Ever since 2004, the Reserve Bank of India (RBI) made the KYC compulsory in India. Yes, it’s a must for banks and other similar entities to verify the identity and address of their customers. Anyone who has to transact with banks and more has to be authenticated. It was to be done using the KYC process. What is KYC? The full form of KYC is ‘Know Your Customer.’ The KYC is a verification process that lets a bank confirm and authenticate a subscriber. It is to make sure that the address and identity of a customer match with a valid document. The document could be an Aadhaar Card, PAN Card, Driving License, Passport and more. To complete the KYC process, a customer needs to submit the KYC documents before beginning to avail of its services. Even existing customers are required to update their KYC details from time to time. It is to make sure that only legal customers are attached to a bank and the bank's services are not being used for legal/laundering activities. Nowadays, eKYC can also be done using your Aadhaar Card. It is done by using the OTP (One-Time Password) received on your Aadhaar-linked number. eKYC process is faster and is a hassle-free way to ascertain one’s identity in a flash. eKYC verification online is being conducted by most banks to save time and add more customers. What is the significance of the KYC? The importance of KYC verification is easy to understand. KYC is done to ensure that the services of a bank are being used only by genuine customers. It is to guarantee that no illegal act or laundering is being conducted by customers of banks. If you want to continue using the services of a bank and similar entities without interruptions, it becomes vital to get your KYC done. KYC could be done via in-person verification and even Aadhaar-oriented. Additional Read: Important Points About KYC Process
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A personal loan is among the most applied financial solutions in India. It is because it does not require any collateral. If you have the required creditworthiness, you can get loan approval faster. You can also enjoy lower personal loan interest rates if you are the right loan candidate. One can also get online personal loans for different needs. It is where it would be right to know about different types of personal loans. Read on!
2. Personal loan for wedding If you are short of some amount for an upcoming wedding in your family, you don’t need to bother. You can apply for a personal loan for a wedding and cover your needs. You can check personal loan eligibility using the loan eligibility calculator. It is available on a lender’s website for free. 3. Personal loan for home renovation A personal loan for home improvement can also be applied if you want to arrange funds for undertaking repairs, modifications and more. 4. Personal loan for debt consolidation If your debt obligation is consuming a large part of your income, you don’t need to stress out. You can avail of the personal loan for debt consolidation and avail of a higher amount. This way, you can pay off all debt in a single payment and pay one EMI. 5. Personal loan for travel It is also possible to apply for a personal loan for travel and get money to unwind in a location of your choice. Based on your needs, you can apply for a personal loan of your choice and meet your needs. You can enjoy lower personal loan interest rates by maintaining a higher credit score, stable repayment and employment record. 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: Some Tips To Know About Types Of Personal Loan What is FOIR? Are you aware of the term ‘FOIR’? The full form of FOIR is Fixed Obligations to Income Ratio. It is a famous lending parameter that banks use to compute the personal loan eligibility of applicants. FOIR is also known as the debt to income ratio. If the FOIR score of a loan applicant is lower and varies between 40 to 50%, he/she can get loan approval. Using the FOIR calculator, it is possible to know about the personal loan eligibility of an applicant. Read on and know more! An example to showcase and understand FOIR better Let’s suppose if your income is Rs.30,000; your total obligations are Rs.19,000. Now, if you apply for a personal loan, your application request may be rejected. You may be taken for a ride as you have paid your EMIs on time and approved for a loan earlier. What’s wrong? It may be because your FOIR may be more than what is the acceptable limit of 40-50%. FOIR Calculation = (Sum of current obligations/Monthly income) x 100 In this case, 19,000/30,000 x 100 = 63.3%. Thus, your FOIR is 63.3%, much more than a higher acceptable range between 40-50%. Since your FOIR is more than 50-55%, your new application for a personal loan has been rejected by your lender. Hence, if you want to get instant personal loan eligibility, you will need to work on your debt to income ratio or FOIR. The lower you are able to keep your debt to income ratio or FOIR, the easier it will be for you to get instant personal loan approval. What’s more, doing that can also help you keep your CIBIL score higher – an indispensable factor required for the loan approval. 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: Know How You Can Calculate Loan Eligibility By Using FOIR Calculator No matter what purposes you may need a higher loan amount, you can rely on the instant personal loan to cover all.
