Top 5 myths about personal loan eligibility you need to stop believing
17 hours, 31 minutes 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 not have a high credit score, you still may be able to get a personal loan. Only salaried employees are eligible for a personal loan Although salaried employees do get a benefit if they already have a salary account in the bank in which they are planning to apply for a personal loan, self employed professionals are equally eligible for personal loans. Personal loans require a long approval process While this was a case in traditional personal loans, with the advent of technology, the experience of personal loan applications has been completely transformed.

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History of this topic

Can you get a personal loan with low credit score? Check details
5 days, 4 hours ago

Can you get a personal loan with low credit score? Check details

India Today  

Getting a personal loan with a low credit score might seem challenging, but it’s not impossible. HERE ARE SOME TIPS FOR OBTAINING A PERSONAL LOAN WITH A LOW CREDIT SCORE Bring in a guarantor or co-applicant Personal loans are unsecured, meaning no collateral is required. If your credit score is below the lender’s threshold, consider involving a guarantor or co-applicant …

5 Tips to Get the Best Deal on Your Personal Loan
5 days, 18 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
6 days, 4 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 …

Not meeting personal loan eligibility? THESE steps can help you fix it
6 days, 18 hours 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. Unsteady source of income: An unstable job or source of income suggests that the borrower might not be able to repay the loan on time, and therefore, the personal loan application is rejected. Factors such …

Personal Loan: Can you qualify with a 666 credit score?
6 days, 23 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 …

Personal Loan: How is technology transforming the borrowing experience?
1 week, 3 days ago

Personal Loan: How is technology transforming the borrowing experience?

Live Mint  

The use of technology in the financial sector has revolutionised the entire process of borrowing and transformed the user experience to a new level. From a quick and efficient process of submitting loan applications to customised offers, technology has simplified the entire personal loan application journey. Online loan applications Now it is no longer necessary to go to the bank’s …

Personal loan: Can you get approved with a 450 credit score? Find out
1 week, 3 days ago

Personal loan: Can you get approved with a 450 credit score? Find out

Live Mint  

Personal loans are unsecured loans which provide you with quick access to funds for your personal needs. Hence, if you have a low credit score, your chances of getting a personal loan approved are quite low. Hence, a low credit score lowers your chances of securing a loan at a nominal interest rate as it increases risk for lenders to …

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 …

Struggling with no job? Here’s how to get an instant personal loan
1 week, 4 days ago

Struggling with no job? Here’s how to get an instant personal loan

Live Mint  

Personal loans are a great option if you want quick access to funds in order to cover your expenses for a while. However, instant personal loans offered to unemployed individuals may attract higher interest rates and low principal amounts because of the risk involved for the lenders. How to secure an instant personal loan when unemployed Choose the right lender: …

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 eligibility: How does having a co-borrower affect your chances?
1 week, 6 days ago

Personal loan eligibility: How does having a co-borrower affect your chances?

Live Mint  

Although applying for a personal loan might seem like a pretty big financial decision, having a co-borrower with you could make the process go easier. Let's see how adding a co-borrower to your application would increase the chances of it getting approved and even possibly make the loan conditions better. Higher interest rates: Better loan terms, whereby the interest rates …

Can a personal loan fuel your entrepreneurial journey? Here’s the truth
2 weeks ago

Can a personal loan fuel your entrepreneurial journey? Here’s the truth

Live Mint  

The desire to be your own boss often fuels the ambition for wanting to start your business. For business needs, personal loans are attractive since they Collateral is not needed: In order to obtain a loan, you are not required to pledge any assets. For MSMEs in particular, personal loans help bridge funding gaps, enabling them to invest in growth …

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 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 …

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 …

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 …

Rejected for a personal loan or credit card? 5 reasons your application might fail
1 month, 1 week ago

Rejected for a personal loan or credit card? 5 reasons your application might fail

Live Mint  

Your credit score is a report card of your credit history and creditworthiness. Banks and NBFCs consider 750 and above a good credit score for approving credit card and personal loan applications. Factors considered for approving credit applications apart from credit score Some of the reasons why your credit card or personal loan may be rejected even after having a …

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 …

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 …

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 …

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 …

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 …

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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