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Offering a fake loan approval letter is a common tactic scammers use to entrap innocent people. Using a fake approval letter, lenders extend a lucrative and enticing loan offer, which can lead to huge financial loss if you accept it. Thankfully, identifying such attempts by fraudsters is not difficult if you know what signs to …
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When you take a loan, three things decide how much you’ll repay in total — the loan principal amount, the interest rate, and how long you take to repay it. That’s why it’s super important to understand how these factors affect your loan and monthly budget. By calculating the interest in advance, you can see …
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This guide explains personal loan preclosure – what it means, when it makes sense and how it affects your charges and credit score. You’ll find the RBI disclosure rule on foreclosure charges, a worked interest-saving example and a step-by-step process to close your loan account. A five-minute read covers everything before you close a personal loan early. Yes, you can close a personal loan early. …
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A loan guarantor is a person who agrees to repay a borrower’s loan if the borrower fails to do so. Guarantors help improve loan approval chances, especially for borrowers with low credit scores, insufficient income, or limited credit history. In this blog, we’ll understand the meaning of a loan guarantor, their role and responsibilities, eligibility requirements, types of guarantors, …
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An instalment loan is the most common type of credit that banks and NBFCs offer. Once you borrow a required sum, you need to repay the amount along with interest in affordable instalments within a specific timeline. You can use the borrowed amount for the following purposes: To pay educational expenses To clear hospital bills …
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Wondering, ‘Can I get a personal loan without ITR? Yes. Most lenders require self-employed applicants to submit their income tax returns to review their income and repayment capacity. However, some use alternative methods for this assessment, making loans accessible even when you don’t have your tax filing records. Read on to learn how to get …
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RBI guidelines are in place to ensure loan recovery is handled fairly and with respect. Lenders and recovery agents are not allowed to threaten, pressure or harass you while following up on unpaid loans. These rules also protect borrower privacy. Recovery agents cannot discuss loan details with family members, friends, neighbours or colleagues. They must …
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‘Can I buy a car in cash?’ This is one of the most common questions that pops up when you decide to purchase a vehicle. On second thought, if you are wondering whether you should opt for a personal loan for cars rather than paying it entirely by cash, there are several things you need …
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Leveraging the limits of the traditional credit system, Peer2Peer lending has become popular across the country in recent times. It is a system where: People borrow within the communities to meet their financial requirements There is no involvement of an official financial institution To know more about this new lending system, how it works, the …
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Yes, you can get a personal loan with a CIBIL score of 650 in India. However, approval may depend on your income, employment stability, existing EMIs, repayment history and the lender’s internal eligibility criteria. A 650 score is usually seen as a fair or average credit score, which means you may still qualify for a loan, but the approved …
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