The cheapest loans in India are secured loans like home loans. They come with low interest rates but the usage is restricted. For example, you can take a home loan only when you’re buying a home.
If you’re looking for loans for emergency cash use, then a Personal Loan or a Credit Card would be the cheapest loan in India. Both these are unsecured loans and are processed and disbursed quickly. They also come with competitive interest rates and convenient repayment terms.
There are so many ways to borrow money in India. Bank loans are the most sought after though. They are safe and cheap. Even in bank loans there are secured and unsecured loans. While home loans, car loans, and gold loans are secured loans, personal loans and credit card loans are unsecured loans.
Personal loan has diversified in recent years;
The personal loan market has grown massively in recent years. Lenders have taken advantage of the digital space and started offering online personal loans that are disbursed instantly. Two primary kinds of online personal loans available in the market are - Insta Loans & Pay Day Loans
There has also been a significant rise in the number of people who use credit cards;
Banks has largely decreased the minimum income requirement to get a credit card. Individuals with salary as low as Rs. 15,000 per month are able to get a credit card easily.
The cash advance feature of your credit card can come in handy in times of emergencies. But the interest rate may be a bit high on such cash advances. So it is better to pay off your credit card bills on time so that you don’t face an additional interest burden.
Key Takeaway: Before choosing the type of loan you want to apply to, ask yourself these question:
- How much money do I need?
- How soon do I need the money?
- What is my repayment plan?
- What kind of repayment tenure is suitable for me?
- Can the loan amount be used for any purposes or does it have a fixed end use? (like home loans)
You should choose the loan type based on the above responses.
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Know Your CIBIL™ Score ?
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
What Is Credit Repair?
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
What Is A Credit Report?
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
What Is A Credit Rating?
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
What Is A Bad Credit Score?
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Is A Credit Score Of 850 Good?
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
How To Improve CIBIL™ Score ?
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Is A Credit Score Of 800 Good?
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
How To Get A Free Credit Check?
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Good CIBIL™ Score For Loans ?
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
How To Check CIBIL™ Score For Free ?
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
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It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
What Is The Average Credit Score?
There is really no number that can be established as the average credit score in India. Many people see regular
How Much Does Credit Repair Cost?
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
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First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Why You Need To Check Your Credit Report?
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What Is The Best Credit Score To Have?
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
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Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
Can I Get A Loan With A Credit Score Of 650?
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
Can I Get A Loan With A Credit Score Of 600?
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
Can I Get A Loan With A Credit Score Of 550?
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How To Improve CIBIL™ Score Immediately ?
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
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