Personal Loan Blogs

It has become quite difficult to identify whether it’s a legit or a fraud loan app as umpteen fraudulent applications offer loans to customers with wrong intentions. Such cases have increased due to a rise in digital lending. However, you can avoid falling into a trap set by these applications by taking certain precautions.  Read …

Want to apply for a personal loan with a CIBIL score of 600? Know that it can be challenging as most lenders prefer a higher score. Your score represents your creditworthiness, and therefore, holds great significance for your eligibility. Here’s a tabulated overview of what the score implies: Credit Score Meaning 800 – 900 Excellent …

Getting a personal loan with a credit score of 700 is possible but can be challenging and costly. This is because while some lenders consider it to be good, some prefer a higher score, generally above 750. And although the 50-point gap doesn’t seem that high, it has a significant impact on your eligibility.  To …

Making a part payment of a personal loan or choosing any of the other prepayment options offers many benefits. It reduces your interest burden and makes you credit-free early. You can choose the right option to increase your savings by understanding how they differ.  Read on to learn the difference between these loan repayment methods. …

A term loan offers an excellent means of financing when a business experiences a shortage of funds. Businesses need capital to cover their day-to-day operations and capitalise on growth opportunities. These expenses include paying rent for the workspace, purchasing raw materials, paying suppliers and covering utility bills. Read on to learn what is a term …

The CRR or Cash Reserve Ratio, is one of the many policies employed by the Reserve Bank of India (RBI) to bring balance to the economy. However, CRR not only affects the economy but also your personal finances.  Read on to learn the meaning of cash reserve ratio, its objective, how it works and more.  …

In businesses, a letter of credit (LC) from a bank has great importance in building trust and continuing trading even when you are short on funds. This document is especially useful in international import and export transactions when partnering with a new seller.  Getting an LC from your bank gives the seller a proof of …

Whenever you take debt, interest accrues on the amount borrowed, usually calculated based on a pre-determined interest rate. Accrued interest plays a key role for both borrowers and investors, as it helps determine the amount due for a loan, bond or other type of debt.  Knowing how accrued interest calculation is carried out is crucial …

Knowing the current prime rates or prime lending rates is important if you plan to apply for a loan. This is the interest rate that financial institutions charge borrowers with high creditworthiness. The prime rate impacts the interest rate on credit cards, home loans and other types of credit you plan to take.  Read on …

Knowing more about the differences in features of personal loans vs credit cards is important so you can choose the right one during times of need. To ensure you can meet and address your financial obligations, figuring out which of these supports your needs for quick and restrict-free usage is key. Read more below to …