Blog #Personal Loan Calculator

If you had to apply for a personal loan, your personal loan or even in offline mode application was brutally scrutinized by most banks, any bank and non-banking or any financial institutions. Most of the applications were rejected and the ones who were shortlisted had to prove their repayment capability by providing extra proof in terms of more documentation. The scenario has changed now. With the increase in competition in personal loans banks and lenders are interested in increasing their sales or even making personal loans accessible to more people trends in personal loans.

Digital personal loan business:-

You had to go to the bank many times in the hope of getting your personal loan approved. It can be online or it can be offline. Now, everybody has a mobile phone and the fintech boom has made it possible for a personal loan to apply online. Making the personal loan or trends in the personal loan process digital has helped the sales to soar high. Time-consuming and tedious loan application trends in personal loan processes are the things of the past. The present scenario allows you to apply for a personal loan online or either offline for a personal loan. Trends in the personal loans you can easily compare the features of different loans and complete the entire application process in a few minutes it can be approved.

Increasing flexibility in EMIs for a personal loan:-

The latest trend in personal loans that can be online or offline is the flexibility it offers the borrowers in increasing or decreasing their EMI amounts and paying it on time depending on their financial situations.

Repayment modes in personal loan:-

Waiting in a queue to make a payment like EMIs is now passé. You now have options like Standing Instruction, net banking apply online, etc. Personal loan calculator is used in estimating EMIs.

Online Lending Platforms for a personal loan:-

Considered the biggest change in personal loans to affect the personal loan market in India, the online lending platforms have given people a higher level of comfort related to any personal loan and convenience. These platforms offer instant personal loans apps and websites or even offline mode. 

Wondering why are the first choice for instant personal loans in India?

Personal loans or any other loan now are not restricted to traditional banks. There is a surge of online lending platforms or even offline mode. MoneyTap is one such online lending platform where people can get personal loans or personal loans or any other loan of credit score ranging from ₹40,250 up to ₹6 Lakh. MoneyTap offers a number of benefits to its customers. Some of them are:

• Lower interest rates in personal loan
• Easy approvals of any loan
• Quick disbursal in personal loan

With increasing digital, personal loans or any other loan are largely being used. This is pushing Banks like HDFC personal loan to encourage less paperless and more automation for any personal loan and tools like HDFC personal loan calculator. Now, you have to submit just as many documents as countable on your fingertips; it must be for everyone who will take any loan that includes address proof, ID proof, bank statements, or anything else. All the processes have been turned to AutoFill in online mode. The app gathers/collects information already stored on the system about the applicant and autofill’s required fields of personal loan.

Conclusion:-

A larger number of individuals are financially conscious now and do not take personal loans or any other loan as a liability. There has been a found love in learning new means to digital and how it affects the financial market or related to personal loans. This is a great way to explore opportunities in trends for personal loans.

Also Read:- How To Take Help Of Co-Applicant In a Personal Loan 

If a person wants to apply for a personal loan online, he has to follow the following steps -

1. Check Eligibility- You can use the Personal Loan Calculator to check the eligibility of yourself. Also, you can use a personal loan EMI calculator to check and decide how much amount of money you would like to borrow and for how long. You can easily apply for a personal loan online by giving the basic details and  checking the offers which are available for you. 

2. Offer for you- On the basis of the details provided by a borrower, an exclusive offer is provided to him/her and it is given along with the loan amount, interest rate and the tenure of repayment of loan. 

3. Complete Application- After that, you need to fill an online application form which is really easy and simple. It will ask for your personal details and professional details too. It literally takes 5 minutes to fill up the application form. 

4. Upload Documents- After following all the steps mentioned above, the last step is to upload the necessary documents and after the successful checking and verification, you will get the amount of loan in your bank account within hours.

How to complete the process of a Personal Loan Online?

