List of Personal Loan Articles

Emergencies and unexpected expenses can strike any moment, leaving you needing immediate financial support. Whether it's a medical bill, a vehicle repair, or any unforeseen expenditure, a 2000 Rupees loan can relieve you. So, through this article, we will delve into how a person can secure a loan of Rupees 2000 urgently.

BNPL stands for buy now pay later. This financial service allows customers to make immediate purchases and pay for them over a specific time period in a lump sum amount or installments.BNPL offers the customers the option to split their total cost of purchase into smaller installments which usually spreads over a few months.

Personal loans in India are specifically intended for individuals experiencing financial difficulties, so they must repay the loan within a specified time frame. Before taking a personal loan, it is crucial to reasonably ensure that you can settle the outstanding dues per the terms and conditions. It is essential to avoid defaulting on any payments.

In the present era, there exists a dual narrative. While we encourage women to embrace professional roles, we expect them to fulfil traditional responsibilities like childbirth and child-rearing. This juxtaposition often leads women to prioritise the latter to maintain harmony within their families or society, resulting in a regression to conventional gender norms.

A Personal Loan Sanction Letter is a document issued by financial institutions or banks confirming that your personal loan application has been approved. It's an official document that provides details of the loan amount, repayment tenure, and other pertinent information.

While the Indian Income Tax Act does not specifically mention any special deductions for personal loans, it does provide tax deductions for other types of loans, such as education and home loans. However, this does not mean that individuals cannot avail tax benefits for personal loans. In the absence of specific provisions for personal loans in the Income Tax Act, the purpose for which the personal loan was obtained is taken into consideration to determine eligibility for tax deductions.

Personal loans serve as lifelines during financial crunches, offering quick funds to meet various needs. However, as life unfolds, circumstances change, and the terms of our loans might need a reassessment. This is where the Personal Loan Balance Transfer comes into play.

Typically, lenders prefer to approve or grant loan applications from borrowers with excellent credit ratings. Given their low risk to the lender, such candidates receive better loan terms and cheaper interest rates. However, what if you need a personal loan but have a low CIBIL score?

MCLR, which stands for Marginal Cost of Funds based Lending Rate, is a benchmark banks use to establish their minimum interest rate. This rate is determined by considering factors such as the bank's cost of funds, operational expenses, and desired profit margin.

A personal loan is a practical credit option that you can use without pledging any collateral. You can use it for any reason because there are no limitations on its end usage. This is very beneficial for higher education because it pays for all extra costs, such as travel, lodging, the price of specialized coaching, the purchase of study materials, etc.

MSF is a very short term borrowing scheme for scheduled commercial banks. Banks may borrow funds through MSF during severe cash shortage or acute shortage of liquidity.