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  Now get personal loans at less than 9% – Compare Interest Rates and EMIs Now  get personal loans at less than 9% – Compare Interest Rates and EMIs: When you quickly need money, the first thing that comes to your mind is a personal loan. It is the easiest way to arrange funds without offering any specific collateral for borrowing. You can take a personal loan from any institution that gives you good deals depending upon your eligibility criteria. Personal loans can be used when you are running short of funds to fulfill any financial requirements relating to repairing your house, children’s education, marriages, paying off small debts, traveling, or any other purpose that needs instant funding. One of the best features of a personal loan is its flexibility in disbursal and usage. After the approval, personal loans are disbursed in a few hours, and some lenders may take 1-2 days. You can use your loan proceeds to meet any unplanned or emergency need. Personal loans are also get...

  Taking loans to cover volatile income creates a debt trap for many It’s always suggested to avoid taking loans for consumption or for buying depreciable luxury items. Taking a loan is beneficial when it enhances the income generation capacity – like a loan to enhance production capacity or education loan to enhance employability, or to acquire appreciable fixed assets that require large investments – like a home loan that also provides the opportunity to move to one’s own house and save on rent payout. Lack of regular income However, without having a fixed monthly income, many Indians find no option, but to borrow as consumption expenditure more or less remains the same even during the months of no or very low income. “Since many Indians don’t earn regularly, they end up borrowing expensively,” said Abhinav Nayar, CEO at Mool, adding, “While most Indians might suffer from income volatility, their consumption expenditure is more regular, suggesting that there is already nascent co...

  Need money for the short term  A loan against a mutual fund is a quick and cheaper option Need money for the short term? Loan against a mutual fund is a quick and cheaper option: In case of a grave contingency, the fund requirement may exceed the amount kept in an emergency fund and one may not be left with any other option but either to liquidate his/her investments or to take a loan. However, liquidating investments abruptly may derail the fulfillment of long-term financial goals, while taking a loan involves interest payouts. So, one needs to make an informed decision on whether to take out the money invested for long-term goals or to take a loan. Liquidating investments vs taking loans The decision will depend on the earning prospect through an existing investment, vis a vis the rate of interest payable on a loan – apart from the fact the difficulty one may face in availing of a low-interest loan. So, in case you have a debt-oriented mutual fund (MF) scheme giving an ave...

  How small loans can help address personal problems How small loans can help address personal problems: Good and bad times come periodically. When the tough times arrive, small loans can sometimes help address these problems. For instance, funds may be needed to cover unexpected expenses, the surprise arrival of guests or some sudden emergency that must be managed immediately, or maybe overdue bills where the service provider has threatened suspension of services if the bill is not paid within a day. Making matters worse, people’s disposable incomes have been impacted because of delays in salaries or reimbursements owing to the pandemic. Whatever the scenario, small loans that can be availed instantly from new-age lenders can provide quick cash assistance and temporary relief that traditional loans cannot. Such small loans could be taken as micro or personal loans, depending on one’s circumstances and eligibility. Diverse Uses and Fast Formalities If it is a micro or small-ticket ...