Why are Personal Loan Interest Rates on a Downtrend for 5 years?

 

Reserve Bank of India’s lending rate data shows that the personal loan interest rate is witnessing a gradual downtrend since 2012. The lending rate by the Indian banks (public, private, and commercial) and financial institutions started dropping in 2012. Still, the downtrend became steeper in the last five years.

Personal Loan Interest Rates and Industry Growth in the Last 5 years

At the beginning of 2012, the average personal loan interest rates were hovering around 12.5%. Bank Group-wise Weighted Average Lending Rates (WALR) came down to around 11% at the beginning of 2017. In the last 5-years, the WALR on outstanding Rupee loans has dropped to 8-9%. This means that the personal loan interest rates and processing fees have dropped by 2-3% in the last five years (2017 to mid-2022).

This drop in the interest rate on personal loan in mumbai has helped the loan market grow by leaps and bounds. In terms of volume, the overall personal loans portfolio has jumped by almost 4-times in the last 5-years. In terms of value, the same has seen a growth of nearly 2.5-times during FY 2017-2021. Small-ticket personal loans have increased by 11.5-times in terms of volume and 3-times in originations by value during the 2017-2021 financial years.

Read more : https://blog.ruloans.com/why-are-personal-loan-interest-rates-on-a-downtrend-for-5-years/

Why Choose Ruloans To Be A Loan DSA?

 A loan DSA is a promising professional path which is suitable for those who want to climb high on their success ladder. Ruloans has an exclusive loan DSA partner program which can benefit you immensely. And we have plenty of reasons as to why you should choose Ruloans to become a loan DSA.

A national brand

Ruloans is India’s one of the fastest growing loan distributors. We have a touch base in more than 600 cities over 25 states in India. Along with India’s metro cities, Ruloans is successfully carving its way through 2-tier cities to connect with customers. Ruloans has emerged as a national brand servicing loan guidance over the last decade. Working with Ruloans as a DSA will give you an opportunity to work with a national brand from your home town. You’ll be recognized as a partner in a company with national recognition and PAN India reach.

Read more about the reasons to choose Ruloans for loan dsa : https://blog.ruloans.com/a-loan-dsa/

Increasing Repo Rate To Curb An Inflated State: The Impact of RBI Repo Rate hike on Banks and NBFCs

 Repo rate revisions have often been a strategy for RBI to reduce inflation. After a surprise hike in May, the RBI voted unanonimously on 8^th June 2022 to further increase the benchmark policy rate by 50 basis points. This, in turn, has changed the current repo rate in India to 4.90 percent.

Repo rates in India have come to define the availability of cash flow in the economy. The repo rate establishes the interest rate at which banks and NBFCs are lent short-term funds by the RBI, and there is certain to be an impact of the fed rate on the Indian market. This increase in repo rate is sure to impact the rate at which these institutions lend money, therefore pushing the rates of home loans, auto loans, and other customer offerings higher.

Ruloans Distribution Services Private Limited (RDSPL), popularly known as Ruloans happens to be one of the top 10 corporate dsa in india Businesses in the market today, and continues to grow professionally with functional financial experts. Having partnered with more than 150 banks and NBFCs, the company has a presence in more than 1600 cities across India. Recognized as a one-stop-shop for all your financial needs, Ruloans disburses approximately Rs. 1900 to Rs. 2000 crores per month, pan-India.

Read more : https://blog.ruloans.com/increasing-repo-rate-to-curb-an-inflated-state-the-impact-of-rbi-repo-rate-hike-on-banks-and-nbfcs/

How to get personal loan in Mumbai without documents?

Mumbai is not only the financial capital of India, it is also a city where dreams can come true. Although personal loans in Mumbai can be availed from private lenders, we at Ruloans understand the important role that personal loans play in making dreams come true. We are proud to be in touch with thousands of people in Mumbai whenever they need money. A personal loan is a short-term unsecured loan designed to meet your current needs. It can be used for many things such as going on vacation, planning the weed, renovating your home or even for emergencies. At Ruloans, we work with our customers to fulfill their needs and projects. Few financial institutions consider giving a personal loan in Mumbai without documents, purely based on customer personal and relationship. If you have a good relationship with the bank based on your timely payments and clear credit records, then the bank may offer you a personal loan based on the details already available with the bank.

Here are a few easy ways to get a personal loan without needing to submit too many additional documents.

