Personal Loans

If you have a good credit score that is above 750, the interest rates that you will receive for your personal loan will be lower. A credit score is a three-digit number that shows your creditworthiness. Banks use your credit score to assess your reliability.

It is possible to get a personal loan without having any credit history, it can be hard. Here are a few tips to keep in mind when applying for a personal without any credit history.

It isn’t about which is the best bank for personal loans, but which is the bank that is right for your personal loan needs. Each bank has different eligibility criteria which may not be applicable in the same way to everyone. For example, you are likely to get a better personal loan with the bank where you have a savings or salary account than with the bank where you have no relationship at all.

An Equifax credit score of above 750 is considered to be a good credit score for a personal loan. Most lenders check an individual’s credit score in order to judge their creditworthiness. So, if you have a credit score of above 750, it reduces your risk factor to the lender as you will be considered a creditworthy customer.

A personal loan has a lot of advantages. It can help you provide immediate finance for your wedding, vacation, education, purchase of gadgets, home appliances, medical emergency, etc. As it is an unsecured loan, getting a personal loan with lower interest rate is a challenging task. However, with the good eligibility criteria, you are very likely to get a personal loan with low interest rate.

There are a few differences between a personal loan and a bike loan (two-wheeler loan). Here are the differences:

If you are looking to buy a two-wheeler with the help of loan, then there are advantages to taking a personal loan and a bike loan. Based on financial and personal requirements, one can choose what is best suited.

It is usually very difficult to get a personal loan with no credit history as personal loans are unsecured loans, which means you do not need to provide any collateral such as property, shares or money to get the loan amount. This makes giving of the loan very risky to the lender.

Personal loans are unsecured loans. This means that you do not need to provide collateral as security for the loan amount. So, it is usually difficult to get a personal loan if you are unemployed. But, it’s not impossible.

Bajaj Finserv was founded in April 2007. It runs the core businesses of lending, protection and savings. Bajaj Finance Limited (BFL) is the lending company that participates in the financial business and is listed on the Stock Exchange.

If you are looking to buy a two-wheeler with a personal loan, there are certain eligibility criteria that you must meet to get the loan approved.

Personal loans are very frequently applied for by individuals as there is no restriction on the end use of the loan. It can be utilized for medical emergencies, travel, organising weddings or renovating a house. There are many banks and Non-Banking Financial Companies that offer personal loans to customers.

Personal loans are generally offered at high interest rate when compared to other loans. Moreover, there are no direct tax benefits available on taking a personal loan. But not all hopes are lost. As per Section 24 of Income Tax act, one can claim tax deduction on the interest paid on the personal loan if the loan is used for the purpose of construction of a residential property.

Personal loans are preferred by most people as they help them overcome financial emergencies such as medical emergencies, weddings or travel. With the advent of technology, most banks now offer the option of applying for a personal loan online on their websites.

A personal loan can be applied for with any private or public bank and even with Non-Banking Financial Companies (NBFCs) either online or through offline processes, such as visiting the branch directly, through call, email or SMS. With the advent of technology, the process of applying for a loan has become very fast and simplified. It can be done from the comfort of your own home.

A personal loan is offered to customers by many banks and Non-Banking Financial Companies (NBFCs). The requirements can slightly vary from lender to lender and thus you must always cross check with your own lender as to what is needed to apply for a personal loan.

Financial emergencies can happen due to a number of reasons such as a medical emergency, wedding or sudden vacation plan. Personal loans and gold loans have their own set of advantages and disadvantages. Based on what is convenient for you, you can pick which loan to opt for to tide over your financial emergency.

A personal loan is an unsecured loan and can be applied for when one has a sudden financial emergency to meet but does not have enough funds in hand. There are many benefits for a personal loan. Some of them are:

Yes, you can get a personal loan if you have a home loan as long as you meet the eligibility criteria for the same.

Yes, it is possible to take multiple personal loans from banks as long as you meet their eligibility criteria. Also, the number of loans you have are dependent on your debt to income ration and your credit score.