For any type of loan, interest rates, period and EMI structure is purely decided on basis of the customer’s profile. As per past trends in the loan industry whenever people have struggled and have cash requirements, an instant personal loan is what they prefer to choose.

There are many reasons why people opt for a personal loan as it removes the stress out of your life. To make it easier for you, we have listed 5 such unique reasons how a personal loan can de-stress you;

1. 1. Personal loans are easily available:

The first reason for personal loans being so popular is because of its availability. For those who don’t know, personal loans can be approved in a span of 24 to 48 hours of submitting your loan application along with your documents.

2. 2. Personal loans don’t require collateral:

Personal loans don’t need any collateral or guarantee as it’s an unsecured loan. The lender will approve your instant personal loan application on the basis of your income details and financial history.

3. 3. Credit score is very important:

Your credit score matters the most in terms of personal loan approval. For a better experience, scores over 750 can help you get the best deals and lowest interest rates from Banks.

5. 4. Consolidate your debts with personal loans:

In today’s age, most salaried and self employed professionals own a debt. With debt, there’s a lot of interest that you will be obligated to pay. Hence we think it will be a wise decision to clear off all these high-interest debts by taking a low-interest debt like a personal loan. With this loan you can combine all these debts under one big debt.

So if you’re looking for the best personal loan, apply today, check your personal loan eligibility and unlock the best deal via Ruloans – https://www.ruloans.com/personal-loan.htm

A quick personal loan can be applied anywhere in India. A person sitting in Mumbai can apply for a personal loan at different banks after comparing interest rates being offered. Banks all over India will only check your eligibility in order to get a personal loan. These eligibility criteria will include information related to your personal as well as employment records. Anyone from a salaried employee to a self employed professional can apply for a quick personal loan.

What are the features of a personal loan?

• A personal loan is an unsecured loan which means you don’t have to keep anything as collateral in order to get a loan.
• This is a short term loan which can be availed for any duration between 12-60 months*
• Anyone can apply for this loan and is under no obligation to mention how the loan funds will be used.
• This is a hassle free loan where few documents are needed.
• A better credit score can help in negotiating for better interest rates.

What is the best place to get a personal loan?

With majority lenders in the market offering attractive personal loan interest rates, customers can get confused when choosing the best bank. This confusion is because there is a lot of manual intervention needed. The customer will have to either visit all banks personally or check each rate offered by different banks online.

Hence to provide a hassle free solution to customers all over India, Ruloans web portal has created a system where after filling in your basic details and loan requirements, you will be redirected to a page where you can find interest rates being offered by different banks in the market. This can help you save time which would have been wasted searching individually. With all the rates under one page, you can compare and shortlist your choice as per your needs.

Overall, finding the best place to get an instant personal loan is very easy. On visiting Ruloans web portal, you can find out which bank is best for personal loan by comparing loan options. Select the option that fits your requirements and apply for a personal loan.

The difference in each of these credits is the interest rate. While a quick personal loan will have a lower interest rate (10-24 %*), a credit card’s interest rate for payments can go up to (35-40%*). Hence it is wise to use these options only when it’s needed.

In case you don’t pay the loan EMI or credit card bills on time, you end up paying late payment charges each month. This will have a direct impact on your credit score. To understand this, please read the below example;

Example:

Mr. Chintamani has a credit card which he uses from the past 1 year. This month, the bill has come up to 8000 rupees. The minimum amount to be paid here is around 1200 rupees to continue the card. Chintamani fails to pay the minimum amount before the due date. What happens next?

Answer:

In this query, the minimum amount which is not paid now becomes a “past due debt”. The Bank will add this past due debt to the minimum amount due for next month. Since you did not pay the bill on time and failed to pay the minimum amount due, you will be charged a late payment charge as per the contract terms.

Impact of not resolving your past due debts:

In case you don’t repay your past due debts, the bank will keep penalizing you each time you fail to repay. This begins to affect your credibility. Your credit score will be affected each time you default on EMI payment or not paying your credit card dues on time.