A personal loan is an unsecured loan which means that the borrower does not have to deposit any asset of him as collateral or security to the bank or to the money lender. Also, a personal loan can be availed in times of financial emergency because the amount of loan in a personal loan is disbursed within a few minutes. A personal loan is preferred in times of a financial emergency because the amount of loan disbursed in a personal loan is really high as compared to the other loans. Also, the rate of interest in a personal loan is lower as compared to the rate of interest on other loans. Therefore, a personal loan is preferred in times of emergency and when a person has to pay a huge debt. The usage of a personal loan is not restricted as compared to the other loans such as a car loan can only be used to buy a new car or a second hand car, a two wheeler loan can only be used to buy a new or a second hand two wheeler, and a home loan can only be used to buy a new home or to renovate your old home. Unlike all these loans, the usage of a personal loan is not restricted. It can be used for a wedding, to start a business, for higher education of the child, for a vacation or a holiday in India or even outside India and to consolidate debts too. A personal loan comes with a wide range of uses and a lot of people can avail a personal loan.

How to calculate the amount of EMIs in a Perspnal Loan?

A personal loan can be availed by a lot of people but everyone has to perform some proper research before applying for a personal loan. Also, different banks and money lenders offer different kinds of personal loans and also, different personal loans come with different rate of interest, different features, benefits, advantages and also disadvantages. In order to have a knowledge about all the aspects of a personal loan, a person must have a knowledge about all these things. 

Also, a person can calculate the amount of EMIs that he will have to pay every month after getting a personal loan with the help of a HDFC Bank Personal Loan EMI Calculator. This is beneficial both for the borrower and for the money lender because the borrower will have an idea of the amount that he will have to pay every month after getting a personal loan and it will help to avoid any problems in the future.

Must Read:- WHAT IS FAIR CREDIT IN PERSONAL LOAN? 

Personal loans can be a great way to expand your business, finance a new home, or pay off debt, etc. Customers get the flexibility to use the funds they get from personal loans freely. So they can use it for multiple purposes at the same time.

It is an unsecured loan that can be availed at any bank, private institution or NBFCs (Non-Banking Financial Companies). You don't have to pledge any assets as collateral to get funds from this loan. However, you'll have to pay a small amount as interest rate every month.

A personal loan is the best choice if you're looking to get quick fund assistance. There are a lot of services/benefits that can be gained by applying for a personal loan. 

We've mentioned some of the common benefits below -

1. Money is available right away: 
   You can instantly get funds after your documents are verified. But the process is a lot quicker and easier when compared to other loan options.
   
   
2. Personal loans are a proven way to build your credit:
   If you have a bad credit score, then you can use this loan as an opportunity to increase your credit score by repaying the instalments on time.
   
   
3. Personal loans are one of the cheapest sources of borrowing money:
   The HDFC Bank Personal Loan interest rate is pretty reasonable and affordable. It is comparatively lesser than other loan options. So you can easily get funds in the cheapest way without pledging any asset.
   
   
4. Personal loans are a solution for emergencies:
   You don't have to use your savings to meet fund requirements in emergencies. You can simply get funds by applying for a personal loan.

Borrowers have to repay the amount they've borrowed along with the interest rate within the loan tenure. Missing even a single instalment can affect credit scores negatively. And if the borrower can't repay the loan amount, then the credit score will decrease heavily. A bad/low credit score will make it hard for the borrower to take a loan in future. So you can use some online tools like a Personal Loan calculator to check your repayment capacity.

However, banks don't monitor the end usage of the funds given through personal loans. So you can use the funds you get through a personal loan for various purposes.

Some of the common uses of personal loan are -

1. Debt consolidation:
   You can use the funds you get through a personal loan to repay your debts, loans and credits. So if your debt collection date is near and you're in short of funds, then you can easily apply for a personal loan facility and get funds through it.
   
   
2. Home renovation:
   We all need a change in scenery. Our scenery plays an important role in improving our productivity. And during this pandemic, everyone has been working from home. So you can apply for personal loan and use the funds you get through this loan to renovate your house.
   
