Five myths about personal loan


Personal loans, like most other loans and financial products, are often deemed confusing and dangerous. It may be suggested that non-public loans offer actually zero tax benefits and are only offered by banking companies. But that is not necessarily accurate.

There is a belief that bank loans do not come with almost any tax benefits. However, taken for home construction and business do offer place a burden on benefits.

Banks are not the only method of obtaining financing in the form of signature loans. Other lenders, such as non-banking financial companies (NBFC), supply a range of financial products which includes personal loans, and it appear sensible to compare all solutions before availing one particular.

There is also the understanding that there has to be an outstanding s. While the credit history is definitely a vital issue for getting loans permitted, people with a poor credit may also get their personal loans approved albeit in higher rates of interest.

There may be a potentially risky conception that you can borrow a more significant amount than you’ll need with a personal loan. Take into account, a higher loan amount usually means a higher amount to repay. It is thus possibly not advisable to borrow a higher price than what is actually wanted.

When it comes to , it’s not just salaried professionals who are eligible with regard to loans but NRIs, commercial travellers and self-employed professionals too. It all depends on the phrases laid down from your lender.

Whatever your needs happen to be, Bajaj Finserv has got them covered with personal loans up to Rs.25 lakh at beautiful interest rates. Get on the spot online approvals, cash in your bank inside 72 hours, and the good thing about flexi loans.