If you are a resident of Punjab or anywhere in India, you can get the loan approval fast if you are eligible. Your credit score, repayment and employment history are what constitute your creditworthiness. If you want to apply for an instant personal loan in Punjab, you can do that online. On that note, let’s check out the best possible ways to avail it in this post!
2. Compare all loan offers The next element that can help you pick the best instant personal loan in Punjab is to compare all loan deals online. You can do that on a third-party website free of cost. 3. Don’t apply for too many loans simultaneously Every time you apply for a loan, a lender checks your credit score. Applying for too many loans at a time means hard enquiries on your credit score. Hence, you should apply for one loan at a time. 4. Go through lender’s terms and conditions The next thing is going through the lender’s terms and conditions. It is as it mentions all charges that you may have to pay during the tenure. Thus, you should ensure going through it at least once. This way, you can control your finances better. 5. Check if you are eligible for a pre-approved personal loan Many lenders provide pre-approved loan deals to exclusive customers. Being pre-approved means that you don’t have to prove your eligibility and submit documents. Thus, you should check if you have an active pre-approved loan offer ready. By considering these factors, you should be able to approach your instant personal loan in Punjab with confidence. Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify loan processing. You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number. Other than helping you to meet your different monetary needs without restrictions, a personal loan also offers you quick approvals with flexible repayments. If you are an eligible candidate, you can access the approval for up to Rs.25 lakh. Reputed lenders also don’t take time to approve your loan application. If you are eligible, you can funds credited into your bank account within 24 hours*. It is also possible to repay the loan over a flexible tenor of up to 60 months. But, did you know that you can also avail of some tax benefits on personal loans? Yes, you may not be able to do that directly, but specifically using the loan money. Let’s take a look at a few ways you can avail some tax benefits on personal loans! Personal loan tax benefits at a glance
Bajaj Finserv provides 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. Additional Read: Know How You Can Avail Tax Benefits On Personal Loan The primary source of income for banks and NBFCs is the interest rate that they charge their borrowers while offering different types of loans. When it comes to loans, two types are offered – fixed and reducing balance interest rate. Hence, if you wish to know the basic difference between the two, then this post will help you out! What is the fixed or flat interest rate? The fixed interest rate means that the personal loan interest rate or any other loan will be fixed throughout the tenure. The interest is calculated on the entire amount via the tenure. But the fixed rate of interest is a bit more expensive than reducing the balance interest rate. The benefit of the fixed loan rate is that you will continue to pay fixed EMIs throughout the tenure. This way, you can have complete control of your repayments. What is reducing balance interest rate? The reducing balance interest rate denotes that the rate of interest on personal loan is calculated on the outstanding loan figure. It means that the EMI will have the interest part being paid for the outstanding loan, along with principal repayment. After you keep paying EMI per month, the outstanding amount continues decreasing. The interest for the next month’s interest rate on a personal loan is measured only on the basis of the outstanding loan figure. The reducing balance interest rate is used for housing and other loans like credit cards and an overdraft. Compared to a flat rate, the reducing balance interest rate is less expensive. Based on your repayment capacity and considering other elements, you should choose either the fixed rate or the reducing balance interest rate. Bajaj Finserv offers pre-approved deals on personal loans and more to simplify loan processing. You can check out your special pre-approved offers after sharing your necessary details like the name and mobile number. Additional Read: Choose Best Option Betwwen Flat Or Reducing Interest Rate Mumbai is the financial capital of India. If you live in the ‘Maximum City’ and want to fulfil some financial needs, you can do that easily. It is because almost all leading lenders provide their online personal loan facilities here. But not every borrower is aware of the steps that can help them get an instant loan in Mumbai. Let’s check out the steps to help you apply for an instant loan in Mumbai in 2021. Read on! Follow these steps to apply for instant loan in Mumbai in 2021
A personal loan is one of the finest financial resorts to meet diverse financial needs. Based on your eligibility, you may get up to Rs.25 lakh from reputed lenders in Mumbai. 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. Additional Read: Know How To Avail Instant Loan In Mumbai In 2021 If you have an ongoing personal loan account and want to cover your additional needs, you don’t need to apply for a fresh loan. It is because you can always apply for a top up personal loan. On that note, let’s check out more about top up personal loans in this quick post! What is a top up personal loan? A top up personal loan is availed by an existing borrower who already has a personal loan active. If you have an active loan account and repaying it without defaults, you may be eligible for the top up personal loan. Based on your eligibility and lender’s policies, you may be entitled to avail of an amount of up to Rs.25 lakh. What are the benefits of the top up personal loan?