   
3. Refinancing:
   This means that you can apply for a loan to pay your existing loans. So you can use the funds you get through a personal loan to repay your existing loans.
   
   
4. Medical Bills:
   The pandemic is spreading crazily. And the hospital bills are getting expensive day by day. So to pay your current medical bills, you can easily apply for a personal loan and repay the money using the flexible repayment method.
   
   
5. Wedding:
   Weddings are a huge deal in India. It is the most momentous occasion. So if you're looking for funds to meet your wedding expenses, then you can apply for a personal loan and get funds through this loan.
   
   
6. Vacations:
   We all need a break from this stressful reality. So to take a break, you can easily plan a vacation. You don't have to use your savings to pay all the expenses. You may quickly apply for a personal loan and receive funds as soon as the verification procedure is through.
   
   
7. Miscellaneous expenses:
   You can apply for a personal loan if you're finding it hard to manage your current expenses or bills.

Conclusion -

There are a lot of banks, financial institutions and NBFCs that provide the facility of personal loans. So it's important to compare all the banks and then choose an ideal personal loan according to its interest rate, eligibility criteria, charges and repayment capacity.

Also Read:- What A Personal Loan Costs You 

Most people prefer taking personal loans in emergencies as they can be used for various purposes and helpful people in more than one way. There are several schemes offered on personal loan which the people can avail. The private and public banks grant personal loans to their customers. Personal loan calculator is an online tool that can help the borrower in calculating the loan amount. The internet rate on the personal loan depends upon the credit score of the applicant. A credit score of 750 or more and many more documents as required by the lender. One can choose from a wide range of options to get the best possible deal on the personal loan from various financing companies. One can also avail a wide range of schemes offered by the financing companies on the personal loan. 

Below are the important points mentioned to consider while taking a personal loan:- 

• Rates Of Interest:- may vary greatly on the bank and non-banking financing company (NBFCS). One should compare different financing companies online before applying for a personal loan. Make sure to always compare other options and get the lowest possible interest rate deal. 

• Assess All Costs:- One should check the processing fees, prepayment fee and late payment fee. One should make sure to check all the fees involved carefully while applying for a personal loan from the financing companies. This can help you get the best possible option and save a lot of money. It is always recommended to check all the costs involved while taking a personal loan.

• Compare And Choose The Tenure:- one should never forget to select a proper tenure as per convenience. It is recommended to select the loan tenure according to the financial condition. While applying for a personal loan, make sure to compare different options and check with all the financing companies. The lower the interest rate charged, the shorter the tenure.. Moreover, one should select a tenure plan according to financial conditions to avoid future debts. 

• Check For The Foreclosure Charges:- Sometimes, many applicants wish to pay the loan before time. Prepayment of loan can be chargeable. One should always look for the prepayment charges at various financing companies before applying for a personal loan. Checking the prepayment charges can be beneficial to avoid future loss. 

• Check The Agreement Paper:- one should always make sure to read the agreement paper of the loan carefully before signing it. Reading the agreement paper may help you in avoiding any kind of future loss. Reading all the pointers mentioned in the agreement paper is very important, and it may save you from losses. 

• Monitor Your Credit Score:- Monitoring your credit score is very much important. One should keep maintaining a good credit score to get extra benefits such as low-interest rates. Many lenders look at the borrower's profile carefully before lending them the loan. While availing of personal loans, maintaining a good credit score above 750 is necessary. 

Fullerton India personal loan can be applied online as well as offline with the minimal documentation process. The bank also offers a very flexible loan tenure. The applicant can choose the loan tenure as per convenience. A personal loan is ideal for emergencies. It has helped many people in rural as well as urban India. A personal loan has become a boon to people all over the country. One can avail of personal loans in times of emergencies from any financing companies. For avoiding any kind of loss, one should never forget to check and compare different lenders options. In the above article, important points are mentioned about personal loans. One can refer to the above article to know more about a personal loan. 