Hence in the future when you will plan to take a loan like personal loan, the bank will check your income history and credit history very closely. If your credit score shows a lot of defaults in bill payments and an average score, you may or may not get the personal loan. This can be bad in case you need the funds very urgently.

What can you do to avoid this?

In order to make sure this doesn’t happen,

• You can set up an automated payment schedule. Doing this will not affect your discipline in any way. On the set date, the money will be deducted from your savings and will be used to pay off your loan and credit card monthly bills.
• You can use debt consolidation as a choice in order to convert all your smaller debts into one big debt. This can help you deal with repayment of the loan instead of being worried about repaying many smaller debts.
• Finally, your main aim is to ensure that all your dues are cleared as soon as possible. As once you clear all your debts, you can focus on improving your credit score.

Ruloans Advice:

Always pay your bills due and loan EMI’s on time and maintain a good credit profile. In case you have loan requirements or loan inquiries you can always contact us. We provide you with the best services to ensure you get the best deal as per your requirement.

To apply for a quick personal loan

He now comes to Ruloans to discuss about availing an instant personal loan. Our representative then has this dialogue with Chintamani;

Ruloans: Hello Chintamani, what brings you today to Ruloans?

Chintamani: I am worried. I don’t think I will ever get an instant personal loan at a lower rate of interest!!

Ruloans: Why do you say so Chintamani?

Chintamani: Recently I found out that my credit reliability has been reducing. I haven’t slept well since getting that news.

Ruloans: Chintamani you need to stop getting worried. Let me check your report.

Our representative first checks his personal loan eligibility. After reading and understanding his case, he gives Chintamani the shocking news.

Ruloans: Chintamani, I have noticed that you have been using your credit card a lot since the past year.

Chintamani: Yes, there was a lot of schooling expenses which came up last minute. Also, my wife had to be admitted to the hospital due to back pain. It cost me some extra funds and hence I swiped my credit card for more than 6 months in the hospital care.

Chintamani: I have paid all my bills on time and have never defaulted. So why has this impacted my credit score?

Ruloans: It’s simple Chintamani. Let me explain.

Ruloans: Your credit utilization ratio is the credit amount you use against the credit limit that has been provided to you. That means if you have a limit of 1 lakh rupees and you used 20,000 in a month, then your credit utilization ratio would be 20%.

Chintamani: Oh. Alright. Then what is the problem? I still cannot understand!!!

Ruloans: Chintamani, a credit utilization ratio is considered as good when it is below 35%. Lower the ratio, better it impacts your credit score.

Ruloans: Your credit utilization ratio has been over 50% since the past 1 year. Even though you have paid all your bills on time, this high ratio shows that you are very dependent on credit. This affects your credibility, personal loan eligibility and hence banks will give you an instant personal loan at a higher interest rate.

Chintamani: Oh my god. I didn’t know that the impact would be such. I’m in trouble.

Ruloans: Chintamani, don’t worry. Remember with Ruloans you will always get the best solution. We are here to help you borrow right.

Chintamani: Yes Sir, please help me. I need this loan within the next 12 months.

Ruloans: Chintamani, If you carefully follow our plan, you can improve your credit score within the next 12 months and get a good deal on the instant personal loan.

Chintamani: Wow. Is it? Please tell me more about this. I’ll do anything to make things right.

Ruloans: Don’t worry. You can begin with reducing your credit utilization ratio. If you can reduce it below 25%, this will improve your credit score within the next 12 months. This will also help in improving your personal loan eligibility to a better level. Also simultaneously talk to your bank and increase your credit limit. This can help you lower your utilization ratio.

Also, plan a small savings corpus and keep some money there each month. This is to ensure you have enough money during emergencies. Execute this plan for a year and you’ll be fine.

Chintamani: Oh my god. Thank you so much. I will surely follow all of the advice you gave me. I shall ensure to lower my credit utilization ratio and also maintain good savings.

