How much loan you can get?

What is a loan?

A loan is an amount of money borrowed by a lender from a bank or a financial institution for a specified period of time. The loan is essentially the amount of loan, which will be repaid along with interest to the lender till the full amount of the loan is repaid.

Nowadays, debt plays a vital role in our financial and social well-being by helping us to manage our finances. Whether it is a planned venture like international education, or the desired home, or need funds for personal use or business expansion, loans are the best means to fulfill this objective. However, it is important to know that lenders look at your CIBIL score and report to evaluate your loan application.

The higher your score, the higher are your chances of getting the loan.

Be it a credit card, personal loan, home loan, vehicle loan, or consumer goods loan, with CIBIL Score & Report you can now plan your loan requirements in a systematic way.

• type of loan
• personal loan
• Credit Card
• vehicle loan
• home Loan
• Gold Loan:
• general question
• checklist of documents
• loan eligibility calculator

personal loan

Personal loans are short to medium-term (unsecured) loans that you can use to consolidate debt, plan a vacation, renovate your home, or arrange an expensive wedding. Get the personal loan that meets your needs now!

• What is a personal loan and what can it be used for?
• Why take a personal loan?
• How much loan can you get?
• For how long can a personal loan be taken?
• What interest rate am I eligible for?
• What are the factors that affect the interest rate for a personal loan?
• What other charges are applicable and when are they due?
• What do lenders look for before sanctioning a loan application?
• How long does it take for the loan to be approved?
• What should I be careful about?
• What is a personal loan and what can it be used for?

A personal loan is an unsecured loan taken by the borrower to meet his various financial needs. It is also sometimes referred to as an 'all-purpose loan' as there are no restrictions on the end-use of the fund.

Debtors use personal loans for a variety of reasons, such as debt consolidation, vacation, renovating their home, buying a new appliance, arranging money for a wedding, meeting educational or medical expenses, etc. Using personal loans wisely can help improve your financial condition and boost your credit score.

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• Why take a personal loan?
• When it comes to meeting the financial needs of your life, personal loans are the best means to fulfill your objective.
• Debt Consolidation – It helps you to consolidate your expenses by paying your credit card bills or other debts on time.
• Quick Approval- Apart from having a good credit score while availing of a personal loan, less documentation makes the process of processing faster.
• Usability – Since there is no end-use monitoring, this gives you the flexibility to use the loan for any type of expenditure.
• Unsecured Loan Type: You do not need to submit any security/surety to the lender to get a personal loan.
• Improve your credit profile- A personal loan is another line of credit added to your credit report and if you maintain it by making on-time payments, you can improve your credit history and profile.

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How much loan and for how long can it be taken?

10,000 to Rs.10,000 depending on the lender and the repayment capacity of the borrower. Starting with a minimum amount of up to 30,00,000/-. Since it is a short-term loan, the repayment options are generally favorable and can range from 12-60 months depending on the lender and the credit history of the borrower. Click here to check your personal loan eligibility

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• For how long can a personal loan be taken?
• A personal loan is a short-term loan. There are multiple payment options available, and they can range between 12-60 months depending on the credit history of the lender and the borrower.
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• What are the interest rates I qualify for?

The interest rates for a personal loan can vary from borrower to lender depending on the individual credit history of the borrower and the amount of loan taken. Get your CIBIL Score and Report, log on to my CIBIL and view exclusive interest rates (and other perks) offered to you by partner banks based on your CIBIL Score and other parameters.

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• What are the factors that affect the interest rate for a personal loan?
• The lending rate depends on the following factors:
• Loan amount compared to your income
• Loan tenure chose by you
• The credit profile displayed by your CIBIL score and report

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• What are the other payable fees and charges and when are they payable?
• Normally 2 types of charges are applicable-
• When you apply for a personal loan, the processing charge is usually between 2-3% of the loan amount and varies from lender to lender.
• When you prepay your loan i.e. if you pay the loan amount before the loan tenure, it is levied a prepayment charge, which ranges between 2-3%.
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• What are the documents required to apply for a personal loan?