2. Minimum documentation The required documents for availing the top up personal loan are negligible. If you have been paying your EMIs on time, lenders may have no issues in approving the loan. 3. Quick processing A lender you have an existing relationship with may not take much time to process your application for the top up personal loan. Hence, your loan application gets processed immediately, and you are able to get funds faster. 4. No collateral Most of the lending institutions don’t ask for any collateral if you apply for an online top up personal loan. 5. Interest rate Many lenders offer an attractive lower rate of top up personal loans. The best interest rate would be available if you have a current relationship with the creditor. Having a higher credit score can also help you get low-interest personal loans. With so much going for the top up personal loan, you can apply for it online if you have extra financial needs. Bajaj Finserv comes with pre-approved offers on personal loans, home loans, business loans and more. It is to simplify loan processing and make it less time-consuming. 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 Avail Top Up A Personal Loan
When it comes to arranging an immediate amount for different needs, nothing matches a personal loan. It is because you don’t need to submit any collateral to get the loan approval.
If you are the right candidate, you can enjoy a bigger amount that you can use to cover many needs. But what are the types of personal loans? You can avail many types of personal loans as per your preferences to suit the exact requirements. Read on and know more! Types of personal loans at a glance
2. Medical emergency loan Medical emergencies can strike you without intimation. If you don’t have enough to cover the bills, you don’t have to liquidate your assets or savings. You can rely on the medical emergency loan to avail up to Rs.25 lakh from leading lenders. 3. Debt consolidation loan One of the many types of personal loans is the debt consolidation loan. The loan lets you consolidate all your debts and help you pay a single EMI per month. In turn, you can also save big on interest charges. 4. Home improvement loan If you wish to undertake some repairs and renovations in your home, you can avail the personal loan for home improvement. You need to keep your CIBIL score, repayment and income record intact to get the loan approval. Other types of personal loans also include travel loans, higher education loans and more. The best thing about any of these loans is that you are free to use the loan money for any other purposes without restrictions. All that you have to do is – keep a robust CIBIL score and match lender’s eligibility conditions. Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify loan processing. 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 Many Types Of Personal Loan Are you looking to apply for a loan to cover your needs and confused between secured loan vs unsecured loan? If yes, many loan applicants face this dilemma. But you don’t have to worry! This post will help you know which one to choose between secured loan vs unsecured loan. Read on! Secured loan vs unsecured loan A secured loan is one for which you need to keep collateral. The best example is a home loan. On the other hand, an unsecured loan does not require you to submit any collateral. The loan is given on the basis of your creditworthiness. Your credit score, income level, repayment capacity make it. A personal loan is the best example of an unsecured loan. How to choose between secured loan vs unsecured loan? By considering a few parameters, you can easily decide between secured loan vs unsecured loan. Take a look:
2. Your repayment aptitude Secured loans may come with the tenure of up to 20 years, and it could be up to 5 years for unsecured loans. If you choose a secured loan, you will be able to manage your outlays better by paying smaller EMIs. On the other hand, an unsecured loan means repaying it faster than a secured loan, and that may hamper your expenses. Thus, you should pick one as per your repayment capacity. 3. Your CIBIL score If you want to apply for an unsecured loan, you need to keep your credit score higher. If it is 750 or more, you can get the loan approval at a lower rate. Applying for a secured loan means that your assets and credit score will be considered vital aspects. No matter which loan you apply; the credit score has to be robust to get the approval. Considering these factors can help you decide between secured loan vs unsecured loan. Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify loan processing. 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 The Difference Between Secured Vs Unsecured Loans Are you a Chennai resident and looking to arrange a large amount to cover many needs without liquidating assets and savings? If yes, you can apply for an instant personal loan in Chennai from a top lender online. Based on your eligibility, you can avail a considerable loan amount with quick approvals and fast money disbursement. If you want to know how to opt for an instant personal loan in Chennai, you can go through this post! Here’s how you can apply for an instant personal loan in Chennai
If you have a robust CIBIL score of 750 or more, you can be in the good books of the lender. It means that you have managed to repay your loan EMIs and other bills on time. This way, the lender could be assured that you will repay the next loan on time. Hence, it may approve your loan application faster and at a lower rate. Consistent employment and income record are also considered vital eligibility norms to sanction the loan application. Bajaj Finserv offers pre-approved offers on personal loans, home loans, and more. It is to make the loan processing simpler and faster. You can share your basic details like the name and mobile number to check your pre-approved loan offers today. Additional Read: Know How You Can Avail Personal Loan In Chennai If you wish to avail the fast approval on the personal loan, then you will need to fulfil a few basic requirements. It is because personal loans are unsecured, carry a higher rate, and that’s why lenders award the approval to only those who are eligible. Your CIBIL score, repayment history, income record makes the eligibility and are vital parts of the personal loan verification process. Let’s check out some aspects that can help you get fast approval and speed up the personal loan verification process!
