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Important Personal Loan Myths You Shouldn’t Believe

Personal Loan is an unsecured loan provided by financial institutions based on your criteria like employment history, repayment capacity, income level, profession and credit history. Which is also known as a consumer loan is a multi-purpose loan, which you can use an immediate needs. There are a lot of personal loan myths among people. Letu2019s look here five of these widespread misconceptions regarding personal loans. Calculate your monthly EMI using our personal loan EMI Calculator: https://www.fullertonindia.com/personal-loan-emi-calculator.aspx

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Important Personal Loan Myths You Shouldn’t Believe

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  1. 5 Common Personal Loan Myths You Shouldn’t Believe

  2. #1. HIGH-INTEREST RATES The generally known misconception about personal loans is that they bear high-interest rates. But in reality, If you have good credit score and repayment ability then the interest rates is much lower!

  3. #2. GOOD CREDIT SCORE While a good credit score helps if you're shopping for personal loans, it is not a standard or requirement to be eligible. There are many lenders that offer personal loans to debtors with poor credit score.

  4. #3. DIFFICULT TO GET APPROVED This is another of the biggest personal loan myths that's easy to believe but totally wrong and i think this is the biggest myth. So if you are eligible for this personal loan then your loan approved easily.

  5. #4. ADVERSELY IMPACT YOUR CREDIT SCORE If protecting and maintaining your CIBIL score is vital for you, you might be unsure about applying for a personal loan. Then you might be concerned about how a hard inquiry might impact your CIBIL score.

  6. #5. BANKS ARE THE ONLY LENDERS This is also one of the personal loan myths that used to be true. However, due to the increasing popularity or fame of NBFC and online lenders, borrowers now have a lot of options for taking out a personal loan.

  7. https://en.wikipedia.org/wiki/Loan https://www.fullertonindia.com/personal-loan.aspx REFERENCES

  8. THANK YOU!

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