A personal loan is a type of loan a person applies for a loan from a bank based on the income for the employment he is doing. This type of loan the rate of interest literally while on the other side the personal loan is from that of the complexities of other kinds of loans. The complexity can include different types of paper-related works or other visiting or interview related activities, which are time-consuming and are not too much a part of the personal loan application anymore.

• Credit has a very vital role in availing any loan. A credit score is a three-digit number associated with credit rating agencies. Personal Loan Calculator will give a better estimation. It explains the repayment style and structure of the loan which the customer has availed in the past period. It is most evident that the loan application will be in favour of the customer, and there will be the approval of the loan sanctioned amount applied for the same. On the other side is done a record of the fried food is not good, then it will be advisable that the person should follow some concept of having small types of loans and keeping it on the detailed scheduled as per the bank so that can you rebuilt the score to a good one and then can again apply for the same loan.

• First of all, how the credit score is calculated will help bring out the matters and the facts and influence the personal loan procedure. A credit score is a score that the credit rating agencies generally issue to understand and bring out the information that will reflect the current status of an individual and the credit history of a person regarding the types mentioned above of loans even in the day. A credit score is composed of different kinds of things. It comprises 35% of the payment history of the past loans, 30% of the credit utilization,15% credit history length, 10% of the credit mix and 10% of the new credit.

• A credit score helps us to know the current credit status from where all the things can be judged. The plans can be executed accordingly. Checking the credit history is very important, which reflects the past and the present performance of the credit transactions based on the future transactions of the loan procedures will be provided for the loans will be approved.

• The importance of the page school is so much because loan providers also paper the persons with a good credit score which will allow the loan providers to provide the loan at a very affordable rate of interest as well as will be giving extra benefits when the chances of clearing the eligibility are 100%.

• With the involvement of a good credit score, there is also the availability of chances of getting a good credit card full of rewards and points and extra benefits. There is the possibility of getting the credit card at the very lowest rate of interest with different kinds of cashback, travel points and other services. 

• An excellent credit score will always help increase the credit limit of a credit card. What's the credit card providing company will access the current income and the present current status. PNB Personal Loan also follows this to help the customers. Owing to the increased creditworthiness will be seen by the credit card providers.

Conclusion:

To conclude, we can say that they are few opportunities which if performed in a healthy manner in case of the credit score which is totally in the hand of the applicant then many complexities which usually comes during the procedure of repayment of the loan will be salt before time in writing as well as before the approval of the loan as credit score also allows the customers to have of pre-approval of loans like that of services provided by the top leading banks of India that is ICICI, HDFC and other types of banks.

Is your cash flow sinking? need help? personal loans are available, but with give comes take, as the interest rates are surging and the economic prices are flooding, you are finally only adding interest on interests and all that seems to do is dent your account irreparably which is a bad place for anyone to be. A personal loan calculator is available on most banks and NBFCs official websites to give you a crystal clear idea of what you are dealing]g with. Personal loans are beneficiary with cross lines and limits that if crossed might do you a great job of hindering your future possibilities of availing a loan. But, it can’t be the only way to lend you resources right, without maxing out your account? And that’s is why you have more than one option to fend for in a highly legit way. Here are a few other options to swell your account.

Loan against property: 

(LAP) Property loans are available in all banks and Non-Banking Financial Institutes(NBFC) where you can place your property as collateral and receive about 80% of the property’s value, as the rate increases the value of your property floods. The property can be land or home.

Loan against Public: 

Provident Funds(PPF): With very minimum documents and without wreaking your PPF agreement an applicant can avail a loan on this for a maximum tenure of 2 years and can avail another if they are in the period between 3years-5years if and only if the loan pays the first loan on full.

Loan against Fixed deposit: 

Customers who have fixed deposits in the bank avail  this loan where the bank allows the customer to take 90% of the maturity amount as principal amount, however, to avail this loan the customer must visit the bank in person.

