Borrow wisely for Usage of a Personal loan as, if not appropriately managed, the cons listed below outweigh the pros. Interest on the outstanding loan amount will be charged daily for non-payment of an EMI. [...]
A Personal loan is simply borrowing from an associate when in need. It has numerous advantages. A Personal loan is unsecured and is given without any security or collateral based on income and KYC documents. [...]
The CIBIL (Credit bureau of India Ltd) records and shares the credit transactions of individuals, the number of loans and credit cards, and the payments made toward the same. A score is also generated for [...]
Funds received as a Personal loan are deposited as a lump sum in the applicant’s Bank account. The repayment is made via EMI (equated monthly installment) for the tenure period from 12 months to 60 [...]
Personal loans are not taxable, as it is money borrowed, which is to be repaid with interest. The GST @ 18% applies to process fees and any amounts imposed as penalties, such as unrealized cheques [...]
The minimum amount given as a personal is ₹ 50k, and the maximum is ₹ 35 lakhs. An applicant is free to apply for the amount needed, but it is the prerogative of the lender [...]
No charges are to be given upfront when applying for a Personal loan, neither in cash nor by a banker’s instrument. Banks and NBFCS charge fees on the approval of the loan amount after processing [...]
With digitalization, Banks have been speeding up processes. Advertising a” Personal loan in 10 seconds,” which may not work for most applicants, the turnaround time has reduced, particularly for applicants with a pre-approved offer or [...]
Funds received as a Personal loan are meant to realize lifestyle expenses. They can be used for various purposes such as family celebrations, vacation expenses, school fees, and even debt consolidation. Medical emergencies and hospital [...]
Any citizen of India above 21 years of age with a regular income of 18000/- and above is eligible to apply for a Personal loan. The applicant should have a Bank account to show the [...]