TV News  

In today's day and age, personal loans have become a pivotal resource in an individual's financial toolkit, catering to various needs. However, securing a personal loan at favourable interest rates requires an understanding of several crucial factors and processes. Debt-to-Income Ratio The debt-to-income ratio, obtained by dividing total loan payments by total income, influences the interest rates offered on personal …

Want To Apply For Personal Loan Online? A Step-By-Step Guide You Must Follow
1 year, 1 month ago

Want To Apply For Personal Loan Online? A Step-By-Step Guide You Must Follow

ABP News  

If you urgently need money, the best solution provider is your bank. You may visit your bank or check its website and can apply for a personal loan. A good CIBIL score can always help you in availing a personal loan. A good CIBIL score means you are creditworthy and banks will approve your personal loan application quickly with a …

Want To Get A Personal Loan? Know The Documents Required
1 year, 1 month ago

Want To Get A Personal Loan? Know The Documents Required

ABP News  

With the festive season in full swing, we can often find ourselves short on liquidity to meet the seasonal expenses. A personal loan is a great way to get help in meeting individual financial needs such as weddings, travel, medical expenses, higher education, home renovation, and many other things. Income Proof Whether you are a salaried employee or a self-employed …

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 …

Car Loan: 5 Things You Must Check Before Taking A Loan For Personal Vehicle
1 year, 8 months ago

Car Loan: 5 Things You Must Check Before Taking A Loan For Personal Vehicle

News 18  

The necessity to travel with family in a personal mode of transport has increased over the years. Here are five things you should check before taking a car loan: Your credit score: Your credit score plays a critical role in determining whether your application for the car loan will be approved. Check your credit score before applying for a car …

When must you not rush to apply for personal loans? MintGenie explains
1 year, 10 months ago

When must you not rush to apply for personal loans? MintGenie explains

Live Mint  

How often do we hear that people with no money find it difficult to secure a loan whereas those with enough monetary investments or assets can easily obtain a loan? Sometimes, spending beyond a certain limit using your credit card can land you in debt, thus, prompting you to seek a personal loan to repay the debt amount. Having a …

Want to take pre-approved loan? Check what benefits you can get
2 years, 1 month ago

Want to take pre-approved loan? Check what benefits you can get

Firstpost  

Customers with a solid credit history are eligible to opt for a variety of benefits, one of which is a pre-approved personal loan. Benefits of pre-approved loan: If you acquire a pre-approved loan, you can get a lot of benefits: You can avoid waiting for loan approval if you have a pre-approved personal loan offer. If the pre-approved personal loan …

Personal Loans to Meet your Financial Needs
3 years ago

Personal Loans to Meet your Financial Needs

Deccan Chronicle  

The advent and rise of personal loans have provided possibilities to meet a variety of financial needs for consumers. Personal loans can be a great way to meet your financial needs without having to resort to high-interest credit cards. In that case, personal loans can be used for a variety of purposes, including: Medical expenses If you have a medical …

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