1. Choose a financial institution that you maintain a relationship with -Loyalty goes a long way in the finance world, which is especially true when it comes to borrowing credit. If you’re a long- term patron of a financial institution, you can easily avail of a personal loan without documents. The lender will already have the essential information on hand has access to your financial history. Some lenders may even sanction a personal loan without income proof if your profile indicates a significant amount of wealth.

2. Maintain high credit score - Since a personal loan is an unsecured from of credit, lenders stress on your credit score to determine the risk involved in sanctioning your application. This is why it is important to maintain a high CIBIL score, as it tells lenders that you have been responsible for borrowed credit in the past. It also indicates that you are less likely to dely repayment or miss EMIs. Some lenders may even sanction a loan without your salary slips and bank statement.

3. Choose a lender that offers the instant approval feature - Typically, lenders with the instant approval feature attached to their loan offers require only the bare minimum documentation. For examples, Ruloans offers an online application from for a personal loan, and once your details are verified ,you receive loan approval within 5 minutes. Further, this loan also offers quick disbursal nd transfers the entire sanction in your bank account.

4. Avail of a pre-approved offer - to truly experience minimal or zero document loan applications, opt for pre-approved offer. This way, you can easily access an offer that is pre-approved based on your financial profile. These offers are creates specially for you and give you a sanction at a comfortable interest rate.

Feature and Benefits of Personal Loan in Kolkata - Ruloans

A personal loan is an unsecured loan and can be used for various purposes. Like other developed cities in India, personal loans in Kolkata can also be accessed quickly for emergencies through quick loan applications and credit portals. Personal loans not only support quick money but also provide support to achieve dreams and aspirations.

Kolkata, being an urban and business hub, has good financial institutions that offer personal loans at affordable interest rates. It facilitates EMI repayment without incurring excess interest. Many financial institutions offer personal loans in Kolkata at low interest rates followed by low or no processing fees depending on the borrower's eligibility criteria. Over the past few years, Kolkata has seen tremendous growth and expansion in various service industries. This has encouraged many business owners in Kolkata to avail personal loans for business purposes. In addition, digital technology has made it possible to apply for a loan through an online service instead of going personally to the bank branch. Short documents and eligibility criteria make personal loans in Kolkata easily accessible to the masses

Here are some Feature and Benefits of Personal Loan in Kolkata:

Instant loan approval - With several personal loan apps and credit-oriented websites targeting businessperson, homemakers, students and salaried individuals in Kolkata to opt for immediate loans.

Flexible payments - Increase the confidence in taking a loan. Repayment of the loan amount with additional interest increases the load on the borrower. However, EMI calculators give clarity on EMIs and allow borrowers to customize a suitable EMI and ease off the burden of paying heavy EMIs.

Collateral free personal loans - Help the credit-seeking population in Kolkata to meet their emergency cash needs. It can be paying emergency bills, clearing off debts, rental amount, education fee etc.

Check loan status - Online whether approved, repayment schedule, change in interest rates etc. Hyderabad has a high literacy rate that makes use of loan apps and websites easy.

End-Usage-Flexible - No end-usage restrictions on a Personal Loan gives you the liberty to meet multiple purposes including medical emergencies, holidays, business, or debt consolidation.  

Some Tips To Get The Best Home Loan In Ahmedabad

Home loans in Ahmedabad are easiest way to buy the house of your dream. You take a loan, buy a house and pay it pack in EMIs over the period of fixed tenure. You don’t need to save funds all your life to buy a house when you are pretty old. But when you look around to get a home loan, you might get confused with so many options, requirements and things to follow before you apply for one.

Thus we have come up with a list of some tips to get the best home loan for you.

Decide the type of property - Before you reach out to take a home loan, know what kind of property you are looking for. Whether you are buying an under construction property, constructed property or want to construct an independent property changes many things for your loan. This includes your amount, tenure and loan amount disbursement details. So decide which property you will be interested to take a home loan for.

Plan your finances - In order to take a home loan in Ahmedabad, you have to manage your finances for a long time. You have to make apt savings, consider future financial expenditure as home loan down payments and EMIs along with other home loan related expenses. Write down your monthly and yearly budget to make a full proof finance plan so that you can avoid any future crunches.

Start saving for down payment - Banks and NBFCs in India give 85% to 90% finances under home loans for required amount. The rest of the amount is payable by the customer itself. This remaining 10% to 15% amount is can be counted in lakhs. So you have to start panning for your home loan down payment, the minute you decide to take a home loan. If you have accumulated a hefty amount as home loan down payment, banks and NBFCs approve your home loan without hassle.

