Many people don’t apply for the personal loan as they don’t know facts and continue to believe in some myths.
Anyone looking to know an exact loan EMI and the total loan cost can use the online personal loan calculator. The online personal loan EMI calculator can help you know an exact amount payable per month. Let’s check out a few myths about personal loans in this quick post!
2. Bad credit score leads to loan rejections Having a bad CIBIL score may put your loan application on the edge of rejection. But it is not always true! Many lenders may sanction the loan request if your credit score is lower. The only thing is that you may have to pay higher interest charges. 3. Only salaried loan applicants are eligible for personal loans Not true! Salaried, along with self-employed applicants, are equally eligible to apply for personal loans. 4. The loan EMI amount may consume a large part of your monthly income It’s not true! Using the online personal loan calculator like the online personal loan EMI calculator, one can know about the exact EMI amount. This way, it is possible to manage your outlays easily. 5. Interest rates are on the higher side Yes, lenders charge a higher interest charge on personal loans. But if your credit score is higher, you are well employed with a stable repayment history; you can enjoy a lower interest rate. Now that some loan myths are known to you, you can soak in confidence and apply for the quick loans with ease. Bajaj Finserv brings to you pre-approved loan offers on personal loans, home loans and more. It can simplify your loan processing and make it faster. By sharing your basic details like your name and mobile number, you can check out your pre-approved loan offers now.
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. |