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Personal Loan Myths

By Finserv MARKETS - Nov 26,2019
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Commons Myths of Personal Loans Infographic
A Personal Loan allows you to borrow funds from banks or NBFCs (Non-Banking Financial Company) without pledging any collateral to fulfil your personal needs. It is useful in a variety of life situations, from paying off your medical expenses to debt consolidation. Despite these advantages, there are some misconceptions that deter people from availing a Personal Loan. Let’s bust a few of these myths.

Myth 1: Interest rates on Personal Loans are high

Fact: Yes, Personal Loans do not require collateral, hence the interest rates would be high. However, the interest rate for a Personal Loan also depends upon your credit score and repayment capacity. If you have a good CIBIL Score and good credit history, you could be eligible for loans with lower interest rates. At online platforms like Finserv MARKETS, you can avail the Bajaj Finserv Personal Loan at attractive interest rates starting from 12.99%.

In addition, Personal Loan interest rates are lower than that of other borrowing options like credit cards.

Check Personal Loan Interest Rate

Myth 2: You need to physically visit the bank to get a Personal Loan

Fact: This is another common misconception. You can apply for a Personal Loan online and even calculate your EMI amount with a Personal Loan EMI calculator. Furthermore, you can compare Personal Loan offers online and pick one that suits your unique needs.

Myth 3: Personal Loans are hard to apply for and take long time to process

Fact: In the past, Personal Loans took much longer for approval than they do now. The entire process, from application to disbursal of funds, can happen within 24 hours. With Finserv MARKETS, you can avail your Personal loan online hassle-free, get it approved in just 3 minutes and credited in your bank account in 24 hours. You also get pre-approved loans with coupled with amazing offers.

Myth 4: Only salaried people are eligible

Fcat: Another common belief is that only salaried people are eligible for Personal Loans but this is not the case. Self-employed individuals, businessmen, doctors, chartered accountants are also eligible. An individual’s eligibility for a Personal Loan is judged on their capacity to repay the loan.

Myth 5: You can’t avail a Personal Loan if you have an existing loan

Fact: Based on your repayment capacity, you can avail a Personal Loan in spite of an existing loan. Financial institutions do provide loans considering your application and ability to pay your EMIs time.

Now that these myths are busted, it’s safe to say that Personal loans are easy to apply for and avail too, and prove to be great help when it comes to taking care of your personal needs. So, apply for a Personal Loan online on Finserv MARKETS and get the help you need. Get a Personal Loan of upto Rs. 25 Lakhs and repay in easy EMIs over flexible repayment tenure of upto 60 months. What’s more? You can avail custom-made loans without any collateral and with zero additional charges. So, head to Finserv MARKETS today!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522