Use the loan calculator - To understand how much you will be paying off as EMI and in terms of interest rate, use the loan calculator. This will help you to plan your finances better anticipating the amount for your monthly EMI for home loan repayment.

Build up credit score - Credit score is a three digit number summarizing the financial history of an individual. Based on your credit score banks and NBFCs decide whether to approve a home loan for you or not. When you decide to take a home loan, start building your credit score along with savings for down payments. Take a small loan or apply for a credit card and make their repayments regularly to build a strong credit score.

Collect all the documents required - Applying for home loan can be a child’s play only if you know which documents you require to proceed. You need all your KYC details, income history, employment or business details along with the home papers which you are going to buy or build. We suggest you to start gathering these documents one by one as you don’t want to delay the process on the 11th hours.

Know whether you need a co-applicant - Many banks and NBFCs ask their home loan applicants to get a co-applicant. If the loan borrower is not fitting in the income criteria of the lender, he or she can add their spouse/parents/siblings as a co-applicant by linking their income. The co-applicant has to have a steady source of income. You don’t need a co-applicant if you already fit in the income criteria. So know whether you need a co-applicant or not to avoid last minute hassle.

Understand various loan options - There are various types of home loans in Ahmedabad. Like home loan for under construction property, constructed property, to expand the existing property, to renovate your house, to construct a house or to purchase a commercial property. Understand exactly which type of property you want. Also banks and NBFCs offer fixed interest rate and floating interest rates to its home loan customer. Known the difference between fixed interest rate and floating interest rate and choose wisely.

Know the extra charges - There are some hidden charges when you apply for home loan. Charges like stamp duty, processing fee etc. These charges can be an extra financial burden for you if you haven’t prepared for them. So know, prepare and compare your lender based on the extra hidden home loan charges to get the best home loan.

What are Features and Benefits of personal loan in Hyderabad?

Decorated with tasty Biryani joints, pearls of Charminar, and the glorious Golconda post, Hyderabad is a quickly developing city. However, managing the cost of unexpected health related crises or overhauling your way of life in a clamoring city like Hyderabad can squeeze your pocket.

With a personal loan, you can conveniently finance any big-ticket expenses- children’s education, medical emergency, home renovation, family holiday, weddings and much more. Ruloans brings to you multi-purpose personal loans in Hyderabad with minimal documentation and an easy eligibility criterion. This really intends that from application to disbursal, the whole advance interaction is speedy and bother free.

Here are some Features and Benefits of personal loan in Hyderabad:

Easy Eligibility Criteria - Ruloans makes it a piece of cake for you to plan your dream wedding or ensure the best education for your kid in Hyderabad. Enjoy uncomplicated and flexible Personal Loans eligibility criteria based on your age and occupation.

Limited Documentation - We only ask for minimal documentation and don’t make you run around, so you get money in your bank as quickly as possible.

Advantageous Repayment Terms - Enjoy maximum loan tenure of 6 years for comfortable repayment. You can also benefit from our ‘Step Up Flexi EMI plan’ for flexible EMI payments. Decide your EMI amount and EMI period based on your disposable income.

No Collateral or Security - No collateral or mortgage to avail a personal loan. Loan approval is based on your credit score, credit report, repayment history, and other criteria.

End-Usage-Flexible - No end-usage restrictions on a Personal Loan gives you the liberty to meet multiple purposes including medical emergencies, holidays, business, or debt consolidation.

What are the home loan features and benefits in Ahmedabad?

Ahmedabad is one of the most important cities of the state of Gujarat. The city is located on the banks of the Sabarmati River and invites peaceful walks along the river banks. The peaceful atmosphere of the city together with the excellent infrastructure guarantees a high quality of life. Ahmedabad is also excellent from an economic point of view. Businesses in the city are booming, and new industries are being established rapidly. There is also a renewed interest in start-ups in the city.

All these factors make Ahmedabad one of the best cities to live in. If you want to buy a home in Ahmedabad, a home loan can be of great use. Many banks and financial institutions offer home loans to help people build their dream home. Companies like Ruloans offer home loans in Ahmedabad to fulfill your dream of buying a house.

Here are some important features and benefits of home loans that you need to know:

Flexible Repayment Tenor - Obtain a sizeable loan amount from Bajaj Housing Finance by meeting our simple eligibility parameters. Repay the sum in easy-to-manage EMIs with tenor ranging up to 30 years. Select any term basis your income, present and future obligations.

Easy Balance Transfer - Benefit from attractive interest rates and associated perks like a sizeable top-up loan by transferring your current Home Loan to Bajaj Housing Finance.

