There are always a few myths and facts associated with everything The same applies for personal loans too. Today, we are here to disclose certain myths regarding the personal loans, and we want to make sure at the end that you don’t believe in any of these from now on.
The below listed myths might be few very strong reasons as to why people refuse to step forward and apply for personal loans.
First and foremost is people often refer to personal loans as the most time consuming ones. But a point to be noted is, as personal loan comes under the unsecured type, it does take around two day to a weeks time, but with further developments there are instant personal loan disbursements being offered these days.
Borrowers often assume the when one has a low credit score, they are no way going to have a personal loan in any cost, but let us make one point clear, that is of course one should also see to it that his or her credit score is maintained, but even for the ones with low credit score, a loan can still be offered considering other factors such as job profile, income factors etc. But in such cases the interest rate may be high, and with the use of a personal loan Emi Calculator, one can always have the right calculations in hand.
People always tend to believe that banks are the only sources to offer them with loans, and if in case due to any unfortunate circumstances if the banks don’t approve for a loan to be granted, people assume that to be the end. But there are always Non banking companies and also digital lenders with the advancement in technology, so we request everyone to consider even this as a source of lending the loans.
One of the most strongest myths of personal loans is that interest rates are too high. Let us make one thing clear, this might be true to certain point but not completely because as this comes under the unsecured type without any further collateral, therefore to a certain point it might be high, but not compared to everything since there are others such as loans against credit cards, which might have interest rates high than personal loans.
Now to give a gist about one of the banks offering personal loan let’s say, IDFC First Bank Personal loan and what they offer which is purely opposite to the myths stated above,
This offers a flexible payment upto 40%.
The rate of interest starts at just 10.75%.
The loan tenure is up to 12months to 84months.
To make it even easier for you, it even offers digital sanctions that are paperless.
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