Having an impressive credit score is vital to be able to raise a loan at a convenient rate of interest. Someone with a high credit score can easily pull off a better deal in terms of low rates of interest and a higher loan amount. On the other hand, someone with a poor credit score … Read more
When an individual who has a loan on him passes away with an outstanding amount, it raises several critical questions about the repayment of such debt along with the future course of responsibility for clearing the pending amount. That is why understanding the financial and legal consequences about debt repayment post the demise of an … Read more
Personal loan indebtedness can prove to be difficult to manage, particularly when one is financially distressed. Borrowers tend to turn to two options: loan restructuring and loan settlement. Both seek to bring an end to agony, but making decisions that are in your best interest regarding your financial well-being is based on being aware of … Read more
When you apply for a personal loan or any other loan, you must fulfil the bank’s various eligibility criteria. The bank performs the eligibility check to evaluate whether you qualify for the personal loan. The broader eligibility criteria are the same for most banks. However, within each eligibility criteria, the bank may define its own … Read more
If you are facing a financial crisis or an urgent need for money, it is natural to borrow. However, it is important to realise that the loan amount should remain within comfortable range. This means one should not borrow so much money that it becomes too high to repay. How much is too much? It … Read more
The digital lending sector in India has grown significantly and attracted scammers which push digital lending applications to the market, states FACE (Fintech Association of Consumer Empowerment) in its latest report. The report says that most borrowers take small value personal loans from fintechs. Around 35 percent of loans are worth less than ₹25,000. Loans which … Read more
Personal loans are immensely popular financial tools for addressing diverse needs and aspirations of borrowers such as medical emergencies, education, home reconstruction etc. Still, what happens if you have one personal loan already on your name and need another? The answer for the same lies in your financial profile, credit score, repayment capacity and lender … Read more
Sometimes, individuals come across situations that can drain their finances or lead to income stopping. For example, a major medical emergency, accident, etc., can lead to a huge hospital bill and drain personal finances. A situation like Covid led to many people losing their jobs, a pay cut, etc. During such situations, servicing personal loan … Read more
Have you faced any financial difficulty lately which prompted you to borrow money from a bank or non banking financial corporation (NBFC)? If that is the case, one should be mindful of a slew of things which we list out here. For instance, one should make sure that the interest rate charged on personal loan is … Read more
Paying the full outstanding balance of a personal loan before the original loan time period is known as pre-closure. Those looking to improve their financial position and manage their personal loans more effectively will want to know the details surrounding pre-closure of a personal loan which is covered here. Understanding personal loan pre-closure Personal loans … Read more