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 you identify which one best suits your needs: Debt Consolidation Loans Debt consolidation loans are ideal for individuals looking to combine multiple debts into a single loan with a lower interest rate. By understanding the different types of personal loans, such as those for debt consolidation, home renovation, and medical expenses, you can make an informed decision that aligns with your financial goals. Apart from knowing the types of personal loans available, knowing creditworthiness also ensures favourable loan terms for you.

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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 …

Personal Loans vs. Payday Loans: 10 crucial differences you need to know
1 week 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, …

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 …

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 …

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 …

Online vs. Traditional Personal Loans: Which option offers better rates and flexibility?
2 weeks, 4 days ago

Online vs. Traditional Personal Loans: Which option offers better rates and flexibility?

Live Mint  

Personal loans have become a popular choice amongst people who want quick cash to meet their financial obligations or just need some extra funds for a celebration or a luxury vacation. Online vs traditional personal loans We will be analysing this on certain parameters which include the application process, interest rates, customer experience and many more. Application process Online personal …

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 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 …

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 …

7 types of personal loan repayment method: Which one is best suited for you?
3 weeks, 3 days ago

7 types of personal loan repayment method: Which one is best suited for you?

Live Mint  

Managing loan repayment properly can really make a difference in your financial health. Understanding personal loans A personal loan is essentially an unsecured loan for which a large amount of money can be received for purposes that one might want, like any medical crisis, house improvements, travel, and also any form of debt consolidation. One, however, should analyse before applying …

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 …

Refinancing a personal loan: What it is and how it works
3 weeks, 6 days ago

Refinancing a personal loan: What it is and how it works

Live Mint  

A personal loan is a convenient tool to finance emergency expenses. In such a scenario, refinancing a personal loan is an effective tool to repay the existing debt and set revised terms for the new loan. Hence, it becomes important to get a refinance loan with a lower interest rate and better repayment terms to make monthly payments comfortably when …

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 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 …

Five reasons you should consider personal loan during medical emergencies
4 weeks ago

Five reasons you should consider personal loan during medical emergencies

Live Mint  

Medical emergencies can strike without a warning, forcing people and families into unexpected bills. In such a scenario, personal loans offer much-needed financial support so that you can navigate through difficult times without any stress. Here's a closer look at personal loans and how they might help during medical emergencies. Understanding personal loans A personal loan is a quick solution …

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 …

Personal loan Vs gold loan: What should you choose and why? Check 5 key differences
1 month ago

Personal loan Vs gold loan: What should you choose and why? Check 5 key differences

Live Mint  

If you are falling short of money and currently exploring different means of raising funds then you can, among a slew of options, consider raising a personal loan. However, one of the key disadvantages of raising a personal loan is that it carries a high rate of interest. High rate of interest: Typically, gold loan is offered at a lower …

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: …

Secured vs. Unsecured Personal Loans: Which one should you choose?
1 month ago

Secured vs. Unsecured Personal Loans: Which one should you choose?

Live Mint  

Are you planning to apply for a personal loan but are confused whether to go for a secured loan or an unsecured loan? Let’s understand what are secured and unsecured personal loans and which is the best option for you to choose. Hence, these loans have a lower interest rate as compared to unsecured personal loans as the risk is …

Fixed vs. Floating Interest Rates: Which is better for your personal loan?
1 month ago

Fixed vs. Floating Interest Rates: Which is better for your personal loan?

Live Mint  

Personal loans have become a popular choice amongst people who are looking for quick funds to cover a big event or are planning a luxurious vacation and need some backup cash or are in some emergency and need urgent monetary assistance. However, personal loans are offered with mainly two types of interest rates; floating rates and fixed rates. Fixed interest …

Personal Loans: What are the different types of loans you can choose?
1 month ago

Personal Loans: What are the different types of loans you can choose?

Live Mint  

Over a period of time, the use of personal loans has extended to cover almost all possible needs of any individual, for example, loans for home renovation, medical expenses, etc. Fixed interest rates: The majority of personal loans come with fixed interest rates hence the monthly charges remain constant. The majority of personal loans come with fixed interest rates hence …

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 …

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 …

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 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 …

Everything you need to know about a personal Loan
4 months, 1 week ago

Everything you need to know about a personal Loan

Hindustan Times  

Often, rising living costs force us to postpone our goals, whether it's studying abroad, exploring our dream travel destination, or upgrading our home interior. Bajaj Finserv stands out as one of the best NBFCs providing instant personal loans online, with quick approval and basic eligibility requirements Points to keep in mind while taking personal loan What is a personal loan? …

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 …

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 loans vs payday loans: What is the difference between the two? MintGenie explains
8 months, 1 week ago

Personal loans vs payday loans: What is the difference between the two? MintGenie explains

Live Mint  

Facing a difficult financial situation can certainly challenge your commitment to saving, but there are smarter approaches than depleting your emergency fund or selling investments. Best Personal Loan for you at lowest interest rate Instant Apply Cost : Personal loans typically offer much lower interest rates compared to payday loans. While a personal loan might have an APR ranging from …

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