Consumer Durable Loans: The share of loans to fund smartphone and home appliance purchases has shot up from 1 percent in 2020 to 37 percent in 2024.
Credit score plays a major role in securing a personal loan in India. It impacts both your approval chances as well as the interest rates applicable. Learn how to improve your credit score and boost your chances of getting a good personal loan in this article.
Taking out a loan is a big financial decision, and one of the key choices you’ll face is whether to go for a fixed or floating interest rate. This can feel a bit overwhelming, especially if you're not sure how each option works or what it means for your wallet in the long run. The good news is that understanding the differences between these two rates isn’t as complicated as it sounds.
Choosing a repayment schedule that is too aggressive may seem like a cost-effective decision initially, but it can lead to financial difficulties down the line. This and other mistakes such as underestimating the loan sanction time can throw your borrowing plans in disarray.
Closing a credit account can temporarily impact your credit score. Credit bureaus refresh your credit report on a monthly basis, however, any new activities may take up to 3 to 4 months to reflect in your credit report.
From understanding loan terms to creating a budget and prioritizing repayments, learn more about essential strategies for managing personal loans.
When applying for a personal loan, understanding the total cost is crucial to avoid any surprises. Apart from interest rates, fees like processing charges, prepayment penalties, and late payment fees can significantly add up to your overall expense.
While taking out a gold loan, borrowers need to beware of potential pitfalls. To ensure a secure experience, it's crucial you do proper research, and compare interest rates and charges from various RBI-approved lenders.
Applying for a personal loan has never been easier with digital platforms offering quick approvals and instant disbursal. With minimal paperwork and no collateral, you can secure cash for your personal needs in just a few hours.
A growing number of younger couples in India are choosing to self-fund their weddings, but nearly 26 percent are using personal loans to cover costs. Destination weddings and personalised experiences are key drivers of this trend. However, financial advisors warn of high interest rates, potential penalties, and impact on credit scores.
Factors such as your credit score, monthly income, and loan tenure impact the personal loan interest rate you'll be offered. Learn how to secure the best personal loan rates and save on interest outflow.
Prepaying a personal loan can save you money and offer financial freedom, but it's essential to weigh the benefits against the costs. Careful planning and understanding of the process can help you make an informed choice.
Paying off a personal loan faster can save you significant interest payment. Learn more about strategies like making extra payments, choosing shorter tenures, consolidating debt, and more to make your personal loan repayment more efficient.
A good credit score is essential when applying for a personal loan, as it impacts your chances of approval and interest rates. However, while availing a loan can boost your score through timely repayments, applying for one can also cause a temporary dip due to hard inquiries. Managing your personal loan responsibly is key to protecting and improving your credit score.
Choosing the best personal loan can be tough with so many options available. It's important to understand your needs, compare interest rates, and review loan terms carefully. Don't forget to consider your repayment budget, fees, and eligibility criteria before applying.
If you have a credit score, generally online personal loan apps do not require you to provide any salary proof. In certain cases you may need to furnish documents such as a bank statement or ITR to help the lender assess your income.
On the equity investment front, Rai said that the company is not looking for it, but did not ruled out the possibility going ahead.
Availing a personal loan is almost instant now. Using the tips shared in this article you can avail the best personal loan at competitive interest rates without any hassle.
Home Loans for NRIs: While opting for NRI home loans in India, it is important to understand that the interest rates applied will be slightly higher. Also, repayment should be done only through an NRI account.
As per RBI guidelines, recovery agents are required to follow a strict code of conduct when dealing with borrowers – they have to maintain decency and courtesy, respect personal space and adhere to specified timings for contacting borrowers.
Talks are on to also conceptualise a PM-SVANidhi kind of scheme for tenant farmers
The network is set to roll out full-suite of B2B and B2C financial services including insurance, mutual funds and credit cards; and some unique ones like crop yield financing and cow financing.
Envisaged capex set to increase 54 percent to Rs 2.45 lakh crore in FY25 from Rs 1.59 lakh crore in the previous year
Borrowers are applying for small-ticket personal loans to meet immediate financial needs, such as medical expenses, debt consolidation, home renovations, holidays, education costs, and the like. Before applying for a loan, it is important to evaluate the key fact statement and other parameters.
Bank of Maharashtra, HDFC Bank and ICICI Bank offer interest rates between 10 and 10.8 percent on a personal loan of Rs 5 lakh for a tenure of 5 years.