Multiple Repayment Options - Part-prepay or foreclose your Home Loan without having to pay any extra charges with Bajaj Housing Finance. Note: Valid only for individuals with floating interest rates.

Nominal Documentation - We ask for only a few documents to expedite the loan application process. You can also choose our doorstep pick-up service to avoid visiting our physical branches.

Online facilities - Make an informed borrowing decision with our Home Loan EMI calculator. Post loan approval and disbursal, manage all account-related transactions via the online portal

What is Eligibility Criteria for Personal Loan in Jodhpur?

 Jodhpur in Rajasthan is one of the most popular travel cities, even among international travelers. The city used to be a princely state and houses a large number of beautiful forts and places. The city is located amidst the Thar desert landscape and is also known as the “Blue City” due to its uniformly blue painted houses. The city also houses important educational institutions.

Due to its many charming locations, the city hosts a large number of companies in the film industry. Due to booming tourism, education, etc., the city now has a large number of small businesses. However, like everyone else, the residents of this beautiful city need the right support to realize their dreams and goals.

Personal Loan in Jodhpur— Eligibility Criteria

The term loan eligibility refers to your assets or ability to qualify for a personal loan from a bank or NBFC. Lenders use the eligibility criteria as a benchmark to decide on the amount of money to borrow based on your financial credentials such as your income, other obligations, an additional source of income, etc. depending on your age, which determines the duration of your personal loan. Income and age are not the only criteria for determining eligibility for a loan. Combinations of other factors, such as your employment, CIBIL score, etc., are also used to determine your personal loan eligibility.

The required eligibility for personal loan in jodhpur are listed below:

• Your age is an important measure of your ability to repay a personal loan. As a general rule, you can avail the facility of a personal loan if you are aged between 21 and 60.
• If you a salaried individual, you are eligible for a personal loan. The period of your employment is a measure of your credibility to repay your loan on time. Personal loans for salaried employees states that they should be working for a multinational corporation, private or public limited company with at least 2–3 of work experience.
• The minimum wage or income required for a personal loan to qualify is different for each borrower. As a person with a salary you must have a minimum wage of Rs. 15,000 per month.
• Lenders access credit scores derived from the credit history of credit reports to assess the ability or creditworthiness of a personal loan. Your credit score affects the loan amount, credit period, interest rates, and terms offered. The credit score (CIBIL) must be 650 or higher.

What Are the Features and Benefits of Availing a Personal Loan In Surat?

 Surat has been a center of diamond cutting and textile industry since its colonial history. It is one of the best cities in India and has the honor of being one of the cleanest cities in the country. The city is an economic powerhouse that has attracted many people from the states of Gujarat and Maharashtra to set up businesses and companies to grow with the city. Surat is a fast-growing urban city in India that boasts of a flourishing textile and diamond-cutting industry. But living in a rapidly growing city can quickly translate to huge bills and unexpected financial emergencies. So, what do you do when you want to expand your business or pay for your child’s education?

Having to dip into your savings for every major expense can wreak havoc on your finances in the long run. At this point, a personal loan can be your salvation. With Ruloans personal loan in Surat, you can seamlessly finance these expenses and benefit from flexible repayment terms tailored to your convenience.

Features & Benefits of Personal Loans in Surat:

There are numerous benefits of availing a personal loan to finance your lifestyle needs or when you are in urgent need of funds in case of an emergency. Given below are some of the features and benefits of personal loan in Surat:

Minimal Documentation - These days, many banks and NBFCs are willing to grant personal loans with minimal documentation if you have a healthy credit profile and already have a good relationship with them.

Quick Disbursement - On successful approval of your loan application, most lenders would disburse the loan amount to your bank account within 24 hours.

Flexible Tenure - Most lenders allow you to repay your personal loan comfortably over a tenure of 12 to 60 months.

No Hidden Charges - There are no hidden charges involved if you apply for a personal loan at Bajaj MARKETS.

Swift Approval - All you need to do is fill in an online application form and upload the relevant documents. Your personal loan application will be approved instantly and the amount shall be disbursed within 24 hours of approval.

Competitive Personal Loan interest rates in Surat - At Ruloans we provide you with attractive and competitive interest rates to cater to all your Personal funding requirements in Surat. Therefore, you don’t have to look anywhere else when you apply for a loan.

Could DSA Be The Right Way? Things to know before applying for NBFC or Bank DSA Registration

 A Direct Selling Agent (DSA) or dsa loan agent acts as a bridge between a bank or NBFC and a loan applicant. Applying for loans can be a time-consuming and confusing affair, and DSAs help make this process easier for everyone. For their efforts, DSAs are paid a percentage of the total loan amount borrowed.

