Considering a Personal Loan? Avoid these 4 Myths

Availability of a personal loan is a common course of action for many borrowers who wish to fulfill certain goals or aspirations that have been on hold for a lack of funds. Whether you are looking to get married, continue your higher education, consolidate all your loans to pay them off as one or whether you just want to take your family on an exotic vacation; you can fulfill any and all of these aspirations with a personal loan.

A personal loan, available on Finserv MARKETS, offers up to Rs. 25 Lakhs with no collateral and can be repaid over a flexible tenure. It is the ideal solution for when you need to meet any financial requirement.

However, even as you set out to avail a personal loan, it is important to check a personal loan eligibility calculator to ensure that the loan amount, repayment tenure, and interest rates are all in accordance with your requirements. There are also several myths that abound regarding a personal loan, so it is important to recognise them as such and pay no heed to them.

Read on to learn about the most common 4 myths that are usually circulated regarding personal loans.

1. Personal Loans are Costly

Personal loans are no longer a costly instrument for individuals looking for liquidity at a certain point of time. Processing fees are the only component wherein you are required to pay for availing a personal loan, and those are usually a tiny component of your total loan amount. The interest rates, which is the other component likely to make a personal loan costly, are also kept low by lenders in a market. It is best to browse through the different lenders, before you find a personal loan interest rate that works best for you. You can easily use a personal loan eligibility calculator to check the interest rate you are eligible to receive.

2. Personal Loans are No in Use on Emergency

Personal loans are an ideal instrument for not just fulfilling dreams and aspirations, but also an excellent one for meeting financial emergencies. You can avail a personal loan for meeting medical emergencies or any other contingencies wherein you are required to furnish a large amount of capital. Availing a personal loan has also become a lot faster now owing to most processes having moved online, and you can easily avail one during an emergency.

3. Personal Loans are Only Available for High Earning Individuals

High earning individuals, with a high credit score that denotes their higher creditworthiness, are definitely able to avail loans with lower interest rates, but literally anybody can avail a personal loan today. As long as you earn about Rs. 15,000 a month, you can easily avail a personal loan at any time.

4. It is Difficult to Avail a Personal Loan

This myth has persisted for several years now, but is not even remotely true anymore. Today, it is possible to avail a personal loan from the comfort of your laptop and sofa and the funds will be disbursed to your account within 24 hours. The need for documentation is minimal as well, especially when you are applying for a personal loan through Finserv MARKETS

Availing a personal loan is one of the fastest and most convenient ways to meet a financial emergency. Through Finserv MARKETS especially, you can avail a loan with interest rates starting from as little as 10%, and repay it over a flexible tenure ranging from 1 to 5 years.