Manya Ghosh

Big plans often need a financial backup. Whether you’re renovating your home, paying for education, or planning that long-overdue trip, a personal loan can make it happen, without draining your savings.
 

Loan EMIs have enabled everyone to afford the lifestyle they’ve always desired.  

In India, people spend more than 33% of their income on paying EMIs. And why not? From buying a home appliance to purchasing a house, every financial goal looks achievable, thanks to this repayment method.
But beyond affordability, paying EMI on time brings several long-term financial benefits. Let’s explore them. 

UPI has become the go-to payment mode across the country today. It's fast and convenient, but at the same time, it's dependent on the internet and bank servers. 

What’s the first thing that comes to your mind after hearing the word “credit report?” CIBIL score, right? Well, that’s instinctive.

A recent survey shows that 67% of Indians have taken a personal loan for their financial requirements. However, many people are still unaware of the factors affecting personal loan interest rates. 
Getting a personal loan is easy today, but understanding why your interest rate is higher (or lower) than someone else’s isn’t always obvious. From your credit score and job type to the Reserve Bank’s repo rate, several factors quietly shape the rate you get.
Let's lay them out in simple terms, so you can borrow more intelligently and perhaps even save yourself a few thousand rupees in interest along the way.
 

Whether you urgently need funds to sustain your business’s operations or do not have enough money to pay a major medical bill, getting a loan can solve myriad problems. And thanks to the large number of financial institutions in the country today, interest rates are attractive, tenures are flexible and loan processing is smooth too.

However, if you avail multiple loans for different needs, but cannot make timely repayments, you might end up in a never-ending debt cycle.

So, though it is easy to take multiple loans for almost everything, from buying a car or house to taking that world trip, weigh the pros and cons carefully.

Some weeks really test your patience, don’t they? The fridge stops cooling without any warning, the kids need new school items, and there’s a family function you can’t avoid.
Soon, your expenses start piling up, and savings tap out. That’s when you start comparing quick-cash options like an instant loan vs gold loan, to cover this gap.
 

Do you need a loan right away but don't know where to start? You are not the only one! Fearing rejection or a drawn-out application process, many Indians are hesitant to apply for quick online loans.