Banks and NBFCs actively seek DSA registration as such agents can help them reach more people and receive a higher number of applications. Online DSA registration has recently begun, and the DSA registration process is now easier than ever.

Once you complete your DSA registration online, you can start helping institutions reach potential customers. However, there is some essential information you must know before applying for a bank or NBFC DSA Registration online.

Read more: https://blog.ruloans.com/could-dsa-be-the-right-way-things-to-know-before-applying-for-nbfc-or-bank-dsa-registration/

Personal loan in Mumbai application made easy this Ganesh Chaturthi -Ruloans

 Ganesh Chaturthi is right around the corner. It is the time to bring home Bappa and is celebrated on a huge scale in Maharashtra. Ganesh Chaturthi includes scrumptious food, festivities, and celebrations. It is also considered an auspicious time to buy something new – a bike, a car, electronics, or an appliance for your home. You can also take a trip and spend quality time with your family. But how do you pay for these?

The answer is simple – through personal loans in Mumbai.

What is a personal loan?

Personal loans are multipurpose loans available for funding your personal and commercial needs. You can get a personal loan for buying something new for your home or even to travel. It is a collateral-free loan that does not require any security. You get a loan simply based on your monthly income and other eligibility parameters.

This Ganesh Chaturthi, a personal loan can be your go-to solution to celebrate with your family.

Read more about personal loans : https://blog.ruloans.com/personal-loan-application-made-easy-this-ganesh-chaturthi-with-ruloans/

Personal Loan in Mumbai - Features, Benefits and Eligibility

Mumbai is the economic capital of India and is at the center of all major economic activities in the city. As a result, top-notch financial service providers provide top-notch offers to the eligible citizens of the city.

Personal loan in Mumbai is one of the offers that are selling like hot cakes. A quick personal loan in Mumbai is easy to apply for, the amount you can borrow is high and much more. If you live in Mumbai and want to know how much you would get if you apply for a small personal loan here, then this article will help you know everything.

Personal Loan in Mumbai — Features and Benefits

The instant personal loan facility in Mumbai is loaded with so many attractive features and benefits that it can help you meet your urgent and other needs.

Medical Emergency - Emergency personal loan to cover incidental and unforeseen expenses.

Travel Loan - Personal travel loan to cover holiday or vacation expenses.

Wedding Loan - Meet wedding expenses with a personal wedding loan for a special occasion

Debt Consolidation - Pay off old debts and reduce interest payments with a personal debt restructuring loan

Home Renovation - Personal loans for home improvements to upgrade and improve your home.

Education Loan - Get higher education with a Personal Education Loan to cover your expenses.

Personal Loan in Mumbai — Eligibility Criteria

The term loan eligibility refers to your assets or ability to qualify for a personal loan from a bank or NBFC. Lenders use the eligibility criteria as a benchmark to decide on the amount of money to borrow based on your financial credentials such as your income, other obligations, an additional source of income, etc. depending on your age, which determines the duration of your personal loan. Income and age are not the only criteria for determining eligibility for a loan. Combinations of other factors, such as your employment, CIBIL score, etc., are also used to determine your personal loan eligibility. 

The required eligibility criteria are listed below:

• Your age is an important measure of your ability to repay a personal loan. As a general rule, you can avail the facility of a personal loan if you are aged between 21 and 60.
• If you a salaried individual, you are eligible for a personal loan. The period of your employment is a measure of your credibility to repay your loan on time. Personal loans for salaried employees states that they should be working for a multinational corporation, private or public limited company with at least 2–3 of work experience.
• The minimum wage or income required for a personal loan to qualify is different for each borrower. As a person with a salary you must have a minimum wage of Rs. 15,000 per month.
• Lenders access credit scores derived from the credit history of credit reports to assess the ability or creditworthiness of a personal loan. Your credit score affects the loan amount, credit period, interest rates, and terms offered. The credit score (CIBIL) must be 650 or higher.

Term Loan - Meaning, Types, and Category

A term loan can be defined as a time loan approved and disbursed by a bank, NBFC or credit institution. Such a time loan may be a short-term or long-term loan that must be repaid in regular installments, such as equal monthly installments, within a specified period of time. The interest rate to be paid may be a fixed or a variable one.

The term of the loan may range from 12 to 60 months. Banks and non-bank financial institutions offer such loans as a variety of loan products, including business loans, personal loans, home loans, education loans, gold loans, and auto loans.