2. Don’t apply for a loan amount way too higher If you wish to get your loan approved faster, then you should not apply for an amount that is way too high. To know an amount that will be approved as per your income and obligations, you should use the personal loan EMI calculator. Once you apply for an amount that will be approved for you, then your loan application will be approved faster. 3. Ensure that your debt to income is lower If you have a higher debt to income ratio, then your loan application may not be approved. It is because your income is already being coughed up by your ongoing debts. Hence, try to keep your debt to income ratio as low as possible to get the approval for a large amount. Considering these aspects can speed up your personal loan verification process. Bajaj Finserv presents pre-approved offers on personal loans and more. It is to process your loan application faster and help you save your time. You can check out your pre-approved loan deals after sharing your basic details like the name and mobile number. Additional Read: Need Fast Approval On Personal Loan Are you confused between gold loan vs personal loan and want to know which one is better? Both have their advantages when it comes to fulfilling your monetary needs. In this quick post, we will analyze which one is better between gold loan vs personal loan! Read on! Gold loan vs personal loan
2. The processing and disbursal time The processing time of a personal loan is now instant, and it is also on the go for gold loans. Since gold loans are secured, there may be fewer eligibility norms to meet and fewer documents to submit. Hence, its approval may come faster. Personal loans are disbursed within 24 hours*. 3. The repayment tenure The flexible repayment tenure of personal loans could be within 60 months. But for gold loans, it may not be that long. It varies from lenders to lenders and is also dependent on the loan amount that you get. Based on these vital factors, you can decide between gold loan vs personal loan. Both are now two of the most popularly applied financial solutions in India. Bajaj Finserv comes with pre-approved offers on personal loans, EMI network, home loans and more. It can make your loan processing easier and less time-consuming. You may check out your pre-approved loan offers now after sharing your basic details such as your name and mobile number. Additional Read: Gold Loan Vs. Personal Loan Which Is The Right Option Living room is a space where family members spend time together or receive their guests. Hence, the decoration of this room needs to reflect the vibe of the family living there. Following are some easy-to-implement living room decorating ideas that never go out of fashion.
2. Choose the lighting carefully A proper placing of lights can make a living room even more appealing than it seems. For instance, use of yellow lights will impart a feeling of warmth. Similarly, installing some spotlights, one can focus on some unique decorative pieces that he/she wants to showcase. 3. Utilise the corners Corners can be a great space to experiment. One can simply put an indoor plant to make this room lively. Similarly, one can also place a wall rack meant for corners to give an added dimension to the room. 4. Place decorative items A living room is incomplete with some unique showpieces or portraits. Regardless of your budget, you can choose some handmade items to glam up this space even more. For instance, you can place them on the centre table or the rack of the wall cabinet. 5. Do not neglect the floor No matter how aesthetically designed a room is, a pitted or stained floor can ruin the entire ambience of the room. Hence, along with other aspects, homeowners also need to pay attention to the floor. However, implementing stylish living room decorating ideas can be expensive. You can, nevertheless, meet the required expenses with the help of a digital personal loan. Using the funds, you can purchase your favourite home decor items and revamp your living room conveniently as well as affordably. Must Read: Best Tips To Decorate Your Living Room When it comes to availing a loan, many borrowers are confused between secured loans vs unsecured loans. But which is the best option for you? Let’s check out which is the best between secured loans vs unsecured loans in this quick post! Secured loans vs unsecured loans 1. The rate of interest Since you need to submit collateral for secured loans, lenders charge a lower rate of interest on them. It helps you pay reduced EMIs and manage the cost of the debt easier. On the other hand, the unsecured loan like the personal loan comes with a higher rate of interest and leads to the payment of higher EMIs. Your creditworthiness is the key parameter while approving the loan request. You don’t need to pledge any security. Having a higher credit score of 750 and more can help you get the unsecured loan approval fast and at a lower rate. 2. The loan amount Between secured loans vs unsecured loans, the loan amount that lenders can approve depends on your overall eligibility and their policies. To know how much you will get, you can use the loan eligibility calculator on a lender’s website for free. Unsecured personal loans from top lenders can get you up to Rs.25 lakhs. 