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Financial food for thought
A personal loan could be utilized for a host of reasons like a medical emergency, an unplanned vacation, funding a down payment for a bigger asset , buying a gadget or anything at all. This is the only loan which requires no collateral and the usage could be for any purpose.
If you are planning to take a personal loan for your marriage or taking a vacation or paying for home down payment and any other reason, then this article will be of immense help to you before you avail the loan. A personal loan as you can see is a multipurpose loan that can be used for any purpose and is very useful during a cash crunch. It is one loan for all your needs.
Cash crunch is a problem that you can come across at any given point in time. Most of the times, such scarcity of the required amount of money makes people unable to achieve specific targets in the form of buying a house or a car, pursuing higher education, making some purchases or meeting some immediate financial requirements.
Sometimes, a single loan may not be adequate to meet a personal need, hence you might be thinking of applying for a new loan from another lender. Besides debating on whether it is right or not to go for a second loan, you must analyse the factors that constitute your eligibility in obtaining the second personal loan.
Many of us might want to make changes in our home in the form of enlarging their bedroom, carpentry work, new coat of paint or just get new furniture for the home. Most renovations will happen close to a family function when we expect a lot of guests or when the home is in a bad shape and renovations are a must. Many of the renovation activities are costly and discourage us from improving our homes. It is for this reason that people will take loans in the form of a home renovation loan or personal loan.
Though most builders or sellers will give you time to arrange for a home loan or any other way to pay the money in full, they will look for that commitment from the buyer. This down payment will not be a small amount which is to make sure the buyer commits to the deal.
A personal loan is an unsecured loan where the borrower does not have to pledge any security to obtain the loan. The funds can be used for various purposes like wedding, education, travel, medical emergency etc.
Unlike in the case of Government jobs where pension is available to the employees at the time of retirement, people working in private companies do not have such benefits unless they plan for it on their own. With today’s scenario being where most people have some form of debt eating away at their salary not many can save money should these people first pay off their debt and then start saving or try to save simultaneously.
When a financial emergency shoots up, a personal loan is the most popular option for many to get funds. With demands going up for this unsecured loan, it does not come cheap unlike other loans. The rate of interest is usually higher, and a real hard work is required to get the better terms.
This higher interest rate is because personal loans are unsecured loans and carry a lot of risk. Banks do not know if you have the capability to repay the loan and thus to mitigate the risk they fix a higher interest rate for personal loans. But as a borrower it will be difficult for you to pay the loans at such high interest rates each month as it will be a strain on their income, if you are looking for ways to reduce the interest rate, read on!
A personal loan is a multi-purpose loan which can be used for any purpose deemed necessary by the borrower. It could be for paying children tuition fees, for marriage or for any medical emergencies, personal loan can be used for anything.
Personal loans are unsecured loans which is risky for banks and NBFCs. Due to this risk banks have become very stringent in offering loans and have many internal criteria which one needs to satisfy before any personal loan is approved.
Second chances don’t come easy. Especially the pressure that comes with making a first impression. We have all heard about first impression make the best impression, if a person makes a mess of that impression it will take immense hard work and time to get into the good graces of people.
When it comes to getting funds for the immediate needs such as wedding, medical expenses, vacation, education, buying durables etc, a personal loan is the most convenient way to accomplish it.
A personal loan can be an immediate help for any urgent need. However, a personal loan generally comes with a high rate of interest as it is an unsecured loan.
A bad credit may obstruct your chances of getting a loan to fulfil an urgent need. But there are ways where you can get an unsecured personal loan even with a bad credit.
SBI Waives Off Processing Fees on Personal Loans - While most banks charge high interest rate on personal loan, Sate Bank of India has announced no processing charges on personal loans to ease the burden of the borrower.
NRI Personal Loans - Are you currently living abroad and need a quick personal loan for a short-term requirement? This article will help you explore all the possible ways to get a personal loan for Non-Resident Indians (NRI).
Assured Vouchers for Personal Loans Availed Through Bajaj Finserv - A personal loan might seem to be a burden at times, but not when you opt for Bajaj Finserv Personal Loans. Read on to know more about the assured vouchers worth thousands of rupees on availing Bajaj FInserv Personal Loan.
Buy the new iPhone 8/8 plus/X! Know all the financing options here The iPhone is one of the most sought-after mobile phones in the world and each year its launch is an event of its own. With the new iPhone 8/8 plus/X releasing in India with iPhone 8 and 8 plus releasing on September 29th in India where the iPhone 8 will have a starting price of Rs. 64,000 and the iPhone 8 plus starts from Rs. 77,000 and the iPhone X dubbed as the iPhone 10 will launch later in November and is ex
Gold loan Vs Personal loan, choosing the right oneThere are two types of loans in India which can be availed for emergency purposes namely Gold loans and Personal loans. Both have their own pros and cons and it is important to analyze which loan is best suited for you. Check out the table below comparing Gold loans and Personal loans.
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