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.
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Renovating a home is an expensive matter. If you consider paying for the renovation from your savings, you can end up bursting all of it. Therefore, financial institutions have come up with an easy solution to all the financial stress. That is to provide a home renovation loan. A home renovation loan can be considered as a subcategory of a personal loan. As applying for a personal loan and home renovation loan is similar. A personal loan interest rate mechanism is followed throughout home renovation loans, as both of them are unsecured loans. To get a better understanding, here are some pros & cons of a home renovation loan: Pros Application Process The application process for a home renovation loan is easy, as it has been shifted online. So, you don't need to visit the lender's branch. However, to get the correct information on the loan amount and interest rates, and the requirement you can visit the branch initially, and then later, you can apply the form online. Multiple Usages There is no limitation on the usage of home renovation loans. Moreover, you can use the sanctioned amount to buy furniture, get walls painted, and many more. However, before applying for a loan, some lenders may ask you for a quotation from the vendors. So, before visiting the branch or applying online calculate the total cost you will require to renovate your home. Tax Benefits The most significant advantage of a home renovation loan is that an individual can take tax benefits on the interest amount paid. Cons High-Interest Rates Since it is an unsecured loan, the interest rates charged are higher as compared to a home loan. The interest rates are similar to personal loan interest rates. Age Bracket There is an age limit to apply for a home renovation loan. That is, if you are above the age of 60 you will find difficulty in applying for a loan. Good Credit Score To apply for any loan you need to have a good credit score, especially in the case of unsecured loans such as personal loans. Therefore, it is important to have a good credit score before applying for a home renovation loan. To know more about personal loans you can visit Bajaj Finserv’s website. Bajaj Finserv provides pre-approved offers to their existing customers, which saves processing time. Additional Read: Everything You Should Know About Home Improvement Loan The students need to pursue high-quality education and complete professional degrees to find a decent job in this highly competitive world. Also, as a parent, you might not always afford to enrol them in professional courses. There is no need to worry as you can fulfil the dreams of your child by opting for a personal loan. A personal loan for students allows you to apply for the loan on the behalf of your child. Also, unlike an education loan, you may start paying the loan EMIs soon after to reduce the interest outflow to some extent. If you want to know how to apply for a personal loan without any issues, you should be careful about the below-mentioned points: Online application process Many lenders permit you to apply for a personal loan online. This means that you no longer have to wait in the long queues of a bank or finance firm to complete the loan formalities. As a result, getting a personal loan for students has become a lot more convenient these days. Credibility of lender Before submitting the loan request, confirm whether the lender is legitimate or not. For that, you can check the credit ratings that the lender has received from credit rating organizations. It is always better to choose a lender who provides a flexible loan tenor and processes the loan with minimum documents. Loan eligibility A personal loan interest rate would be high if you do not meet the personal loan eligibility criteria or the lender can refuse to provide the loan altogether. To avoid this, you should verify whether you meet the age, income, credit score, and other requirements before applying for the loan. You can also verify the pre-approved personal loan offers applicable to your credit account to improve the chances of loan approval. Bajaj Finserv provides attractive pre-approved personal loans, medical loans, and other offers to their customers. For checking your eligibility, you can visit their portal and provide your mobile number and name. Additional Read: Fulfill Your Dreams By Availing Education Loan Did you know that using the EMI calculator excel, you can calculate monthly EMI for an upcoming personal loan? Yes, it is possible to use the EMI calculator excel and do that manually.
