It’s not a million-dollar question, yet it’s a question that yields a million dollars! Working towards smart
money is a quick solvent for any problem. Explore Buddy Loan in order to reap more benefit for a
Instant personal loan online.
Instant Personal loans can be used for a variety of purposes such as paying off for marriage, medical expenses,
renovating your house, supporting your child’s education, or even paying back an existing loan.
How can I get a personal loan? What are my personal loan requirements? How can I check my eligibility
for a personal loan? The questions are unending. But the answers are often scattered across – hidden in
loan pamphlets, conveyed hurriedly by loan agents or inscrutably described by the bank or financial
websites. Here’s some easy information on this topic.
Determine your personal loan amount
• Take stock of your requirements. Always borrow more for incumbencies and not for
unnecessary spending.
• Personal loans are pricier financial products than home loans, so borrow with caution.
• Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.
How much personal loan can I get for my income?
The rules are simple:
• Higher the income, higher is the personal loan eligibility
• Check your credit score. Some banks want credit scores in excess of 700; some can do with a
little less.
• Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. In other cases,
individuals can get a personal loan that is 30 times their net take-home salary per month or net income
per month.
• EMIs of loans is either from the monthly salary or income of the borrower.
• Check for pre-approved offers. Call up the financial institution customer care to check.
• Approach the bank
Types of personal loans
Common personal loans need no collateral. Personal loan interest rates are therefore higher. However, to obtain them, you may need a good credit score. Interest rates can be as low as 10% to a higher slab
of25% depending on the bank and type of personal loan product.
Unsecured
o Needs no collateral.
o Disbursed faster. Generally, in a week.
o May be based on a good credit score
Secured
o Require collateral as security. It could be in the form of property papers, car title ownership
papers etc.
o Some banks offer secured personal loans online where the borrower can borrow money against
their car, home, property etc.
o Interest rates are nominal.
Fixed-rate
o EMIs of fixed-rate personal loans do not vary.
o The advantage is that if interest rates of loans become higher, the rates of fixed-rate personal
loans remain the same.
Variable-rate
o EMIs of variable-rate personal loans vary.
o The advantage is that if interest rates of loans become lower, the rates of variable-rate personal
loans also lower.
Debt combining personal loans
o Multiple debts, in the form of other loans, home loans, car loans or credit card payments can be
consolidated into a single personal loan.
money is a quick solvent for any problem. Explore Buddy Loan in order to reap more benefit for a
Instant personal loan online.
Instant Personal loans can be used for a variety of purposes such as paying off for marriage, medical expenses,
renovating your house, supporting your child’s education, or even paying back an existing loan.
How can I get a personal loan? What are my personal loan requirements? How can I check my eligibility
for a personal loan? The questions are unending. But the answers are often scattered across – hidden in
loan pamphlets, conveyed hurriedly by loan agents or inscrutably described by the bank or financial
websites. Here’s some easy information on this topic.
Determine your personal loan amount
• Take stock of your requirements. Always borrow more for incumbencies and not for
unnecessary spending.
• Personal loans are pricier financial products than home loans, so borrow with caution.
• Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.
How much personal loan can I get for my income?
The rules are simple:
• Higher the income, higher is the personal loan eligibility
• Check your credit score. Some banks want credit scores in excess of 700; some can do with a
little less.
• Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. In other cases,
individuals can get a personal loan that is 30 times their net take-home salary per month or net income
per month.
• EMIs of loans is either from the monthly salary or income of the borrower.
• Check for pre-approved offers. Call up the financial institution customer care to check.
• Approach the bank
Types of personal loans
Common personal loans need no collateral. Personal loan interest rates are therefore higher. However, to obtain them, you may need a good credit score. Interest rates can be as low as 10% to a higher slab
of25% depending on the bank and type of personal loan product.
Unsecured
o Needs no collateral.
o Disbursed faster. Generally, in a week.
o May be based on a good credit score
Secured
o Require collateral as security. It could be in the form of property papers, car title ownership
papers etc.
o Some banks offer secured personal loans online where the borrower can borrow money against
their car, home, property etc.
o Interest rates are nominal.
Fixed-rate
o EMIs of fixed-rate personal loans do not vary.
o The advantage is that if interest rates of loans become higher, the rates of fixed-rate personal
loans remain the same.
Variable-rate
o EMIs of variable-rate personal loans vary.
o The advantage is that if interest rates of loans become lower, the rates of variable-rate personal
loans also lower.
Debt combining personal loans
o Multiple debts, in the form of other loans, home loans, car loans or credit card payments can be
consolidated into a single personal loan.
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