3. The repayment tenure When it comes to secured loans vs unsecured loans, the repayment tenure of unsecured loans is lower than that of secured ones. Secured home loans may have a tenure of 20 years, and it could be up to 60 months for unsecured personal loans. 4. The money disbursement period The money is disbursed into your bank account within 24 hours* in an unsecured loan. In a secured loan, it may take a bit of more time to get the approved amount credited. Based on your needs, and your repayment capacity, you should decide to choose between secured loans vs unsecured loans. Bajaj Finserv brings to you pre-approved personal loan offers, home loans, and more. It can ease off your loan processing and make it less time-consuming. You can share your basic details like the name and the mobile number to explore your pre-approved loan offers today. Additional Read: Choose The Better Option Between Secured and Unsecured Personal Loan Are you aware of the personal top up loan? It is a financial facility that leading banks and non-banking finance companies (NBFCs) in India offer. But the facility is available only to selected customers. If you have an ongoing personal loan account and want some extra funds to cover your needs, then the top up personal loan can help you. You can use the personal top up loan to cover any of your needs. But what factors do you need to consider before applying for the personal top up loan? Read on! Consider these factors before applying personal top up loan
2. You need to meet the lender’s eligibility Other than being the existing personal loan customer with a lender, you should have also paid at least 12 EMIs for the active loan*. This can make you eligible for the personal top up loan. What benefits can you enjoy while applying for a personal top up loan? You can get amazing benefits while applying for the personal top up loan if you need additional funds for different needs. Take a look:
Bajaj Finserv presents pre-approved personal loan offers on and more. It can ease off the loan processing. You can check out your pre-approved loan offers after sharing your basic details like your name and mobile number. Additional Read: Must Know These Points Before Availing Top-Up Personal Loan
In recent years, unsecured advances like personal loans have gained immense popularity as viable sources of financial assistance.
NBFCs like Bajaj Finserv offer these advances to government employees to help them meet various funding requirements. With a sanctioned loan amount of up to Rs.25 lakh, such individuals can choose to finance the expenses for child’s education, vacations, medical emergencies and more. Personal loans offered by Bajaj Finserv are free of any collateral and come with a tenure of up to 5 years. Moreover, once approved, these loans are disbursed instantly if an individual’s CIBIL score calculation reflects decent results. Eligibility criteria to avail a personal loan Government employees must fulfil the following eligibility criteria to avail a personal loan:
Documents required to avail a personal loan Apart from meeting the eligibility criteria, government employees need to furnish the following documents to avail a personal loan from Bajaj Finserv:
Individuals might need to submit additional documents if required. Application process Government employees can apply for a personal loan online by following these steps: Step 1: Furnish all personal, employment and financial details. Step 2: Select the loan amount and tenure. Step 3: Submit all necessary documents to the representative of the financial institution. Post completion of the above-mentioned steps, the loan amount will be disbursed into the applicant’s account. Availing a personal loan for government employees has never been more convenient. Apply for a personal loan with Bajaj Finserv if you require financial assistance urgently. Allahabad is one of the major cities in the state of Uttar Pradesh. If you live in Allahabad, and are looking to apply for a personal loan, then you can do that. But since personal loans are unsecured, you may be concerned about higher interest charges. But if you can follow a few steps, then you can avail the instant personal loan in Allahabad at a lower rate.
