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December 14, 2018
A Personal Loan is a simple & effective way of securing finance for Personal needs. Many apprehensions & misunderstandings about the product leave applicants confused. Following information is provided for our customers to help distinguish Myths from Facts.
Myth- a Personal Loan is a Secure Loan. The applicant needs to secure an asset to obtain funds via a Personal Loan.
Fact – Personal Loan is an Unsecure Loan. The Personal loan is purely an unsecure loan the applicant taking the loan does not have to mortgage an asset the form of a property, jewellery or a fixed deposit to secure funds. Personal Loan marketed by leading Banks & NBFC is specifically characterized as unsecure the finance required by the loan seeker is forwarded solely on the basis of the profile & supporting documents.
Myth- The rate of interest for a Personal Loan is liable to change at any time during the tenure.
Fact – The rate of Interest for a Personal Loan is fixed at the time of disbursal of the amount. The interest rate is determined by the policy of the particular Bank/NBFC providing the loan. The interest rate being charged on the Personal Loan availed is confirmed to the applicant before the loan is disbursed. The Personal Loan agreement signed by the applicant clearly states the rate of interest to be charged: it remains constant for the entire tenure of the loan.
Myth- Acquiring a Personal Loan is a long & tedious process.
Fact- A personal loan is a fast & convenient way of securing funds for an urgent financial need. An applicant can secure funds within 72 hours of applying. Following the right guidelines, providing genuine details, authentic details & having a sound credit history are important factors that contribute towards the smooth processing of a Personal Loan. We at Yourloanadvisors.com provide doorstep delivery of Personal Loans to our valuable customers & help them to full fill their financial needs timely & without any hassle.
Myth – The Rate of Interest for a Personal Loans is very high.
Fact- The Personal Loan being an unsecure funding is provided at a higher rate as compared to secure loans such as a home loan. It is still the cheapest way to secure funds for personal needs. The interest rate charged for a Personal Loan is from 11% to 18% @ reducing balance. The fixed rate per annum is from 6% to 12%. Getting money without any security from the Bank via a Personal Loans is cheaper & easier than borrowing from private agencies or having mortgage an asset or jewellery.
Myth – The CIBIL data (records of Credit Bureau of India Ltd) is the accurate & the final authority on Credit worthiness.
Fact- The CIBIL is a private agency that keeps a record of all financial data. All major financial institutions Banks & NBFC’s submit details of all credit transactions of their customers to CIBIL.
The CIBIL in turn provides the Banks & Credit Institutions with the records of the credit history of an individual whenever required, or when an individual applies for financial assistance.
Screening the credit history of the applicant gives the Lending institution the confidence to forward further credit. If the credit history is flawed the Loan application will get rejected. While some Banks are willing to override a CIBIL issue other lenders may like to go by the book & reject the Personal Loan request.
It is always advantageous to know an applicant’s behaviour with credit before beginning a credit relationship & accessing the credit records but it is important to remember that the CIBIL records are not infallible.
Maintaining an accurate record of the entire working class, with similar names, date of birth & other similar characteristics is a huge challenge. A financial institute may also erroneously upload wrong data about a client. Technical glitches could also mar records.
Age old defaults are overlooked by Lending institutions if the applicant has been able to overcome a bad patch & restructure finances.
We at Yourloanadvisors help our customers to improve their CIBIL, amend or correct a wrong entry to clear the CIBIL mandate.
Myth – A CIBIL Score or a previous Credit record is mandatory to secure a Personal Loan.
Fact- the Personal Loan mandate for various lending institutions is governed by the individual policy. Some Banks & NBFC’s provide a personal loan to individuals who have a proven credit record; while others may consider it a worthy proposition to give Personal Loans to applicants who have never availed credit before. Loan seekers can apply to a credit institution that forwards Personal Loans to fresh applicants, although for first time borrowers the loan amount given may be conservative, it is worth the while to secure a Personal Loan & build a credit history.
Myth- All the Personal Loan lenders are similar; a rejection from one means a Blanket rejection.
Fact- There is no need to despair if a rejection has been issued for a Personal Loan Application.
There could be many reasons, due to which a personal loan application is declined. The profile of the applicant may not match the policy requirements the current employer may not feature in the approved list of companies or could be a simple verification issue.
The Personal Loan process is speedy one so there is always room for an error in process, most banks are willing to reassess the decision if the customer requests for a relook.
Unless the applicant been a chronic defaulter in former credit dealings or is unable to afford to pay the monthly instalment for the Loan the Need for a Personal Loan can be fulfilled.
Apply for a Personal Loan with Yourloanadvisors.com we will guide you to best of our abilities & will go to all lengths to ensure your Personal Loan experience is successfully managed.
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