Other than the online personal loan EMI calculator, an EMI calculator excel can also be used. The use of EMI calculators depends on the user. Do you wish to know more? Go ahead and read this quick post! How to use the EMI calculator excel? The formula for calculating the EMI using excel is =PMT (RATE, NPER, PV, FV, TYPE) Other than PMT, all other elements in the formula require assigned values as they are variables. They denote the particulars of loans. Hence, they must be chosen carefully to get the correct results. The breakdown of the variables in the formula is:
Calculating the personal loan EMI using the above formula could be complicated and tricky. There is a higher probability of a prospective applicant making errors and unable to calculate the exact EMI amount is more. It is where the EMI calculator excel formula is not used by many these days. The facility of the easy to use and accurate results providing personal loan EMI calculator is more convenient and less time-consuming. The facility is available on a leading lender’s website for free and 24x7. One can arrive at the right EMI amount and indulge in the efficient financial planning. Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan. You can check your pre-approved loan offers today by sharing your basic details such as your name and mobile number. When you avail of a loan, the lender charges interest on the borrowed amount. Depending on the terms of your loan, this interest may be calculated in one of two different ways – as simple interest (SI) or as compound interest (CI).
While simple interest is charged on an investment or a loan. On the other hand, compound interest is the interest on interest. It gets calculated on the principal amount, as well as the interest of an earlier period. Computation of it is done using the compound interest and simple interest formula. Let’s check out the differences between the simple interests. It also includes the compound interest, including the compound interest and simple interest formula. Read on! What is the formula to calculate the simple interest? The simple interest gets calculated by multiplying the rate of interest for a period by the principal amount and the tenor. The loan tenor could be in days, months and years. Thus, the rate of interest is converted accordingly before multiplying with the amount of the principal and tenor. The simple interest formula is Simple Interest = P*I*N. Here, P is the principal amount, the interest rate for the period and the tenor. What is the formula for compound interest? A = P (1+r/n) ^ (n*t)-1) Here, A = compound interest, P = principal amount, R = interest rate, N = the number of compounding periods and T = number of years (duration/tenor). What are the differences between compound interest and simple interest? The simple interest is the total amount paid to a borrower. It is for using the borrow money online over a fixed tenor. On the other hand, the compound interest earned on the interest on the earlier availed interest and even the principal amount. In SI, wealth grows steadily, and wealth growth is exponential owing to the compounding rate. Lesser ROI is expected compared to compound interest. On the other hand, higher ROI is earned on compound interest. The loan interest rates determine your debt servicing costs. The lower your current personal loan interest rates, the lower will be your EMIs. You can use an online personal loan EMI calculator to compute your monthly loan installments.
Factors affecting current personal loan interest rates
2. Income The higher your income, the higher is your loan repayment capacity. Employment stability is equally important. Decent income plus stable employment implies lower loan default risk for the lender. Thus, you have a higher chance of getting personal loans at lower rates if you are a salaried individual employed with a reputed organization as opposed to a self-employed individual with fluctuating income. 3. Existing liabilities Your existing liabilities include fixed financial obligations like utility bills and day-to-day expenses, credit bills, and current loan EMIs. The higher your current debts, the higher will be your current personal loan interest rate, as the risk of default is higher. 4. Multiple loan applications Your CIBIL report shows every credit activity undertaken by you. Thus, if you have made multiple loan applications in the recent past, then your credit score will be adversely impacted. Multiple credit inquiries within a short time period imply that you are desperate for a personal loan tenure. This may be perceived as a red flag by the lenders, thereby lowering your chances of availing of personal loans at competitive rates. 