If you wish to look for a loan, it is best to understand the tools used for it and other factors that influence it. With the advent of technology and the use of the internet, an online personal loan has emerged as the best way to meet the short term financial needs. People definitely get confused due to a few myths. Before you get to avail such loan, understand them and disregard them. Here are some common myths that are common in India. Applying for a loan can take a lot of time: Normal loan definitely takes a lot of time due to paperwork and processing. With the help of an online personal loan, application and documents can be submitted within a few minutes and get the loan approved within a few minutes. Bajaj Finserv approves the loan within 5 minutes as per an individual requirement. A personal loan is unaffordable: This is an unsecured loan that is available at a high-interest rate. This is a myth as an individual with good credit score can avail low-interest rate loan and it can be negotiated to lower the EMI’s and interest rate. Payment will attract penalties: Online personal loan definitely comes up with additional charges like part-prepayments, foreclosure, penalties, etc. A good lender definitely charges zero fees or penalties in different situations. Loan application gets rejected in bad credit score: Now with an increasing number of lenders in the market, people easily get the loan approved even in a low credit score. These are some common myths that no longer misled people as an individual can get a loan to accomplish financial goals. Must Read: 5 MYTHS ABOUT ONLINE PERSONAL LOAN
0 Comments
Leave a Reply. |
AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |