A personal loan can be a good idea when you use it to reach a financial goal, like paying down debt through consolidation or renovating your home to boost its value. “A personal loan can be a good idea when you use it to reach a financial goal.”
What is a good reason to get a personal loan?
Debt consolidation One of the best advantages of using a personal loan to pay off your credit cards is the lower interest rates. With lower rates, you can reduce the amount of interest you pay and the amount of time it takes to pay off the debt.
What do banks look at when applying for a personal loan?
When applying for a loan, expect to share your full financial profile, including credit history, income and assets. If you’re in the market for a loan, your credit score is one of the biggest factors that lenders consider, but it’s just the start. …
Is it good to top up personal loan?
The interest rate of top-up loans will be much like that of a personal loan. However, to take full advantage, the interest rate has to be at least 2%-4% lower than the existing rate. This will reduce both your EMI and interest obligations.
Can I have 2 personal loans?
You can have more than one personal loan with some lenders or you can have multiple personal loans across different lenders. You’re generally more likely to be blocked from getting multiple loans by the lender than the law. Lenders may limit the number of loans — or total amount of money — they’ll give you.
What is a top up personal loan?
Top-up personal loan is an additional amount that you can borrow on an existing personal loan after you have completed a specified number of EMI payments.
How much loan can I get on 60000 salary?
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to Rs. 16.20 lakhs….Multiplier Method.
|Salary||Expected Personal Loan Amount|
|Rs. 40,000||Rs. 10.80 lakhs|
|Rs. 50,000||Rs. 13.50 lakhs|
|Rs. 60,000||Rs. 16.20 lakhs|