Types and Categories of Term Loans:

Types of term loans are classified in terms of time-period as follows.

• Short Term Loan
  A short term loan may be defined as a loan offered, approved, and disbursed by a lending institution for a short period of time ranging from 12 to 24 months.
• Long Term Loan
  A long term loan may be defined as a loan offered, approved, and disbursed by a lending institution for a long period of time ranging from 10 years to 30 years.

Term loans are categorized in terms of security as follows:

• Secured Loans
  A term loan may be categorized as a secured loan when the loan requires collateral security in terms landed estate, residential or commercial property, equipment, machinery, raw material, stock, or other assets. Secured loans as a rule are available at low rates of interest.
• Unsecured Loans
  A term loan may be categorized as an unsecured loan when the loan requires no collateral or security. These types of loans are high-risk loans, and thus are available at higher rates of interest.

A term loan may be further categorized by the purpose of the loan. Thus, if you seek to avail funds or if you seek a loan for a business purpose, the purpose could be:

• Business Expansion
• Equipment, Machinery, or Raw Materials Purchase
• Cash Flow
• Working Capital Needs
• Purchase of office, or Business Space, or Land
• Rents and Salaries Payments
• New Staff Hire
• Debt consolidation

If you want personal loan in Surat visit our website.

Types of Personal Loan in Jodhpur - Ruloans

 Jodhpur in Rajasthan is one of the most popular travel cities, even among international travelers. The city used to be a princely state and houses a large number of beautiful forts and places. The city is located amidst the Thar desert landscape and is also known as the “Blue City” due to its uniformly blue painted houses. The city also houses important educational institutions.

Due to its many charming locations, the city hosts a large number of companies in the film industry. Due to booming tourism, education, etc., the city now has a large number of small businesses. However, like everyone else, the residents of this beautiful city need the right support to realize their dreams and goals. Ruloans offers several types of personal loans in Jodhpur to help you get the support you need.

Types of Personal Loans in Jodhpur:

1.Consumer Durable Personal Loan
In today’s modern era, having a fully furnished house is necessity. A house equipped with all the modern electronic devices is a dream of every Indian family. Every household needs television, microwave, refrigerator, geyser, laptop or computer, food processor, air conditioner etc. to fulfill their day to day needs. But buying such consumer products is not easy as they are quite expensive. That’s why banks and NBFCs have come up with ‘Consumer Durable Personal Loans’. Banks and NBFCs give away this unique loan specifically to buy these products. The amount granted for this type of loan ranges from Rs. 10,000 to Rs. 1,00,000. The maximum tenure given for this loan is 5 years. Many banks provide 100% finance to buy the desired products. The interest rate for this type of personal loan ranges from 16% to 22%.

2. personal wedding loan
A wedding day is not just a day of rituals. It is a special day that brings two families together through the sacred bond of marriage. Every bride and groom wants their wedding day to be special and magical. But every magic comes with a price. Every Jodhpur wedding is a “Big Fat Jodhpur Wedding” in one way or another, and it certainly comes at a cost. A Jodhpur wedding cannot be financed simply with family savings. Designer clothes, jewelry, catering, decorations, venue rent, gifts and many more expenses have to be paid for a wedding. Therefore, many banks and NBFCs allocate special personal wedding loans for weddings. The amount allotted depends on various factors such as the applicant’s income, CIBIL score, etc. The interest rate for a personal wedding loan ranges from 10% to 20%. The maximum repayment period is 5 years.

3. Personal Travel Loan:
Many people love to travel and experience new destinations, cultures and foods. But no matter how early you book your tickets or how cheap you find a place, you’ll have to spend money. Whether domestic or international, a vacation trip is no financial walk in the park. Getting there, staying at a hotel, eating out, shopping for souvenirs and other local expenses are costs you can’t escape. Many cancel their trip because they are worried about such expenses, but that doesn’t have to be the case anymore. Many banks and NBFCs know that travel rejuvenates you, so they offer unique personal loans to meet your travel needs. Interest rates on travel-specific personal loans start at 11% and the tenure ranges from 12 to 60 months. The amount allotted depends on various factors such as the applicant’s income, CIBIL score, etc.

4. House Renovation Personal Loan
Living in a well built house is a primary need of every human being. People who own a house feel the need of renovating the house after a few years. The renovation can be of any nature: just renovating the interior, renovating the structure itself etc. Any kind of renovation is expensive when it comes to housing. Thus people opt for personal loan specifically for house renovation purposes. Banks and NBFCs give such loan for tenure of as long as 5 to 7 years. The interest rate ranges from 9% to 11%.

