Navigating The Challenges of a Personal Loan
A Personal Loan is a great way to gain immediate financial assistance. However, keep in mind that you might have to deal with the Personal Loan problems that borrowers face in India. Once you are aware of these problems, you can find the means to overcome them. One of the biggest challenges is an outright rejection of the loan application because the lender’s requirements cannot be met by the loan applicant.
Amongst Personal Loan issues, another issue is that you may not get the loan amount that you have asked for. This is because lenders will first check your repayment capability before assigning a loan amount to you. Borrowers also have to decide between opting for a floating interest rate or a fixed one.
Also, remember that you will have to pay a non-refundable processing fee, so don’t forget to add the processing fee when you calculate the costs of taking a Personal Loan. Bajaj Finserv has a great Personal Loan option where you get approval in a matter of minutes.
The Influence of Your Credit Score
A bad credit score can also discourage lenders from giving you a Personal Loan. While maintaining a healthy credit score is key to getting a loan, there is good news for those whose scores are not up to the mark. To get Personal Loans with credit problems, you should choose lenders who are willing to be more flexible with their lending policies. However, bear in mind that the interest rates on such loans will probably be higher than normal. Besides a Personal Loan, you can use the investments you have made to get a loan against it. Bajaj Finserv offers you Loan against Shares for up to Rs.15 crore.
Many Indians prefer investing in gold due to the security it offers. Remember that gold can be used to get a loan in times of need. Choose the Gold Loan facility by Bajaj Finserv with an EMI option from the first month onward.
Benefits of a Personal Loan
Personal Loans are ideal when you need cash for a vacation or a wedding. While Personal Loan interest rates in India are high when compared to other types of loans, they are still affordable as opposed to credit card interest rates.
Applying for a Personal Loan is relatively hassle-free. When you apply online for a Personal Loan, you get quick approvals and the documents required are fewer.