Like Chintamani, you too must give more focus on your credit utilization ratio. Use the credit card and keep the credit utilization ratio below 30%. Pay off your bills on time without defaulting even once. If you do this, your credibility will be high, your personal loan eligibility will improve and banks will show more confidence when they give you an instant personal loan. You might also be able to ask them to waive off processing charges and other fees.

If you need any more advice as such on loans, please do no hesitate to contact us. To apply for an Quick personal loan.

Today, if the same individual wants to study and complete his/her education or take up a new course altogether, they can do so as there are many institutions that accept adult learners and provide them with education depending on the course. But today, tuition fees have drastically increased year on year. This affects these adult learners as pursuing education at such a later age comes with many difficulties. There is an age gap which affects learning speed and also the fee structure might be more than your savings.

Since an individual might not be able to arrange for the funds needed for the tuition and admission fees in college, he/she can opt for a personal loan from a Bank/NBFC. You can apply for a personal loan to cover up all the expenses related to education. Availing a personal loan is easy and is quick provided you have all the documents. If you have a long term credit history which is very good, you can expect a lower rate of interest from the lender. Hence it is very important to maintain a good credit score and not default on any repayments to get a personal loan without any hassle.

To find out more about how you can apply for a quick personal loan

There is no “Me” time for a single parent. Also, there is no social or financial support for a single parent usually. They have to do everything by themselves. A single parent has to not only manage all the finances but also take care of the child’s emotional and social needs. Hence multi tasking becomes a daily job for a single parent.

The expenses always keep on increasing year on year. The tuition fees, books, stationery are academic expenses. Since a single parent works all day, hence finding reliable babysitters for the child is a hassle. These babysitters have to be paid every month and that adds to another expense. Handling all such expenses in today’s time gets tough for a single parent as their income needs to not only satisfy the expenses but also keep a saving for the future of the child.

Hence, a single parent can opt for a personal loan. A personal loan is one of the most popular financial instruments. This is because an individual is under no obligation to divulge the reason of taking the loan. A personal loan is easily available and is given by a majority of lenders in the market. Having a good credit score is important. If an individual has a good credit score, he/she can avail a personal loan at a lower rate of interest.

To find out more about how to apply for a quick personal loan

To use in info-graphic for the image:

1. Check your credit score:

The lender will definitely check your financial condition and your credit score be checked thoroughly.

2. Choose your own lender:

There are many lenders in the market. You can choose your lender online from a list of banks and NBFC’s by applying for a loan on Ruloans.

3. Hidden Fees:

There are hidden fees and processing charges. You need to read everything so you’re not surprised later.

4. Early Repayment Charges:

It’s beneficial to know about the charges you will have to shell out while repaying the loan earlier than the proposed tenure.

5. Types of Interest Rates:

You can go for fixed or floating rate of interest as per your requirement.

6. Documentation:

At Ruloans, you can upload your documents online. This helps in processing your application in a smooth manner.

But when you apply for a personal loan, make sure that you follow the following rules…

Pick the right loan lender

There are many banks and NBFCs in India which offer a personal loan. But they have different eligibility criteria, required documents list, interest rates and other application fees. You should know which lender is offering you a personal loan on which terms. Accordingly you can apply for a personal loan.

On Ruloans, you can compare banks and NBFCs for personal loan online and choose a lender of your choice.

Calculate your interest rate

Interest rate for personal loan starts from 10.79%*. Every month in your EMI you pay a part of your interest rate along with the main loan amount. So while taking a personal loan, you should choose the lowest interest rate. Because the low your interest rate is, the fewer amounts you will be paying. So before signing on your personal loan agreement, make sure you have chosen an appropriate interest rate. You can use a personal loan EMI calculator to know exactly how much you’ll be paying as interest rate.

