How To Get The Cheapest Personal Loan
Business Today India|July 10, 2022
Before you take a personal loan, compare interest rates along with other factors. A low rate will help reduce your emis significantly in a rising rate regime
Teena Jain Kaushal
How To Get The Cheapest Personal Loan

FOR A LONG TIME, New Delhi-based software professional Nibedita Sharma had dreamt of renovating her house. The only stumbling block was money. There were always expenses that needed urgent attention, putting the renovation on the back-burner. Till she noticed seepage through the ceiling and couldn’t delay the renovation any further. A nervous Sharma, 40, decided to go in for a personal loan. To her pleasant surprise, many banks, non-banking financial companies (NBFCs) and fintech firms lined up to offer her a loan in a matter of seconds. All she had to do was click through a few buttons and the money was credited to her account. “My good credit score and long relationship with the bank helped me get a personal loan at 11 per cent [interest] in a matter of minutes. I will pay monthly EMIs (equated monthly instalments) over a period of two years,” she says.

Like Sharma, many Indians are fascinated by the easy availability of personal loans. Access to funds is no longer limited to people living in metros or with good credit scores. With fintech companies crowding the space, even people with low or no credit scores have better chances of obtaining a personal loan now.

While personal loans may be readily available, how does one get them cheap? Shop around for the lowest rates and opt for a fixed-rate loan as interest rates are rising. The lower the rate, the smaller your EMI. There are many factors lenders look at, including credit score and loan profile.

Denne historien er fra July 10, 2022-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra July 10, 2022-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAY INDIASe alt
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024