5. Relationship with lender Your existing or past relationship with the lender also impacts your current personal loan interest rates. For instance, if you already have a savings account reflecting timely payments of your financial obligations with the lender, then your chances of getting loans at lower rates increases. If you are contemplating a loan, then you may consider Bajaj Finserv as it offers personal loans at attractive interest rates and provides pre-approved offers to select customers. You may visit their website for more details. What is eKYC? eKYC is the digital way to get your verification done to avail of different banking services, mutual funds and more. Its full form is Electronically Know Your Customer. Compared to KYC, eKYC takes less time to be completed. It is because the eKYC is conducted using One-Time Password (OTP) based Aadhaar verification. It assists companies in onboarding customers faster and has an edge over competitors. The Computer Age Management Services (CAMS) has recently launched eKYC using an OTP based Aadhaar authentication. What is CAMS' OTP based Aadhaar verification? Recently, CAMS has developed a solution that would help new customers complete their KYC in a jiffy. Unlike earlier times with KYC and XML based verification, the eKYC process would help new subscribers to authenticate their identities without waiting. Now, a One-Time Password would be sent to the Aadhaar linked mobile numbers of customers. Once the OTP would be punched into the CAMS interface, it would complete the eKYC. Since the eKYC verification online process is less time taking, companies would be able to add new customers. In turn, customers would be able to avail themselves of their services faster and avoid all hassles. It has become mandatory for banking and similar companies to conduct the KYC of their customers. The eKYC process ensures that no illegal activities are being conducted by customers using an organization’s services. Since companies know about their users’ identities, it helps them carry on transactions with them confidently. Even existing customers’ KYC is also updated by companies from time to time. Its purpose is to ensure that a user is still a legal entity even after months and years. Additional Read: All You Need To Know About eKYC using OTP based Aadhaar verification If you are paying a large portion of your monthly income towards your loan EMIs and other bills, then you may find it tough to manage another loan. Did you know why? It is because your debt to income ratio will be higher. And lenders may not sanction your next loan approval. Owing to this, your credit score may take a hit. The best thing would be opting for the personal loan for debt consolidation. By opting for this loan, you can pay off all loans at a time. But what can you do when you have a bad credit score? Read on!
2. Apply for the lowest possible loan amount Asking for a higher amount with a lower credit score means that your personal loan for debt consolidation can be rejected quickly. You can apply for a lower amount so that the lender may feel comfortable sanctioning your loan. Why? It is because a lower amount is easier to repay. 3. Apply with a co-applicant To get the approval for the personal loan for debt consolidation with a poor credit score, you can also apply with a co-applicant. Other than these tips, you can also correct errors in your credit report to boost your CIBIL score and get quick loan approval. Bajaj Finserv gives you pre-approved deals on personal loans and more. It can help you approach the loan processing procedure faster and hassle-free. You can check out your pre-approved loan offers now after sharing your basic details such as your name and mobile number. Must Read: All You Need To Know About Debt Consolidation Loan If you were looking to apply for the quick personal loan, then you may have an idea that it is unsecured debt. And to process your application, your credit score will be checked as the first thing by your lenders. If your credit score is not 750 or more, then your quick loans application may not be approved. Read on to know some quick ways to boost your cibil score!
2. Maintain your older credit cards If you are able to manage to pay the bills on your older credit cards, then your credit score will be higher. It is because doing that will help you build a strong credit history leading to the cibil score improvement. 3. Manage your credit limit Another way to keep your credit score higher is by keeping your credit limit under 30-40%. Higher credit utilization may hurt it, and your quick personal loan approval chances may go bleak. 4. Avail the longer loan tenure When you opt for the longer tenure, it helps you pay reduced EMIs. When you have smaller EMIs to manage, it means you can pay it without defaults. Timely repayments lead to an improvement in your cibil score. 5. Don’t ask for a way too higher loan amount You should repay one loan and then move onto another. If you have too many debts at a time, then you may be called credit hungry. Also, repaying too many EMIs at a time may lead to defaults affecting your credit score. 