Loan against Gold: 

Gold loan or loan against gold is a type of loan where the gold articles act as collateral to the principal amount. Few banks and NBFCs don’t accept gold coins or bars but other than that all kinds of ornaments are permitted and considerably has a lower interest rate. The bank or the NBFC has the right to auction the gold article if the consumer refuses to pay the monthly instalments on time or doesn’t pay the principal.

Loan against insurance policies: 

Insurance amount can be used as collateral to avail this loan. Banks and financial institutes provide up to 90% of the insurance amount and have low-interest rates. This loan can b paid off at any time during the insurance time and if not paid the banks and NBFCs automatically detect the due money.

Loan against Employee Provident Fund:  

The maximum loan tenure is 24 months and you must’ve had the Employee Provident Fund(EPF) for a minimum of 3 years. You can avail up to  90% of the fund.

Loan against mutual funds: 

A loan on mutual funds can be availed after making an agreement with the lender meaning you should mortgage your unit. A margin is the  principal a bank sanctions on the mutual funds which are always less than the market value of the mutual fund.

Loan on shares:

Loans can be availed on the shares you invest in a business or a trust or society etc.., only if the company has approved securities and each bank has its own list of the eligible securities. The principal amount depends on the security and the value of the share. But, in general, the granted amount is much less than many other loans.

Conclusion:

Indian Overseas Bank personal loan is a profitable loan that has affordable interest rates and flexible tenure in addition to all the above-mentioned loans. However, any loan availed should be used wisely and paid shrewdly without dues on the given date.

Also read this: Different Sub-classes Of Gold Credits 

WHAT IS A PERSONAL LOAN?
A personal loan is an amount of money that a person takes from the bank for his/her personal use like marriage, vacation, holiday, getting a new home, renovating the old home and much more. After following the procedure and verification of the documents, the loan is approved by the bank, and the amount is finally credited to your bank account. After getting the amount, you can use it for your purpose.

HOW TO APPLY FOR A PERSONAL LOAN? 

If you are thinking to apply for a personal, you have to follow the following steps: - 

• Check your credit score- before applying for any loan; you need to check your credit score. More the credit score, the lesser the interest rate. An ideal credit score is around 701. You can maintain your credit score by paying the EMIs of the existing loans and all other debts on time.
  
  
• Compare the interest rates- Interest rates, the amount of your EMIs depend on the interest rate. You can check the interest rates offered by different banks on their websites. Some banks offer high interest rates, while others offer lower interest rates. You can check the amount of EMI that you would have to pay after taking the loan with the help of a Personal loan EMI calculator.
  
  
• Check the eligibility- After comparing the interest rates and other things, you can finally choose the bank you want to take a loan to. After selecting this, you can check the eligibility criteria of the banks, which too is given online on their websites.
  
  
• Fill up the form- After checking the eligibility and having done with the research, you can finally fill up the available online form. You need to fill in your details in that form like your personal details, financial details and employment details.
  
  
• Get the documents- After filling up the form, check the documents that are required. Collect your documents and then upload them to the bank’s website, or you can also go to your nearby branch of that bank.
  
  
• Verification process- After completing all the steps, the bank will verify and cross-check your personal and financial details and various other things, like your credit score, documents, etc. Once the verification is completed, the amount of money will be finally transferred to your bank account in a short period of time. 

REPAYMENT OF A PERSONAL LOAN: - Once your loan is approved, and everything is done successfully, there comes the repayment of the loan. You have to return the amount that you have taken and that too with interest.  Following are the ways by which you can repay your personal loan quickly: - 

1. Foreclosing your personal loan: The personal loan is often used to fulfil short term financial debts. You can foreclose your personal loan if you have sufficient funds to do that. You can do this as soon as your lock-in period of the loan is over. But you may have to pay a penalty charge. Also, the prepayment on your loan saves a lot of interest, but at the same time, it lessens your financial burden.
   
   
2. Repay quickly on a higher interest:  You can take up this option when you have other existing loans on lower interest rates. You can pay your personal loan at a higher interest rate. Also, prioritizing debt is a smart way of ensuring that you repay it quickly.
   