2. Compare available loan offers online While applying for the personal loan in Allahabad, you may come across many lenders’ offers. It may confuse you which one to choose and not. The best thing would be landing on a third-party website and comparing all available offers. This way, you may pick one that best matches your needs and the budget. 3. Go for a smaller tenure You can also go for a shorter loan tenure to pay affordable interest charges on personal loans in Allahabad. The only thing is that your EMI amount will increase. On the other hand, opting for a longer tenure may reduce the loan EMIs. But that would increase the interest payment and the loan cost. By implementing the discussed easier steps, you can easily avail the personal loan in Allahabad at a lower rate. Bajaj Finserv presents pre-approved personal loan offers on personal loans and more to ease off the loan processing. You can check out your pre-approved loan offers by sharing your basic details like your name and mobile number. Additional Read: Know How You Can Avail Instant Personal Loan In Allahabad The expenses of the Indian wedding can never be estimated earlier. No matter how well you plan in advance, the chances are that you may be short of funds. To cover your immediate needs, you don’t have to use your savings or liquidate assets. It is because you can apply for a personal loan for a wedding. Do you want to know why the personal loan for wedding is the perfect funding solution? Read on! 1. It comes with a considerable loan amount The personal loan for the wedding of a known lender can help you get up to Rs.25 lakh to fund your multiple expenses with a single solution. The final amount is dependent on your eligibility and your repayment capacity. 2. It offers super fast approval The wedding personal loan comes with instant approval if you are the right candidate. Leading creditors take only minutes to sanction the loan request. You also get to access the funds within 24 hours into your bank account. 3. It helps you save time and efforts The entire loan application procedure is paperless. You can land on the website or app of the lender and start applying online. In turn, it saves your time and keeps you protected from COVID-19 as you stay home. 4. The loan eligibility and the required documents are less complex The personal loan for wedding eligibility and the required documents are basic. You can check out the entire eligibility conditions on the lender’s website to be sure. You can also use the personal loan eligibility calculator to know an amount that will be approved. 5. It helps you repay over a flexible tenure Famous lenders permit you to spread the loan cost over the longer tenure of up to 60 months. It can help you repay smaller EMIs and plan your finances better. 6. It does not require any collateral Since the personal loan for a wedding is unsecured, you don’t need to submit any collateral. It means that if you default, then you don’t run the risk of losing your security. If your cibil score is good and you are well employed, then you can get the loan approval faster and at a lower rate. The benefits of applying for the personal loan for a wedding are now enlisted. If you are short of funds for the marriage, then you can turn to the wedding personal loan today. Additional Read: Know How You Can Avail A Personal Loan For Wedding Prospective credit card owners can look for instant approval credit cards online, thanks to the presence of some virtual cards. As their name suggests, these options are perfect for online shopping. However, one cannot use such cards for offline transactions at stores and outlets.
Virtual credit cards remain active for just one transaction. Even if users do not transact, such cards expire within 48 hours. Thus, users have a very limited window to buy products with these cards. Due to their online-only utility, these cards are not suitable for everyday use. Instead, applicants should look for regular credit cards with a faster approval process. To ensure instant approval of credit card applications, one would need to follow these tips mentioned below – They should provide instant approval credit cards online pre-approved offers from reputed financial institutions. These offers are available to eligible applicants with credit scores above 750. Pre-approved offers can not only improve the speed of credit card approvals but also ensure access to premium cards, such as the Bajaj Finserv RBL Bank SuperCard. Another simple way through which one can ensure credit card approval is to build his/her CIBIL score to a respectable threshold. While 750 is the minimum score required to avail cards from most NBFCs, higher scores may help you reduce some of the formalities, and thereby acquire cards with ease. Lastly, arranging all of the necessary documents beforehand should also help matters. Submitting each piece of paperwork necessary during application can help NBFCs verify your details quickly and approve credit card requests. In the last few years, India has experienced significant growth in its unsecured lending sector. In fact, as per RBI data, approximately 28% of the country’s total credits comprised personal loans. The data testifies that personal loans are one of the most popular forms of financial assistance among borrowers. Nonetheless, when availing a loan, you must know how to manage your debt effectively to avoid any negative impact on your credit report. Failing to pay a single EMI can bring down your credit score, which can significantly diminish your chances of availing credits in the future. How to manage debt effectively? Here are some pointers that can help individuals formulate a strategy to manage debt efficiently:
Reduce your EMI burdens and manage your debt effectively by implementing the techniques mentioned above. Must Read: Smart Ways To Manage Your Loan Debt Do you have an ongoing personal loan and managing a higher interest rate leading to the payment of bigger EMIs? If yes, then you can always go for the personal loan balance transfer facility. The personal loan balance transfer lets you switch your loan account to a lender offering a lower rate. In turn, it can help you pay lower EMIs and manage your outlays better. But before you go ahead with the personal loan balance transfer, you should consider a few points. Read on!