6. Check your cibil report for incorrect entries If your credit report carries unauthorized entries, then it may affect your credit score. Hence, before you apply for the emergency loan, ensure that you have resolved all discrepancies on your credit report. If you are able to consider these factors, then you will see your credit score improving, leading to quick personal loan approval in no time. Must Read: Step By Step Process To Improve Your Credit Score The expenses associated with higher studies can affect your financial life significantly. You may apply for an education loan for your child but it will cover only the tuition fees. Therefore, you will have to bear the expenses of books, accommodation, living costs, etc. by yourselves. Instead, you can apply for a personal loan as it allows you to apply for a loan amount as per your needs. However, you will need to take care of these things before seeking a personal loan for students. Assess your needs accurately Assess the funds required for carrying out all the expenses of your child’s higher education accurately as sudden expenses due to an educational trip or online course might affect your financial plans. Also, if you don’t need a huge amount, you can apply for a small personal loan offered by peer-to-peer lenders and instant loan apps as it gets approved quickly. Use the personal loan EMI calculator A personal loan EMI calculator is provided by many lenders nowadays and it allows you to validate your loan eligibility as well. Also, by knowing the EMI that you will be paying to clear the loan, you can plan your finances without any confusion. Pre-approved offers Some financiers provide pre-approved loan offers based on your eligibility. You can explore the offers from various lenders to find a small personal loan at a lower interest rate. Bajaj Finserv offers pre-approved offers that get approved faster and without any hassles. These offers consist of personal loans, credit card offers, travel loans, etc. Also, as the personal loan will be pre-approved, minimum documents will be needed and you can apply for the loan without submitting any collateral. To know your eligibility, you only need to submit basic details such as your name and contact number on their official website. Additional Read: Everything You Need Know About Personal Loan For Students A medical emergency can disrupt your financial plans as the cost associated with medical treatment has grown exponentially in the last few years. With a medical emergency loan, you can cover these expenses easily. However, your credit score will play a major role in determining whether you will get a substantial loan amount if needed. Also, you no longer have to visit a bank or branch office of a finance firm to apply for a medical loan as many personal loan apps provide instant loans for emergency purposes. The benefits of availing of a loan via a personal loan app are shared below: Complete online process These days, many lenders allow you to apply for personal loans through apps. The application form will be provided online, and you will also get an opportunity to complete the formalities like document verification online. Quick approval Due to the hassle-free online process and fast approval, a medical loan can be granted quickly. Moreover, you get the chance to verify the loan status online through the loan app. User-friendly options You might not be able to start paying the loan EMIs immediately during a medical emergency. Therefore, many reputed NBFCs and banks allow you to repay the existing loan flexibly within the given tenor. Even the option of foreclosing the loans before tenor completion is available. Some financiers even provide a personal loan calculator on their personal loan app that enables you to check the loan amount and interest rate that you are eligible for. You may even apply for pre-approved loans offered by Bajaj Finserv that includes medical emergency loan, personal loans, credit card offers and much more. Also, for checking the pre-approved offers for your account, you can submit your name and contact details on their portal. Additional Read: Know How You Can Avail Emergency Loan If you keep a tab on financial affairs, then you may have an idea about the concept of the repo rate and the reverse rate. These two terms hold much significance in the world of finance and the economy in India. What is repo rate? The repo rate is the rate at which commercial financial institutions borrow money from the RBI. They do that by selling off their securities to maintain liquidity. If there is a shortage of funds in a bank, it borrows money from the RBI at a repo rate. You are now aware of the repo rate meaning. Repo rate impact on loan EMI is as per the modifications done from time to time. Repo rate impact personal loans could be seen with banks lowering their interest rate. It is because they have more funds to grant as loans. The repo rate has not been changed and stands at 4%. What is a reverse repo rate? The reverse repo rate is a system to absorb the market’s liquidity. In turn, it restricts investors’ borrowing power. Under the reverse repo rate, RBI borrows money from banks and other lenders. It is done in case there is excess liquidity in the market. Banks benefit from the reverse repo rate by enjoying interest gains for holding their funds with India’s Central Bank. Reverse repo rate affects your loan interest rates. It is because lenders have fewer funds with themselves to release as loans and more. Currently, the reverse repo rate stands at 3.5%. What will happen next? The rate of interest of loans may rise in the event