   
3. Go for Debt Consolidation Loans: When you are struggling with the monthly EMIs and have multiple debts, you can go for debt consolidation loans to ensure that you are not lagging in paying your personal loan too often.
   
   

Different banks provide impressive interest rates on their personal loans. The interest rates of  Fullerton India Personal Loan ranges from 11.99% - 36%. There is also a processing fee. You can easily apply for a Fullerton India personal loan online on their website. After the approval of your loan, the amount will be a credit to your account within 30 minutes.

Also read this: Advantages of having a low-interest Personal Loan 

There are a lot of financing options available in the market. And a number of banks and NBFCs (Non-Banking Financial Companies) provide the same loan at different interest rates, making it confusing. However, a lot of loans have similar yet various alternatives for them. For example:- a personal loan is an unsecured loan, but you can get the funds from a secured gold loan. So both the personal loan and a gold loan are perfect alternatives for each other.

What is a gold loan?

A gold loan is a secured loan where funds are acquired by pledging a gold asset. The paperwork is significantly less, and you can quickly get your loan approved on the spot. The interest rate for gold is significantly less, but you'll have to make sure to pay your instalment on time. Because if you're unable to repay the loan amount, then your gold ornaments or coin will be seized by the bank and will be sold off at an auction to recover the loan amount.

Advantages of gold loan

Processing: Gold loan is an easy and fast processed loan. A lot of banks and NBFCs (Non-Banking Financial Companies) give gold loan facilities processed quickly. So you don't have to wait for days to get your loan approved. A lot of banks like Yes Bank Personal Loan approve your gold loan within one hour.

Credit Score: Credit score is a number between 300-900 that defines your creditworthiness. You don't have to maintain a good credit score to be eligible for a gold loan. You can get your gold loan application approved even if your credit score is low.

Interest Rate: The best thing about a gold loan is that you get low interest rates. The interest rate is very low compared to other banks, so you save a lot of money that you would've paid as interest. You can lower your interest even more if you pledge any other asset as a security.

Repayment: Banks offer flexible repayment options to the customers. So you can choose the EMI option and a loan tenure that is best for you. But it's advisable first to compare all the options and then select the right one for you.

Prepayment penalty: The bank charges no prepayment penalty. So you can quickly get a gold loan without paying a prepayment amount. Security:- You get a lot of benefits like free bank lockers. So you can store your gold safety in bank lockers and take it whenever you want it back.

What is a personal loan? 

A personal loan is an unsecured loan, so you don't have to pledge any assets to get funds from this loan. Instead, you'll have to maintain a decent credit score to get your loan approved. So if your credit score is high, then your personal loan can be quickly approved, but if your credit score is low, then a lot of banks will reject your loan application.

You'll have to repay the loan instalments on time because it will be negative, which will make it hard for you to get your future loans approved.

Advantages of personal loan

Collateral: Unlike a secured loan, you don't have to pledge any collateral to be eligible for a personal loan. This is the most significant advantage of a personal loan because not everyone has enough asset to risk. So this option makes a personal loan the most preferred choice when compared to other financial services.

Repayment: Banks offer a lot of repayment options to customers. So the customers are flexible in choosing any one of the given options. It's advisable first to calculate your budget and income using tools like a Personal Loan Calculator and then select the right option for you.

Hassle-free processing: You don't have to wait for months and months to get your loan approved. You can quickly get your personal loan application approved if you meet the eligibility criteria perfectly.

Paperwork: The paperwork and documentation required for a personal loan application are very little. So you don't have to stress yourself over the documentation process.

Conclusion

You can apply for a gold loan if you have gold ornaments to pledge and get funds immediately. You can apply for a gold loan if you have a bad credit score and you require funds. But if you don't have gold ornaments or any asset to pledge, then you can use your credit score to get a personal loan approved from any bank or NBFCs.
Also read this: How to obtain a personal loan at low interest rates