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 permit borrowing more substantial amounts compared to salary advance loans, which are generally confined to a percentage of your monthly salary. Lower interest rates : Personal loans typically come with lower interest rates when compared to salary advance loans. : Personal loans typically come with lower interest rates when compared to salary advance loans.

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History of this topic

Instant personal loan: These are the top 9 reasons to apply for it
4 days, 22 hours 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 …

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 …

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 …

Personal loan for debt consolidation: Make note of these 5 key points
2 weeks, 3 days ago

Personal loan for debt consolidation: Make note of these 5 key points

Live Mint  

If you are running low on funds, opting for a personal loan is typically feasible as well as rational. To consolidate debts At the same time, you get an offer from a bank or a non banking financial corporation to raise a personal loan at 11 percent interest. Now, if you have an option to raise ₹15 lakh to repay …

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 …

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 …

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

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 for debt consolidation: Know the pros, cons and process of using it
3 weeks, 3 days ago

Personal loan for debt consolidation: Know the pros, cons and process of using it

Live Mint  

Debt can be a weight that prevents you from growing financially and creates unnecessary anxiety. Understanding debt consolidation Debt consolidation simplifies your finances by combining various bills into one loan or credit line. Consolidating several outstanding loans into one loan or credit line is called debt consolidation. An overview of what constitutes consolidation debt and how the process is carried …

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy
Trending News
3 weeks, 6 days ago

Personal Loan EMIs: A borrower’s guide for a smooth repayment strategy

Live Mint  

A personal loan is a flexible financial option that facilitates quick access to funds for home improvements, meeting medical emergencies, travelling, or educational purposes. Unlike home or auto loans, personal loans do not require collateral but frequently have higher interest rates. In the early periods of the loan, a larger amount of your EMI is dedicated to interest, and the …

Understand the role of interest rates in personal loans to make smart financial decisions
Trending News
4 weeks ago

Understand the role of interest rates in personal loans to make smart financial decisions

Live Mint  

Being one of the most important yet ignored segments of banking costs, interest rates are directly proportional to the personal loans you are willing to pay towards the borrowed money. Factors affecting interest rates on personal loans Several factors might influence the interest rate on a personal loan, including: Borrower's credit score: The higher your credit score, you most likely …

Personal loan repayment: What it means & how it works?
Trending News
4 weeks ago

Personal loan repayment: What it means & how it works?

Live Mint  

Loan repayment is the process of paying back borrowed funds with interest over a specific period of time. Factors influencing loan repayment Several factors influence how easy it becomes for you to repay the loan: Loan tenure: Longer tenures translate to lower monthly EMIs but more total interest paid. Loan extensions: To reduce the burden of loan servicing, some lenders …

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 …

Why choose a personal loan for salaried individuals when in need of funds?
3 months, 3 weeks ago

Why choose a personal loan for salaried individuals when in need of funds?

Hindustan Times  

In today’s fast-paced world, personal loans are essential financial tools for employed individuals, addressing a wide range of needs from unexpected expenses to personal goals. Advantages of NBFC Personal Loans Choosing personal loans from Non-Banking Financial Companies offers several advantages over traditional bank loans: Faster Approval Process: NBFCs often have quicker approval processes than traditional banks, requiring less paperwork and …

Personal loans for veterans: How are they different from regular ones? MintGenie explains
6 months, 3 weeks ago

Personal loans for veterans: How are they different from regular ones? MintGenie explains

Live Mint  

By doing research and contrasting veteran-specific loan options with conventional personal loans, veterans may be able to determine which financing option best suits their needs. General loans : Veterans can benefit greatly from regular personal loans due to their flexibility and ability to be used for a variety of purposes. Most banks and credit unions allow veterans to apply for …

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 Transfer: Is it possible to transfer the debt to another person?
8 months, 2 weeks ago

Personal Loan Transfer: Is it possible to transfer the debt to another person?

Live Mint  

Personal Loan Transfer: Transferring a personal loan directly to another individual is not feasible. Debt consolidation loan : You can consider a debt consolidation loan to merge your current personal loan and other debts into one loan with a possibly reduced interest rate. : You can consider a debt consolidation loan to merge your current personal loan and other debts …

Personal Loan Reasons: Debt consolidation, education and more - 8 top purposes it serves
8 months, 3 weeks ago

Personal Loan Reasons: Debt consolidation, education and more - 8 top purposes it serves

Live Mint  

Personal Loan Reasons: Personal loans are frequently easier and faster to acquire. Home improvement : Personal loans offer a means to fund home renovations, repairs, or upgrades that might not meet the criteria for a home equity loan or line of credit. : Personal loans offer a means to fund home renovations, repairs, or upgrades that might not meet the …

Personal Loan Taxation: Are there any tax benefits on the amount borrowed?
9 months, 1 week ago

Personal Loan Taxation: Are there any tax benefits on the amount borrowed?

Live Mint  

Personal loans offer a flexible financial solution to address a wide range of personal needs. In general, a personal loan in India typically won’t have a significant impact on your tax filing in two primary ways: The loan amount is not considered taxable income. Nevertheless, there are some exceptions where you may be eligible to claim tax benefits on a …

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 …

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 …

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