of an unchanged repo rate. Customers with ongoing floating rate home loan, business loan and personal loans may see a spike in interest rate. With the reverse repo rate not being changed, banks may or may not be interested in parking more money to gain interest gains. It would depend from banks to banks. Must Read: Everything You Should Know About Repo & Reverse Repo Rate Sometimes, you don't have any alternative other than applying for a personal loan during a financial crisis. However, do not undermine the factors such as loan tenure, interest rate, EMI amount, etc., that can affect your financial freedom after taking a loan. If you stay in Allahabad and need funds urgently, you can opt for an instant loan that offers benefits like a flexible loan repayment schedule, lower interest rate, low loan processing fees, etc. You can verify the following factors while applying for an instant loan in Allahabad (Prayagraj). Estimate the need accurately Be careful while choosing a loan amount because if it is insufficient, you might have to apply for another loan to fund your financial need. Also, do not apply for an excessive amount, as it means that you will have to pay a higher interest through EMIs. Check the loan tenor Always go for a personal loan that allows you to choose the tenor as per your comfort. Many financiers offer a flexible personal loan tenor these days, but you must also see whether you can prepay the loan without paying any charges. Also, apply for a loan that comes with a minimum processing fee and does not comprise any hidden charges. Verify your eligibility Verify your eligibility before applying for a loan because a loan rejection will waste your time and efforts. Also, every loan application reduces your credit score by some points as it is considered to be a hard inquiry. You can use an interest rate calculator to verify the interest rate, loan amount, tenor, etc., before applying. You can also find if the lender provides any pre-approved loan offers. Bajaj Finserv offers pre-approved offers to its select customers that comprise personal loans, medical loans, credit card offers, etc. No collateral is required for availing of this loan if you are eligible for a pre-approved offer. You can check the offers applicable to your account by only submitting your contact information and name on their portal. Must Read: Remember These Points Before Availing Of A Personal Loan In Allahabad If you are contemplating availing of personal loans, then calculating personal loan EMI beforehand will help you manage your debts efficiently. You can calculate personal loan EMI manually or use a pre-built online personal loan EMI calculator.
Factors to be considered for EMI computation
The total loan amount borrowed from a lender is known as the loan principal. The higher the principal, the higher will be your EMIs and vice-versa. Thus, you may avoid borrowing excess credit to keep your EMI outgo in check. 2. Loan tenor The lower the loan duration, the greater the EMI will be, but the lower will be the total interest payable and vice-versa. For example, you borrow two personal loans of Rs 10,000 each at 10% p.a for 12 and 24 months respectively. The 12-month loan EMI will be Rs 879 and the 24-month loan EMI will be Rs 461. However, the total interest payable on the 12-month loan is lower (Rs 550) as opposed to that on the 24-month loan (Rs 1,075). 3. Interest rate Interest rate is your debt servicing cost. There is a direct relationship between interest rate and EMIs. If interest is low, EMI will also be low and vice-versa. Thus, you may always try to procure loans at the minimum possible interest rate. The formula for manually calculating personal loan EMI EMI = [ P X R/100 X (1 + R/100)N ] / [ (1 + R/100) N-1 ] Where, P = Principal loan amount R = Loan interest rate N = Loan duration (in month) EMI = Equated Monthly Installment Other ways of calculating personal loan EMI Manual computation of personal loan EMI is a complex, cumbersome, and time-consuming process. Thus, you may use online personal loan EMI calculators available on various websites for instant and accurate EMI computations. You may also refer to the amortization schedule provided by your lender. It provides EMI breakup details, that is, how much of the monthly installment is designated for interest and principal repayment respectively. You may calculate personal loan EMIs using any of the methods stated above. The key to lowering your EMIs is to get small personal loans at competitive interest rates. Bajaj Finserv offers one of the best personal loan rates along with pre-approved offers for select customers that will accelerate your loan approval process. Everyone falls short of funds at some point in their lives. Also, a sudden need might arise that can challenge you financially. To take care of such fund requirements, you can take an instant personal loan from a bank, finance firm, or any other lender of your choice. However, avoid these things while taking a loan as it might affect your finances afterward: Application without checking credit score You are making a mistake if you don’t check your credit score before applying