If you’re looking to debunk myths about Personal Loans, you’ve come to the right place.

A Personal Loan can be used to get over a cash crunch, for medical emergencies, family vacations lifestyle expenses and even big events like weddings. You could also use a Personal Loan to repay another loan. Bajaj Finserv offers Personal Loans with a range of exciting benefits.

You can also avail of a specially-designed loan for electronics and other appliances for your home. Opt for Durable Finance by Bajaj Finserv and pick up laptops, TV sets, ACs, washings machines and more, to simplify life around the house.

Personal Loan Myths Resolved

Understanding Personal Loan myths and the reality is key to better financial planning. One of the most common Personal Loan myths is that there is no tax benefit received.

While the general rule of thumb is that Personal Loans do not come with tax benefits, you can always find a way around it. If your loan amount is used to further your business interests or to construct your home, you can apply for a tax rebate.

People also believe that Personal Loans can leave a giant hole in your finances.

While the interest rates on Personal Loans are definitely higher than other loans, they are still the best choice when an urgent need for credit arises. This is largely because, Personal Loan interest rates are much lower when compared to credit card rates.

Another misconception is that non-salaried individuals cannot apply for a Personal Loan.

Lenders are willing to give loans to both, salaried and non-salaried borrowers, including those who run their own businesses.

Many also suggest that one should take a higher Personal Loan than is required.

This is not an ideal approach. Make sure to take a loan for the amount that you actually require. This will prevent you from overspending and having to repay even more. Taking only the amount you need will lower the strain on your finances.

Personal Loan Checklist

Another myth is that getting a Personal Loan is a tedious job.

However, the advantage of taking a Personal Loan for instant liquidity is that the process is simpler and the number of documents required is minimal. Some of the documents required for a Personal Loan include bank statements, salary slips, proof of identity and proof of residence.

When you apply online for a Personal Loan, you can get approval within minutes. This kind of loan is hassle-free and easy to apply for.

Besides a Personal Loan, you can also get other kinds of specialised loans depending on what you want to spend the money on. Bajaj Finserv presents an attractive Lifestyle Finance option that can be used to buy home furnishings, kitchen products and other luxury goods on easy EMI finance.

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