2. Check if you are availing a lower rate of interest The biggest reason for going for the personal loan balance transfer is enjoying the lower interest rate. And if that does not happen, then there is no purpose of doing that. Hence, you should check the charges by using the personal loan balance transfer calculator. It is available on the website of the lender that you are applying with. 3. Go through the fine prints The new lender that you are applying for the personal loan balance transfer will have new terms and conditions for new customers. Hence, you need to go through the entire fine prints of the loan before making the switch. This way, you will come to know of any extra charges that you may have to deal with the personal loan balance transfer. By considering these aspects, you can easily approach the ensuing personal loan balance transfer and avoid paying extra. Must Read: Everything You Should Know About Personal Loan Balance Transfer Who does not want his or her wedding to be one of the stupendous days of life? Yes, everyone wants that to happen! But not all have the affordability to fund the expenses of such elaborate events. But you don’t need to lose your heart. It is because you can rely on many modes to do that. And one of them is opting for the wedding loan. Read on and know more!
2. Loan against property If you don’t want to face the risk of paying higher interest charges on repayments, then you can opt for the secured debt like the loan against property (LAP). It is because LAP comes with a lower interest rate on personal loan as your property is the collateral. LAP helps you get an amount in crores with a repayment tenure ranging 2-20 years. 3. Using other assets You can also use your multiple assets like the gold, PF and more. This way, you can get funds to cover your needs for an upcoming wedding. The benefit of this will be keeping your assets invested. And at the same time, you may use the same to avail an amount against it. You are now aware of the ease you can get funds to make way for a wedding of your dream. You can go for one of the ways like the wedding loan and get started today. Must Read: Best Possible Ways To Avail Dream Wedding Loan If you were looking to avail some funds to renovate your home, then you can apply for home improvement loans. You can get an amount up to Rs.25 lakh from known lenders depending on your eligibility. But what are the ways to choose the best home improvement loans? Read on and know more! 1. Maintain a robust credit score You may come across one of the best loan deals in your city and still may not apply for it. It is considering that you may not have the eligibility for it. But when your credit score is higher, the best lender may be willing to offer you the loan approval. Hence, you should always maintain a credit score of 750+ to get loan approval in a flash. 2. Compare all loan offers online The next thing that can help you get the best home renovation loan is by comparing all loan deals online. You can do that on a third-party website and pick the offer that suits your needs and repayment capacities the best. 3. Check if the lender offers you the repayment flexibility The best lender should help you repay the loan over a flexible repayment schedule of up to 60 months. This way, you should be able to repay the loan by paying reduced EMIs and manage your outlays better. 4. Check if you can service the EMIs The best lender will be the one whose EMIs you will be able to repay without issues. You can use the online personal loan calculator and know the exact EMI figure that you can repay easily. You can increase or decrease the loan value to make the loan EMI amount affordable. 5. Go through the loan fine prints It is always good to be aware of the loan fine prints so that you don’t get shocked when you are asked to make some payments. By considering these vital aspects, you can help yourself opting for best home improvement loans in the market. Must Read: Know How You Can Avail Home Improvement Loan Be it an upcoming wedding, debt consolidation, business expansions, medical emergencies and more; you can use the personal loan facility to do all. If you have the required eligibility, then you can get an amount up to Rs.25 lakh by leading lenders. But the current personal loan interest rate may be a bit higher as there are no collaterals involved. If you wish to know more about tenure, EMIs and loan interest rates, then continue reading! The personal loan is an unsecured facility that does not need you to pledge any collateral. It is given on the basis of your creditworthiness. Anyone having a cibil score of 750 or more and by meeting some other norms can get the loan approval. You are also free to use the loan amount for everything as per your need and to the tune of Rs.25 lakh. The tenure of the personal loan is typically for a period of up to 60 months. You can stretch the loan amount over longer tenure to pay reduced EMIs and manage expenses. The current personal loan interest rate could be around 12.99% by known lenders. But having a stable repayment, employment history and cibil score may let you negotiate for a lower rate. You can also choose to make time to time prepayments to lessen your EMI amount + interest figure during the tenure. You can use the online personal loan calculator in advance to know about the exact payable EMIs. This way, you can manage your outlays beforehand. But before doing so, you should always check if there are any charges for it being levied by your lender. Many modern-day lenders may not ask you to pay prepayments charges. If you are ready to avail the personal loan, then you can pick the best offer by comparing all deal on a third-party platform free of cost. Additional Read: Everything You Should Know About Personal Loans: EMIs, Tenors And Interest Rates |
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. |