for a personal loan. This is because most lenders check your credit score before approving a personal loan. A bad credit score might result in loan rejection and it will also waste the efforts and time you had spent while applying for the loan. Changing jobs frequently If you are a salaried person then changing jobs might be a crucial thing to grow in your career. However, lenders do not consider changing jobs too frequently a good thing as it raises questions on whether your financial life will be stable in the future. Therefore, don’t be in a hurry to quit or change your job especially if you are going to apply for a personal loan in the near future. Applying for multiple loans at once If you are among those who think that applying for multiple personal loans simultaneously will help you get approval for at least one. However, each application is taken as a hard inquiry and it decreases your credit score by a few points. Therefore, it is better to check your eligibility through online tools like an online personal loan EMI calculator before applying for a loan. Also, you can check the pre-approved offers of multiple lenders to check which one will suit your requirements. Checking pre-approved personal loan offers will not affect your credit score as it does not fall under hard inquiry. Bajaj Finserv is offering attractive pre-approved offers comprising personal loan offers, credit card offers, and much more. Visit their website today and check the offers that you are eligible for by providing your name and contact details. Additional Read: Important Facts About Instant Personal Loan Have you been waiting for a long time to apply for a personal loan but could not do that because you were unsure of the EMI amount? If yes, you are not the only one! Many people are eligible, but they avoid applying for a loan. It is because they are unable to plan their loan repayment. But it is possible to use an online personal loan EMI calculator. Do you want to know more? Read on! What is an online personal loan EMI calculator? An online personal loan EMI calculator is a tool available on a lender’s website. Be it reducing balance interest rate or a conventional one; it is possible to know about the interest charge, along with the precise EMI amount. All that you need to do is – use the online personal loan EMI calculator! How to use the online personal loan EMI calculator?
Not only an EMI amount but the online personal loan EMI calculator will also display the total interest cost and the expenditures of the loan (principal + tenor). The biggest benefit of using the online personal loan EMI calculator is that you can indulge in hassle-free repayment planning for the next loan. The EMI calculator also gives accurate and real-time results and could be used 24x7. Bajaj Finserv offers pre-approved deals on personal loans, home loans, business loans and more. It is to simplify loan processing and make it faster. You can check out your pre-approved loan offers today after sharing your basic details, such as your name and mobile number. Additional Read: Know How You Can Manage Personal Loan Repayment By Using An Online EMI Calculator Once you apply for a personal loan, your lender goes ahead with the personal loan verification process. Your loan application moves from application to processing to the approval and disbursement phase. But many people believe many personal loan verification process myths as true. Let’s check out some personal loan verification process myths that are best to ignore. Read on!
2. Personal loan takes a long time to process It’s not true. Leading lenders takes only about a few minutes to approve your loan request if you are eligible. 3. Only salaried individuals can get a personal loan No, salaried, as well as self-employed applicants, can also apply for a personal loan. A quick look at the personal loan verification process
Bajaj Finserv offers pre-approved deals on personal loans, home loans, business loans and more. It is to simplify loan processing and make it faster. You can check out your pre-approved loan offers today after sharing your basic details, such as your name and mobile number. Additional Read: Everything You Should Know About Personal Loan Verification Process f you are into the world of loans in India, you may have an idea about the pre-approved personal loan. If not, this post will let you know about the basics of this best personal loan offer only to select customers! What is pre-approved loan? What is pre-approved loan – if this question haunts you, then you need to know that it is a loan offer that is already approved for you. If you go ahead with the pre-approved personal loan offer, you can get the pre-determined amount into your bank account. Who is eligible for a pre-approved loan? Leading banks and NBFCs have now opened up to the idea of pre-approved loan deals for select customers. Such offers are available to existing customers of the bank with robust credit score and a stable repayment and income records. You can also ring the personal loan customer care no of some lenders to check it on call. What is the eligibility criteria for a pre-approved loan?
