Articles for Personal Loans

Low salary? Here are 6 banks that offer personal loans you can qualify for
6 days, 10 hours ago

Low salary? Here are 6 banks that offer personal loans you can qualify for

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Personal loans are a popular choice for people looking for quick cash to cover their finances or if they are facing any sudden emergency. HDFC Bank Interest rates: 10.85% onwards Maximum loan amount:Up to Rs. Kotak Mahindra Bank Interest rates:10.99% onwards Maximum loan amount:Up to 40 lakh Loan tenure:Up to 6 years 4. IndusInd Bank Interest rates:10.49% onwards Maximum loan …

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Personal Loan: Can you qualify with a 666 credit score?
6 days, 12 hours ago

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

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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 …

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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

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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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How to calculate EMI for instant personal loans? A step-by-step guide
1 week, 3 days ago

How to calculate EMI for instant personal loans? A step-by-step guide

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Instant personal loans are a popular choice for people looking for instant cash to cover their expenses. What is an instant personal loan EMI calculator An instant personal loan EMI calculator is an online tool which helps you calculate your EMIs accurately and quickly. Since the loan tenures provided in instant personal loans is shorter as compared to other loans, …

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Choosing the Right Type of Personal Loan for You
1 week, 4 days ago

Choosing the Right Type of Personal Loan for You

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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 …

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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

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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: …

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How to pay off your personal loan faster? Here are 7 ways
1 week, 5 days ago

How to pay off your personal loan faster? Here are 7 ways

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Before getting a personal loan to fund your expenses, it is important to know how to repay it to avoid extra charges over the existing amount. Interest: By paying your personal loan fast, you save money charged in the form of interest rates on your loan every month. Ways to pay personal loan faster Repayment capacity: Repaying your personal loan …

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Personal loan for home renovation: 4 essential tips you need to know
1 week, 5 days ago

Personal loan for home renovation: 4 essential tips you need to know

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Renovating your house can be expensive, and a personal loan may be the cash you need to make it happen. An unsecured loan referred to as a personal loan grants you the privilege of raising a certain amount of money for debt consolidation, clearing medical bills, or home improvement. These loans allow flexibility and rapid access to money, but one …

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

Personal Loan: 6 factors that determine your interest rate

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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 …

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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

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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 …

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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?

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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 …

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Personal loan for self-employed: What are the eligibility criteria, interest rates, and documents needed?
2 weeks ago

Personal loan for self-employed: What are the eligibility criteria, interest rates, and documents needed?

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While availing a personal loan is typically a hassle-free process for salaried individuals given the regular nature of their income, self-employed persons have to go through the rigour of convincing the lender to get the same. Lenders require self-employed persons to have a minimum income, which can vary by location, and the necessary financial documents that show stability of income, …

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Personal Loan: How inflation influences your interest rates? Explore here
2 weeks ago

Personal Loan: How inflation influences your interest rates? Explore here

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Another component of our personal finance, where inflation leaves an impact is interest rates of personal loans. When the repo rate goes up, borrowing becomes more expensive for banks, leading to higher consumer interest rates personal loans are no exception. Ashish Tiwari, Chief Marketing Officer, Home Credit India, expressed that, “Personal loan interest rates are closely tied to inflation levels …

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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

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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 …

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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

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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 …

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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

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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 …

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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

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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 …

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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?

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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 …

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Personal Loan: 5 macroeconomic factors that affect your interest rates
2 weeks, 4 days ago

Personal Loan: 5 macroeconomic factors that affect your interest rates

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Before getting a personal loan, various factors such as credit history, banks, income, and employment type, among many other factors, may determine interest on your loan. However, there are certain factors beyond the control of a borrower and a lender that may have an impact on personal loan interest rates. The central bank will adjust the interest rates accordingly, which …

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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

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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 …

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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

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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 …

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Emergency Fund vs. Personal Loan: Which option is best for your financial crisis?
2 weeks, 6 days ago

Emergency Fund vs. Personal Loan: Which option is best for your financial crisis?

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An emergency crisis can come at any point in your life. However, it is important to understand whether or not you should take a personal loan or utilise emergency funds in such situations. Advantages of personal loans Protect savings: Getting a personal loan can be a good option if your total savings will completely get exhausted in case of an …

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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

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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 …

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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

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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 …

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