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
As the Reserve Bank of India (RBI) on Wednesday cut the repo rate again by 25 basis points, home loan EMIs are expected to fall. In the past two months, RBI has cut the repo by a total of 50 basis points. In February, RBI cut the benchmark rate from 6.5 per cent to 6.25 … Read more
Personal loans are a widely used financial tool in India, offering quick access to funds for a range of purposes—be it education, healthcare, home construction, or even to repay other outstanding loans. However, how these funds are treated under the Income Tax Act has always raised questions among borrowers. Many wonder whether personal loans are … Read more
A credit score of 600 is not considered outstanding, which makes getting a personal loan in India more difficult but not entirely impossible. A score of 600 is generally considered fair, meaning lenders and financial institutions may consider you a high-risk borrower. Even considering these risk factors, some non-banking financial institutions (NBFCs) and select traditional … Read more
Personal loans are easy solutions for immediate financial needs, such as paying hospital bills, funding higher education, or renovating your home. However, high interest rates can make repayment a burden. Leading banks in India, including HDFC Bank, SBI, ICICI Bank, Aditya Birla Capital, among others, charge interest rates starting from 10.15% up to 30%. That’s … Read more
Have you heard of the phenomenon of clearing off a personal loan by raising a fresh one? Or did you ever think of someone contemplating raising a new loan to clear off his myriad old debts? This is neither unusual not irrational. Let us explain why. Suppose Mr Z has five different loan obligations from … Read more
Personal loans have become a popular tool for individuals in India to manage financial challenges such as medical issues, home renovation, travelling expenses, etc. However, securing the best interest rates is crucial to maximise savings. Let us discuss some basic fundamentals to help you secure the best possible personal loan interest rates in 2025. Overview … Read more
India’s personal loan market is projected to grow at a CAGR of 26.55% between FY2025 and FY2032, according to a report by Markets and Data. This growth aligns with the country’s expanding credit landscape, supported by economic development. With personal loan volumes rising rapidly, borrowers must be extremely careful about opening new credit lines. Instead, … Read more
As the Indian economy continues to evolve and grow, the travel theme is gaining traction. The aspiration to visit new places and travel with joy is becoming an integral part of life for many Indians. Now, to meet such aspirations quickly and seamlessly, more and more people are applying for personal loans and opening up … Read more
Personal loan: If you are planning to raise a personal loan from a bank or a non banking financial institutional (NBFC), it is vital to compare the interest rates charged by different institutions. Typically unsecured loans are given at fixed rates of interest. This means when a loan is taken at 11 percent interest rate, it will … Read more