Check the additional charges

Every bank and NBFC charges additional amounts to the loan borrower. This is known as loan processing fees. The processing fees levied by banks and NBFCs ranges from 1% to 2%* in accordance with the loan amount borrowed. There are also loan pre-payment and part-payment charges applicable. The charges vary from lender to lender and depend upon the profile of the loan borrower. So know exactly which additional charges you may have to pay and exactly how much you’ll be paying.

Don’t apply at multiple places

When you apply for a loan product at multiple places, it affects your eligibility to get a personal loan. If your personal loan gets rejected from one place, it reflects on your credit score. So make sure you do not apply for a personal loan at multiple places.

Apply for a quick personal loan!

Pros of personal loan:

It’s a multi-purpose loan

A personal loan is also known as multi-purpose loan. The loan borrower does not require disclosing the reason behind taking the loan. You can take a personal loan to pay for your wedding, pay medical bills, sponsor your child’s education, have a luxurious trip, pay multiple utility bills, renovate your home or pay off credit card outstanding. Bank/NBFC would not ask you for the reason behind taking a personal loan. Thus it’s known as a multi-purpose loan.

Can improve credit score

Personal loan is the easiest way to build a strong credit score. If you pay all your personal loan installments on time, you can build a strong credit score. So in future if you are planning to take a bigger loan like any mortgage loan, you will need a strong credit score; which can be achieved by taking and paying your personal loan. So take a personal loan to improve your credit score.

Can negotiate interest rate

Personal loan is the only loan product where you can negotiate the interest rate. In other types of loans, banks/NBFC decides the interest rate and you do not get a space to negotiate the same. But in personal loan you are offered a range of interest rates and you can negotiate and get one as per your desire.

Quick approval and disbursement

The main reason for a personal loan’s popularity as it’s easily available. Almost all the leading banks and NBFCs in India offer a quick and instant personal loan for their customers. The application process is very simple. You need minimum documents to submit with your personal loan application. Once you submit all the required documents, your loan application is approved with 48 hours*. The disbursement takes place immediately within 24 hours*. This way you can tender your emergency needs and their expenses with an easy personal loan.

No collateral required

Personal loan is a type of unsecured loan. As it’s not a type of mortgage loan, you do not require providing any collateral. Banks and NBFCs approve a personal loan based on the loan borrower’s credit score, financial history, current financial obligations and the capacity to pay back the given loan amount. That’s why personal loan does not require any collateral.

Cons of personal loan:

High interest rate

As personal loan is a type of unsecured loan, it does not require any collateral. Thus the banks and NBFCs charge higher interest rate as no mortgage is given. The interest rate in a personal loan starts from 14.75% onwards*.

Strict eligibility criteria

The banks and NBFCs have very specific and strict eligibility criteria when it comes to personal loan approval. If you do not fit into the criteria, your personal loan application might get rejected. You can check your personal loan eligibility here.

Can have adverse effect on credit score

As mentioned above, personal loan is the best way to build a strong credit score. But if you miss even one EMI or decide to pre-pay or part-pay your personal loan, it can affect your credit score badly. You may have to pay extra fees for missing out an EMI and pre/part payment of your personal loan. So keep reminders and pay your decided personal loan EMIs on time.

Apply for an instant personal loan

Buy cooling equipments:

Now-a-days an AC or a high-end cooler has become a necessity for every household in India. You can buy an AC or an advanced internal cooling system for your house of office work space by taking a personal long. Along with the electronic support, you can go natural and get some organic curtains to beat the heat.

Sponsor a family trip:

As many families go for trips in summer, it is considered as an on-season in tourist places. Thus the hotel, transportation and food are often costly when you decided to take a family trip in summer. But don’t cancel your plans just because you may go a little over the budget. Take a personal loan and enjoy your favorite destination with your family.

Home renovation:

As summer is here, many have long stretched holidays and stay at home. Here you can plan to give your house a new look. Prepare you house of monsoon and later for a string of festivals. Summer is the perfect time to redecorate your house. And to do so, take a personal loan which will take care of all the extra expenses.

So check your eligibility and take a personal loan this summer!