List of Personal Loan Articles

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.

Before applying for a travel loan, evaluate your current financial standing. That means considering your income, monthly expenses, and existing debts. On top of that, ensure that taking on a travel loan fits comfortably within your budget without compromising your financial stability.

As a concept, personal loan 50000 allows you to borrow money from either a bank or non-banking finance companies against no collateral. You can use this money to aid your significant expenses and repay the loan according to the pre-determined terms.

This unsecured credit type is available through banking and non-banking financial institutions. You can apply for a personal loan after qualifying the requirements, which include employment history, repayment capability, income level, profession, and credit history. A personal loan is a multi-purpose loan that you can utilise to meet your urgent needs.

A personal loan for self-employed individuals serves various purposes, including covering expenses for vacations, weddings, and other immediate needs like medical bills, overheads, or unexpected repairs.

One can get tax exemptions on interest paid on personal loans under certain circumstances. It is the purpose of your personal loan that determines whether you’ll qualify for tax savings.

The phrase “CIBIL Defaulter” does not appear in anyone’s CIBIL report, nor is it a legal term. Borrowers with very low CIBIL scores (less than 650) are called CIBIL defaulters because they are highly likely to have regularly missed payments on their credit commitments in the past.

Early partial payment of personal loans means that when you have surplus funds in your bank account, that amount goes to making early repayment of part of your personal loan. Full prepayment means fully paying back the personal loan that you have taken, before the due date.

The full form of FOIR is Fixed Obligation to Income Ratio and is a finacial metric by which the creditworthiness of the applicant for various loans, including home loans, personal loans, and other forms of credit, is judged.

In the constantly evolving landscape of personal finance in India, various new options have come up, among which the most mentionable is Non-Banking Financial Companies (NBFCs) which have emerged as dynamic players in the world of finance. NBFCs have gained immense popularity due to the convenience and advantages that they offer to borrowers. This article will focus on the benefits of opting for a personal loan from NBFCs in India. Let’s start by looking at what NBFC is.

Personal loans are unsecured loans taken for fulfilling some personal purpose. Home loans are secured loans taken for the purpose of buying a house. The house that is bought from the home loan also serves as the collateral or security for the loan.

One of the most popular and commonly opted debt products are personal loans because of their easy, quick, and convenient process of application. Moreover, they can also be issued for various types of personal expenses without any rigidity, such as mortgage loans or automobile loans.

Personal loan foreclosure means the early repayment of the total loan amount before the end of the tenure of the loan. If you decide to pay the remaining balance of your loan before the agreed date of repayment, it will be referred to as foreclosure of your loan.

All that you need to ensure is correct information and documents. Personal loans have gained the most popularity due to their flexibility and convenience. The best option to opt for a personal loan is from a financial institution with whom you have a bank account.

The various types of personal loans discussed above offer a quick and convenient solution to address short-term financial requirements, such as unforeseen emergencies and unexpected expenses. These loans provide immediate access to funds, making them an excellent option for individuals who may have been turned down for credit elsewhere.