5. Personal Loan for Medical Emergencies
Medical emergencies are highly unexpected and unpredictable emergencies. Many people do not have insurance policies that cover expensive medical treatments, and often even insurance coverage cannot meet the needs. In such a situation, you can take out a personal loan to pay your high medical bills. Banks offer personal loans for medical emergencies with a maximum term of 5 years. The interest rate for this type of personal loan varies from bank to bank.

How to Get a Better Interest Rate on Your Personal Loan?

Personal loans are inherently unsecured loans, which makes them popular options in times of need when people need immediate cash to meet expenses. This is also the reason why higher interest rates are charged for these types of loans. People take personal loans for vacations, weddings, education and various other needs, including reasons like debt consolidation. Such loans have been helping people meet unexpected expenses and tide over bad times for decades.

If you want to take a personal loan, you should plan your expenses carefully after reviewing your monthly obligations and income. The new developments in technology have certainly made taking a personal loan faster and easier, but this has not ensured a low interest rate as the lender sets the interest rates keeping in mind certain fixed parameters. Below, we will discuss some of these parameters and highlight ways in which you can take out a personal loan at a low interest rate to ensure a smooth flow of money on a day-to-day basis.

Avoid multiple loan applications

If you apply for a personal loan and receive a denial, don’t be too quick to submit another application. Inquiries and multiple credit applications are data collected by credit reporting agencies to determine your creditworthiness. Too many serious inquiries and multiple credit applications mean many rejections, which diminishes the confidence of the lender who doubts your repayment abilities.

If your personal loan is still approved, it will be at the cost of a higher interest rate to cover the higher risk represented by your credit score and credit report. Avoid applying for multiple personal loans to get better terms and interest rates.

Apply from a Known Lender

The bank where you receive you salary, most obviously becomes the first institution you identify when you look for a personal loan. Here, the banker obviously knows you personally, has a record of your financial status, and holds your relationship in good stead. This goodwill proves to be the deciding factor for lower interest rates.

Therefore, when you apply for a personal loan from a known lender, you have the advantage to negotiate a better rate of interest, and better terms and condition for your borrowing. Existing customers are regularly offered special discounts on interest rates. Don’t forget to enquire about such offers.

Compare lenders

Don’t just look at your local bank if you can’t get a good deal there. Invest some time in research and find a lender that will help you save your money. Compare different personal loans offered by different lenders. Review and compare lender offers to find the best interest rates you can qualify for, paying attention to details like loan terms that play a role in determining repayment rates.

Look for deals and offers

Look out for limited time offers that will give you access to lower interest rates. Festivals and holidays are such times when lenders offer such deals to generate goodwill among consumers in the market. These offers, also known as seasonal offers, are often communicated to potential loan seekers via SMS, email, phone call and other mass media. They are time-limited offers that must be claimed before they expire.

Maintain a Good Credit Score

A good credit score portrays a person who practices good fiscal discipline. Expressed as a three-digit number from 300 to 900, a credit score describes the person’s creditworthiness. To be a creditworthy person, you must have a good credit report, which depicts timely repayment of loans, low outstanding loan balances, good credit utilization ratio, and a prudent debt to income ratio. Should your credit report fulfil all these conditions, your credit score will inadvertently be high. This in turn would entitle you to better and lower rates of interest on your personal loans. Thus, a higher credit score makes way for you to negotiate a better rate of interest.
Therefore, make sure you practice good fiscal discipline, repay your loans in time to ensure low outstanding loan balances, balance your credit utilization ratio, and keep a check on your debt to income ratio for lower interest rates on your personal loans.

If you want to know about personal loan interest rates in Mumbai, just visit our website.

Features and Benefits of a Personal Loan in Gujarat - Ruloans

Gujarat is one of the most developed and industrialized states in India, situated on the western coast. This state contributes significantly to the overall growth of the country. The residents of Gujarat can now opt for a personal loan from a bank for additional funds.

Here are some of the features and benefits of a personal loan in Gujarat:

1. No Collateral/Security Required - With personal loans, you do not have to provide collateral such as a house or a car to qualify for a personal loan. The loan is approved only on the basis of your creditworthiness, which depends on your credit score, income, repayment history, reputation as an employer, etc.

2. Flexible End Use - Personal loans can be used for multiple purposes, such as to meet expenses of a medical emergency, travel, house renovation, debt consolidation, etc.

