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Back in the day, you could not get a loan easily without a salary slip; however, that is not the case anymore. Personal loans can now be secured instantly by freelancers, consultants, traders, and business owners using digital lending applications from banks and non-bank financial institutions, recently regulated by the RBI.

In times when you need funds, having a Public Provident Fund (PPF) account already poses a dilemma, as you may wonder whether you should borrow money against your PPF account or apply for an unsecured personal loan. Both borrowing choices, although effective and useful, differ greatly in terms of eligibility requirements, money availability, rate of interest, repayment schedule, and flexibility. 

Two people need Rs. 1.5 lakh. One puts it on a credit card and pays the minimum due each month. The other takes a personal loan at 15% and clears it in 18 months.

Imagine you’re taking out a personal loan for your dream wedding or an unexpected medical bill, and you’re bombarded by smallprint for pages and pages. What if there was a one-page easy to read summary document that told you everything that matters in plain language?

Loan defaults don’t all happen for the same reason. Sometimes repayments stop because income drops or a business struggles. In other cases, borrowers continue to have the means to pay but choose not to. RBI treats these two situations very differently. 
'Wilful defaulter' is used only for deliberate non-payment, and the classification tends to persist for some time.
 

Freelancing and gig work are booming in India. In fact, the number has reached over 7.7 million according to NITI Aayog. 21. And that number is set to reach 23.5 million by 2030.

A friend tells you to check your credit report before applying for a loan. You expect everything to look normal, but an active loan appears that you do not recognize. You start panicking and overthinking about now what.

Rohan cleared his credit card bill before applying for a personal loan. Even then, his credit report still showed the old balance, leaving him confused about his score.

Applying for a personal loan today is much easier than it was a few years ago. You can check your eligibility, upload documents, and complete the application process without stepping into a branch.