If you have managed to pay your existing loan EMIs on time, you may already have approval for a pre-approved loan and avail of your next loan without hassles. Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan. You can check your pre-approved loan offers today by sharing your basic details such as your name and mobile number. Additional Read: Things To Know About Pre-Approved Loans What is credit rating? Are you aware of it? A credit rating is a score allotted by different credit rating agencies in India that signifies your ability to manage and repay a loan. As per your types of credit rating, a lender assesses your creditworthiness and takes a loan approval decision. The loan approval and the offered rate of interest are determined by your CIBIL score range. A higher credit score means that your chances of approval are higher. Read on and know more! Credit score ranges at a glance and their meaning
2. Fair credit score – 580-669 If your CIBIL score ranges between 580 and 669, it means that your credit rating is fair. Your loan application chances hang in the balance. It may either be approved or rejected. If approved, a lender may charge you a higher rate of interest. 3. Good credit score – 670-749 A good credit score is between 670 and 749. You may get the loan approval faster and maybe at a lower interest rate. 4. Very good credit score – 750-799 Anyone having a very good credit score will have it ranging between 750 and 799. The chance of loan approval at an attractive rate is more for people having a robust credit rating. 5. Exceptional credit score – 800-900 An exceptional CIBIL score ranging from 800 and 900 is the one that has the brightest chances of enjoying the loan approval at the lowest possible interest rate. The credit rating of such individuals will be the highest. One should maintain a good to very good credit score and get the loan approval at a lower rate. Timely loan EMI repayments, a mix of credits and a lower debt to income ratio may help you keep a robust credit rating and lead to a better CIBIL score. Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan. You can check your pre-approved loan offers today after sharing your basic details like your name and mobile number. Additional Read: Know Each And Everything About Your Credit Score An unsecured personal loan is one of the best resorts to arrange funds urgently. However, if you have already had a personal loan and finding it tough to manage EMIs, you can switch to a new lender and save on interest charges. It is possible to do that using the personal loan balance transfer facility. But before doing that, a few factors need to be considered. Read on and know more! Take into considerations these points before taking a personal loan balance transfer
2. Processing charges To avail of the personal loan balance transfer, you will need to pay some processing charges. You need to make sure that this cost does not lead to a loss for you. 3. Fine prints Before opting for the personal loan balance transfer, you need to consider the terms and conditions of your lenders. You should ensure that there are no hidden clauses. If yes, it may hurt your financial prospects. You should get in touch with a lender to understand terms unclear to you. 4. Top up loan facility One of the key considerations before going ahead with the personal loan balance transfer is to check if your lender is offering the top-up personal loan. The top-up loan can guarantee a large amount at a rate and tenor as that of an ongoing loan. It can help you cover your additional needs without usage restrictions. If you are able to consider the discussed aspects of personal loan balance transfer, it can assist you in approaching and managing your loan transfer convincingly. Bajaj Finserv offers pre-approved deals on personal loans, home loans and more. It is to simplify the processing of the loan and make it faster. You can check out your pre-approved loan offers today after sharing your basic details like your name and mobile number. Must Read: Remember These Points Before Availing Personal Loan Balance Transfer Many eligible loan candidates don’t apply for a personal loan because they are unaware of the amount they will need to repay as EMIs.