The types of documents to be submitted while applying for a personal loan differ from lender to lender. However, the documents commonly asked for by most lenders include the following:

Documents for Salaried Individuals:

• Proof of Identity: Aadhar Card, Passport, Driving License, Voter ID, or PAN Card
• Proof of Residence: Aadhar Card, Passport, Driving License, Voter ID, or Utility Bill
• Recent 3 Months Bank Statements of Salary Account
• Salary slip of last 3 months
• Documents of Self Employed Person:
• Proof of Identity: Aadhar Card, Passport, Driving License, Voter ID, or PAN Card
• Proof of Residence: Aadhar Card, Passport, Driving License, Voter ID or Utility Bill
• Proof of Income: Test report of financial results for the last two years
• Bank statement of last 6 months
• office address proof

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How long will it take for the loan to be approved?

The time taken for disbursement of a personal loan varies from lender to lender. Depending on your credentials, your loan can be approved in as little as 24 hours and may take up to 7 business days.

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What should I pay attention to?

While applying for a personal loan, make sure you take loans within your financial means otherwise the repayment process will be lengthy and tedious, which will affect your credit history and CIBIL score if your payments remain unpaid. Personal loans are one of the most expensive types of loans available in the market, so choose it carefully by doing proper research on the costs and benefits involved and by doing careful thought.

Credit Card

Credit cards, as the name suggests, give you credit facilities beyond your salary and monthly income. Credit cards give you the flexibility to use the borrowed funds to pay for goods and services, which you have to repay at a later date without any interest.

What is Credit Card?

• What are the Different Types of Credit Cards?
• HOW TO APPLY?
• Why should I get a credit card?
• What are the charges that may be levied on the credit card for delayed payment?
• How is the interest rate calculated on credit card dues?
• What do lenders look for?
• what should I watch?
• What is Credit Card?

A credit card is a plastic card (also called plastic money) issued by a bank or lender that allows the user to make purchases on credit up to a pre-determined maximum credit limit. The credit limit is the maximum amount that can be spent or borrowed using a credit card. This limit varies from borrower to lender as it is determined on the basis of the borrower's income, source of income, credit score, repayment history, and other personal details.

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What are the Different Types of Credit Cards?

Recently, due to the entry of various private banks, various lenders, and NBFCs into the financial system, the types of credit cards offered have increased. There are different types of credit cards available in the market:

• Signature, Platinum, Gold, or Silver: Lenders assign you any of these cards based on your income, current EMI, or any other financial obligation.
• Miles Card: For frequent air travelers
• Fuel Card: It waives off fuel charges
• Lifestyle Cards: Premium cards issued to meet changing lifestyles, needs, and expenses
• Movie cards: These cards with weekly or monthly offers are specially issued to people who are passionate about watching movies
• Cashback Cards: Some cards offer reward points along with cashback on all spending, while some cards offer cashback only in certain categories
• Co-branded cards: Usually offered jointly by the bank and an associate company
• The type of card offered is based on the consumer's purchasing power (based on their income and credit history) and each type of card offers different offers, plans, and rewards points.

HOW TO APPLY?

It is a good method to check whether your CIBIL score and CIR are in order as lenders often treat it as the primary check for credit card approval. Make sure your credit score is high and your repayment history is not flawed as this can negatively affect your chances of getting approved. After that, you can apply for a credit card based on your need by contacting any bank.

Why should I get a credit card?

Having a credit card allows you to make purchases beyond your budget, plus you can repay the amount in full/part on a monthly basis. This is a facility that allows you to borrow money for a short period of time and repay it in installments (if required). also offers other perks in the form of credit cards, rewards plans, and benefits; If you spend a certain amount on an airline, you're rewarded with free travel for a specific distance, reward points for a certain amount of shopping per month, etc. (depends on the card and lending institutions) varies). These offers change from time to time but the accumulated points can be later redeemed for various other items depending on the policy of the credit card issuer.

What are the charges on credit cards for late payments?

If you do not make your monthly credit card payments on time, you will have to pay late fee charges (which vary from lender to lender) along with interest (which can be a maximum of 36%) on the outstanding amount Will happen.

In case you do not pay the “Minimum Amount Due” by the due date, a late payment charge will be levied on your outstanding balance along with interest charges. This late payment fee is Rs. Can be between 250-1000, depending on the financial institution and the type of card. Also, non-payment by the due date has a negative impact on your CIBIL score and may result in your future borrowing amount and bargaining ability.

How is the interest rate calculated on credit card dues?

If you pay only the Minimum Amount Due or do not pay any amount till the Due Amount Due, the interest will be charged at the applicable rate of interest on the outstanding amount. Most credit card issuers follow the average daily balance method. The rate of interest is a maximum of 36% p.a., assuming the payment is not made within the grace period or in the interest-free period (which is often in 45-60 days).