3. Flexible Tenure - Personal Loans usually come with flexible tenure ranging from 12 months to 60 months.

4. Minimal Documentation - Personal loans can be applied for online and even offline with minimal documentation. The most important documents that lenders usually require from the applicant include proof of identity, proof of address and proof of income.

5. Quick Disbursal - Personal loan disbursal can sometimes happen within a few hours, once the application is approved. Turnaround times can also be as short as a few minutes if you can avail of a pre-approved loan offer.

6. Flexible Loan Amount - The personal loan amount disbursed is based on a person’s repayment history, monthly income, age, occupation, employer reputation, and other factors. Lenders offer personal loans ranging from 10,000 rupees to 40 lakhs.

Why does a personal loan always become a savior?

A financial need does not always occur when you are ready and have a planned course of action. Often, an immediate financial need pops up when you least expect it and can get you into trouble if left unplanned. In the past, when people sought financial help, they turned to moneylenders to meet their credit needs. Today, all personal credit needs are met by taking advantage of convenient and hassle-free personal loans.

A quick solution to immediate financial needs, a personal loan is an unsecured form of credit provided by lenders such as banks, NBFC or fintech. No collateral such as house, property, jewelry, etc. is required for a personal loan. A personal loan can be applied for various reasons such as debt consolidation, funding educational expenses and more.

Listed below are some of the major situations when personal loans became a savior:

Debt consolidation

Multiple loans result in higher and more EMIs that can be a serious back pain for borrowers. Repayment is not an issue, but the higher number of loans are. Thus, to combat and wipe out the piling EMIs, a Personal Loan can be acquired to consolidate all your debt in one single and easy-to-pay loan.

Credit card loan

Credit card loans are massive and charge a considerable interest rate annually. Offering easy credit, credit card loans charge up to 40% of annual interest, raising the total sum amount of your repayment. A personal loan charges interest up to 15% of your loan amount. Thus, a personal loan helps you save on your interest costs keeping your credit history intact.

Medical Emergencies

Unwarned contingencies can aggravate your financial inadequacies. Situations like a medical emergency, asking for immediate financial attention and the exorbitant hospitalization costs may put you under grave helplessness. Medical insurance policies do not assure you 100% coverage as the sum is usually breached by astronomical medical costs. You may have to arrange funds for a life-saving surgery requiring an immediate cash deposit at the front desk. With a quick turnaround time, a personal loan comes to your rescue, assuring credit in less than 24 hours.

Wedding Purpose

A substantial amount of money is needed to make your big day bigger. With the rising inflation and expanding wedding costs, financial aid to fund a wedding is a given. For borrowers with a regular stream of income, funding a wedding by availing a loan is the most logical step to get financial aid and keep their credit history maintained.

If you want personal loan in Ahmedabad visit our website.

How to get a personal loan if you don't have good credit?

A personal loan is a multipurpose loan. This loan is provided by banks and NBFCs so that you can sort out all the queries and fees. This is an unsecured loan, so no collateral is required. Personal loan interest rates are entirely dependent on your eligibility as determined by the lender. 

Once you qualify for a personal loan, you can apply for a personal loan. At this point, banks and NBFCs will look at work and income history to determine personal loan interest rates. They will also look at your credit score. With a good credit score, you can get the lowest interest rates the bank can offer. If you have bad credit, you can get a loan with a higher interest rate or your application will be rejected.

Get a personal loan with a bad credit score.

There are low chances of getting a personal loan with a bad credit history. Banks and NBFCs usually will avoid giving customers personal loans with a bad credit score. You will have to improve your credit score through the following steps:

• Pay all your bills on time. Do not default on any payment. Consistent repayment over a long period of time will improve your credit score.
• Maintain a healthy credit utilization ratio. This ratio must hover around 35–40% maximum of your credit limit.
• Close debts one by one through a debt consolidation loan as it will help you save interest money. Closing multiple debts is seen as a good response by the Banks and NBFCs.
• Apply with a co-applicant or a loan guarantor. The Bank will consider your loan application as secure and offer you a personal loan.
• Check your credit report and search for errors. Each error that you correct will help you in improving your credit history.
• Apply for a lower personal loan amount. This is seen as good practice and Banks will mostly accept your loan application. Pay those EMIs on time and your credit score will improve in no time.
• If you can show the Bank that your income can easily support personal loan EMI, then they will accept your loan application. This applies to people who have additional sources of income or recently got an appraisal.

These are ways through which you can get a personal loan when you don’t have a good credit history. If you want personal loan in Mumbai visit our website.