If someone is able to calculate personal loan EMIs even before applying, it can surely help in financial planning. In the same context, let’s check how to calculate personal loan EMIs in a super-easy way! Here’s how you can calculate personal loan EMIs easily Using an online personal loan calculator for EMI can help you calculate loan EMIs smartly, faster and without errors. Take a look:
If you wish to calculate small personal loan EMIs, you can rely on the loan calculator for EMI and fulfil your needs without issues. Bajaj Finserv offers pre-approved deals on personal loans, home loans, business loans and more. It is to simplify loan processing and make it faster. You can check out your pre-approved loan offers today after sharing your basic details, such as your name and mobile number. Individuals with a clear record of making timely repayments are the ones with a robust CIBIL score. However, at times, there could be some issues in your credit report leading to a lower CIBIL score. But, if these issues are not due to your own faults, you can go for CIBIL report correction. Let’s know to go about the CIBIL report correction in this quick post! CIBIL score correction procedure at a glance If you can follow the below-mentioned CIBIL dispute resolution process, it may be possible to get errors in your credit report corrected. Let’s take a look:
In case if you wish to apply for a personal loan with bad CIBIL, you can do that after convincing a lender that you can manage timely EMIs. It can also be done with a co-guarantor and applicant having a robust credit score. Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to ease off the processing of the loan. You can check your pre-approved loan offers today after sharing your basic details like your name and mobile number. Additional Read: Know How To Correct Errors In Credit Report The PAN (Permanent Account Number) is one of the crucial documents in India. Its significance is known to all while availing of any financial facilities like personal loans and more.
It is sought-after by lenders while undergoing the personal loan verification process. But, did you know that you can avail of the personal loan without PAN Card these days? Yes, that’s possible! Let’s know a few ways you can avail of the personal loan without PAN Card in this post!
2. By having a robust CIBIL score Having a higher credit score is a guarantee that you can repay the loan on time. Hence, even when you don’t have a PAN Card, your application may be approved. Try maintaining a credit score of 750 or more. 3. By going for a joint loan Another way to apply for the personal loan without a PAN Card is to apply with an applicant having a valid PAN card. In short, having a co-applicant with a PAN card may help you get loan approval. 4. By keeping other loan documents ready Not having the PAN card and also not furnishing other loan documents could be a recipe for disaster. Thus, you should ensure to submit other documents like your Aadhaar card, salary slips, bank account statements and ITRs. You can follow these handy tips and get a personal loan with low credit even without the PAN Card. Bajaj Finserv offers pre-approved personal loans offers and also on home loans and more. It is to simplify the processing of the loan. You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number. Know How You Can Choose the Better Option between Flat Interest Rate or Reducing Balance Rate5/31/2021 Personal loans attract a higher rate of interest owing to their unsecured nature. It is why the loan borrowers want to pay lower interest charges and save on repayments.
Personal loans are either offered at a flat rate or the reducing balance interest rate. On that note, let’s check if the fixed rate or the reducing balance interest rate is the best option. Read on! What is a fixed personal loan rate? In a case of a fixed or flat personal loan rate, the interest amount gets calculated on the entire amount. It is also known as the principal amount. Hence, the interest amount remains fixed for the entire loan duration until you have paid it fully. This type of interest rate is good for someone who is availing of the loan for a small duration. Traditional personal loans are generally offered at the same rate. What is the reducing balance interest rate? The reducing balance interest rate or the diminishing rate is based on the outstanding loan money after periodic repayments. It is the preferred interest rate on personal loan methods compared to the flat rate. It is a popular option as a borrower needs to pay a smaller interest charge with the progression of the loan tenor. It is majorly because the interest is computed on the outstanding principal loan figure. Under the reducing balance interest rate method, the interest continues to diminish after the payment of each EMI. It is because the outstanding balance goes less than the earlier month. Based on your needs and repayment style, you can opt for the personal loan on either fixed or reducing balance interest rate. Bajaj Finserv offers pre-approved personal loans offers and even housing loans and more. It is to simplify the processing of the loan. You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number. Many active personal loan customers want to make the most of the lower interest rate offered in the market. Hence, they wish to go for a personal loan balance transfer.
But it is also vital to consider a few essential aspects while doing the personal loan balance transfer in 2021 or later. Read on!
Nowadays, you can get a personal loan without leaving home online and save your time and efforts. The personal loan interest rate is generally higher as it is unsacred. But you can use your CIBIL score to keep it lower. A credit score of 750 or more can help you enjoy lower interest charges. Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify the processing of the loan. You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number. |
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. |