*Since the person made the payment after the due date, the entire outstanding balance will be charged at the rate of interest and penalty for late payment.

The charge will be calculated as given below-

• From 18th September to 15th October (ie for 28 days) 15000 interest @ 2.65% per month (15,000x2.65x12x28)/365)/100 = 365.91
• Interest at the rate of 2.65% per month on 13000 from October 15 to October 17 (ie for 3 days) (13,000x2.65x12x3)/365)/100 = 33.97
• From 18th September to 17th October (ie for 30 days) interest on 5000 @ 2.65% per month (5,000x2.65x12x30)/365)/100 = 130.68
• From 17th September to 18th October (ie for 2 days) interest on 3000 @ 2.65% per month (3,000x2.65x12x2)/365)/100 = 5.22
• From 16th October to 18th October (ie for 3 days) 1000 on (new expenses @ 2.65% per month interest (1,000x2.65x12x3)/365)/100 = 2.61
• Thus total interest = 538.39

What do lenders check?

It is best to check your CIBIL score and report first so that you are not oblivious to it and can apply for a credit card with confidence. Lenders check your CIBIL score and report to evaluate and approve your credit card application. A high CIBIL score, no repayment defaults, and a good credit history increase your chances of getting the credit card of your choice.

What are the things to be checked before applying for a credit card?

• Using credit cards wisely plays a key role in simplifying our finances. Things to check before applying for any credit card are:
• Credit card limit: This is usually decided by your lender based on your income and employment background.
• Annual Fee: Always check if your card has an annual fee or is a free-for-life card.
• Billing cycles and payment methods: It is important to know the billing cycle and various payment methods so that you can plan your expenses accordingly and pay your credit card bill at the end of the month with your surplus funds.
• Late Fees or Interest: While making a final decision on the card, take into account the late fee or interest charged on default or partial payment of your credit card bill.
• Click here and check your credit card eligibility and make a wise decision before getting the credit card of your choice.

What is the difference between secured and unsecured credit cards?

A secured credit card is one that requires you to keep a fixed deposit with the bank, which is used by the bank as a surety asset in case you default on your payment. Secured credit cards are generally used by people who have no credit history or have a poor credit reputation.

All other types of credit cards are unsecured credit cards as you have not attached any collateral assets to them.

Will some late or partial payment affect my CIBIL score?

Always pay on time with a credit card as its late payment charges are very high, which is around 15% of the minimum payment due or 2.5% of the total outstanding balance. Also, delayed or partial payment directly affects your CIBIL score, making it difficult to get another credit. Another thing to note is the closure of your credit card account; Make sure that the bank has closed your account, or else the charges will keep rising and will be treated as an outstanding payment, affecting your CIBIL score and reports.

How to choose the best credit card?

When it comes to choosing a credit card by an individual, there are many options available to the individual these days. Credit cards come in a variety of variants that offer multiple features and benefits and can be chosen based on your lifestyle, purchasing, and repayment ability. The only way to choose the best credit card is by identifying your needs, analyzing your current liabilities, and evaluating your repayment capacity. Take an in-depth look at the features and benefits of each credit card, including the security features, various fees, charges, or interest rates on a credit card in case of fraud or theft.

vehicle loan

Gone are the days when buying a car or a two-wheeler was considered a luxury. Nowadays buying your own vehicle has become a necessity for everyone. whether it is your first car; Have an expensive upgrade to the old model; Be it a second-hand car, commercial vehicle, or two-wheeler, everything is within your reach with a vehicle loan.

• What is a vehicle loan? What are its different types?
• What are the different types of it?
• What does borrowing/repaying look like?
• What are typical interest rates?
• What do lenders look for before approving a vehicle loan?
• What are the documents required to apply for a vehicle loan?
• What other costs, fees, or charges will I be charged?
• What should be taken care of?
• What is a vehicle loan? What are its different types?

A vehicle loan is taken by the borrower to buy a new or second-hand commercial vehicle. Vehicle loans are those secured loans in which the vehicle itself is used as collateral. These are offered by lenders for new cars, secondhand cars, two-wheelers (commonly called two-wheeler loans), and commercial vehicles (commonly called commercial vehicle loans).

What are the different types of it?

Vehicle loans can be provided for new cars, used cars, two-wheelers (commonly called two-wheeler loans), and commercial vehicles (commonly called commercial vehicle loans).