Even the most disciplined borrowers can struggle when finances take an unexpected hit. A job loss. A medical emergency. A sudden drop in income. Any of these can throw carefully planned EMIs off track.
Convenience is the top priority for customers in money management. And what's better than using your computer or smartphone to handle your finances?
With the easy availability of loans, many people consider borrowing to meet different financial needs. However, lenders don’t approve loan applications without proper evaluation.
Did you know why interest rates change? It usually happens due to two key tools RBI uses- the repo rate and the reverse repo rate. These rates serve as the deciding factor for how much banks lend, how expensive loans become, and how money moves through the economy.
Unexpected costs, including medical emergencies, essential home or car repairs, or necessary travel, can catch you off guard. It might be challenging to wait for a loan under such circumstances.
A personal loan isn’t just quick cash; it’s financial breathing space. It is one of the most flexible forms of credit available today. It’s unsecured and easy to get. No collateral, no long queues. Plus, with the rise of digital platforms, applying for a personal loan in India is as easy as ABC!
Most importantly, it is truly multipurpose and versatile. You can use the funds for any of your needs. The personal loan uses vary depending on your needs, whether it’s a hospital bill, a dream wedding, or home repairs. Let’s revisit a few common ones.
Quick Loan and Express Loan sound the same, right? Many people even use them interchangeably when talking about fast money solutions.
But the only thing identical between the two is that they offer swift access to funds. In reality, they differ in how fast they work, the loan amount, and the overall process. We break down what each term really means.
So, hang tight as we go from quick loan definition to differences between quick loan and express loan to when to choose what.
Is a loan still getting reflected on your PAN card even after full repayment? Or you haven't applied for one, but it's still reflecting?
This doesn't mean that you still have to make the payment, but it affects your credit score and future loan applications. Lenders might reject your loan or charge higher interest rates.
To avoid this, you should regularly check your loan details on your PAN card. This helps you raise an issue in a timely manner and avoid fraud and errors.
Let's find out how you can check loan details on your PAN card and the steps to keep the details updated.
Loan defaults don’t all happen for the same reason. Sometimes repayments stop because income drops or a business struggles. In other cases, borrowers continue to have the means to pay but choose not to. RBI treats these two situations very differently.
'Wilful defaulter' is used only for deliberate non-payment, and the classification tends to persist for some time.