Personal Loan Myths

Some Personal-Loan Myths

Personal-Loan Myths

Personal loan you will be rescued from a financial crisis. You can take advantage of a personal loan easily. There are so many financial banking and non-banking organizations in India that provide you with a personal loan. This amount of loan can be used to solve debts or to meet some of your personal needs.

There are some personal loan myths that are presented below.

Expensive

The most popular misconception about personal loans is that private loans are very costly to use. And their rates of interest are very high. But the fact is that personal credit begins at a pace of 12%-14%.

Available Only to Salaried Applicants

Some people believe that personal loans are only open to salaried individuals. They claim they still have to display pay slips along with them. There is nothing like self-employed individuals can also get a personal loan even if they are eligible, NRI’s can also get a personal loan.

Tedious Process

Some individuals often think that it is a boring and complicated procedure to apply for a personal loan. This, however, is quite quick to make use of. If you are entitled and you have all the documentation within two days, your loan will be disbursed.

Apply For More Than You Need

This is also one of the myths regarding a loan that is personal. Applying for more than you need is often unacceptable. You are always advised to apply for only the amount of personal loan that are needed. And finally, you have to pay it back.

Personal Loan Doesn’t Get Approved Along with Other Loan

This is another misconception, too, that if any other loan runs on your name, you can’t get a personal loan. And if you have a different loan, you can get a personal loan. Some lenders, however, still bear this reality in mind. But they still see the ability to cope with debts and the credit score, in addition to that. In any case, if you are not a defaulter, then you can easily get a personal loan.

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Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.