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As per the guidelines issued by the Reserve Bank of India (RBI), if an individual fails to repay the loan EMIs on time or defaults on the EMI payments, then the bank classifies the loan account of the individual as SMA (Special Mention Account) and NPA (Non-Performing Asset). The laws and guidelines relating to the classification of SMA and NPA issued by the RBI ...
Most people don’t hesitate to avail of a loan when they face a financial emergency. Today, there are different types of lenders in the market who provide various loans such as home loans, car loans, personal loans, etc. No matter the type of loan you avail, you are obliged to repay the same along with interest through EMIs (equated monthly instalments) until you repay ...
CIBIL score is the evidence of the credit history of individuals. Several lending institutions evaluate your CIBIL score to verify your creditworthiness. Therefore, you must maintain a good score, as it often determines whether you are eligible for a loan.
The CIBIL score ranges from 300 to 900, and the higher your score, the more lenders will be ready to offer you a loan.
Loan seekers can choose between multiple credit options. Whether it's a secured or unsecured loan, people can pick anything as per their preference. Furthermore, opting for a loan against property is a great option if a person can't get any other loan.
But what is a loan against property? It's something completely different from a personal, car, or housing loan.
Being an unsecured loan, lenders don't have collateral to fall back on in case of failure to repay the loan by the borrower. Thus, lenders have to rely on establishing the applicant's credentials before granting the loan. While personal loan attracts a high-interest rate, you can get it down if you know a few important tips.
If one goes by the rule book, there no limit on the number of personal loans one can take. In general, individuals take only a single personal loan, as managing them is quite a task. However, one can also find instances where borrowers have taken more than two loans in order to meet their respective finances. Let us have a brief look at the advantages and disadvantages.
That new car.The home renovation you have always wanted. That foreign trip you so longed for. All this can be made possible with a little help from your neighbourhood bank. A Personal Loan, like the name suggests, is an unsecured loan you take from the bank in order to fulfill a personal need. Now, whether it is to buy a new car or finance a vacation, that is totally up to you.
Most of us shriek at the thought of having to ask a bank for a loan. And it is pretty normal too. But, that is only because us, as a society, have been led to believe asking for financial help is a sign of weakness. Of not having your affairs in order. How wrong these notions are? When used wisely, loans can be your most trusted ally. And a Personal Loan, your best friend.
When you take out a personal loan, the lender will disperse the money in several ways. Depending on your agreement with the lender, the money may be sent to your bank account or directly to the vendor or service provider you are working with.This can seem confusing to borrowers who are not familiar with the process.
When you're in the market for a personal loan, it's important to be aware of all the potential charges you could face. Unfortunately, some lenders try to sneak in hidden fees and charges that can end up costing borrowers a lot of money, whether it is for emergency expenses like medical bills, an immediate purchase
Many of us think of applying for a personal loan if we are short on funds and need some urgent finances to take care of immediate financial requirements. As such, a personal loan is readily available, and owing to the unsecured nature of the personal loan, it is also quite convenient.
Personal loans can provide funds to meet various unforeseen expenses. In order to avail it, you need to follow a few easy steps. The application process is also simple, as you can apply for a personal loan online. A personal loan is an unsecured loan. You don't need to keep any collateral to borrow it.
Personal loans are one of the quickest and easiest ways to procure a significant amount of funds without hassle. Whenever you require an extra bit of money, whether it is for emergency expenses like medical bills, an immediate purchase or planned expenses like going on a foreign vacation, etc
A personal loan can be beneficial for meeting various financial requirements. For instance, you might require funds to pay for medical treatment or make an expensive purchase. During these times, rather than running from pillar to post asking for funds from friends and family
A personal loan is a type of loan that one can take if they are in need of some extra funds. For example, if you need quick medical treatment that may be expensive and is not covered in your health insurance, then instead of running from pillar to post to accumulate funds, you can apply for a personal loan in an emergency situation.
Personal Loans are unsecured loans taken by individuals from a bank or a non-banking financial company (NBFC) with the sole purpose of meeting their personal needs In this article, we will cover everything you need to be aware of if you are planning on opting for a Personal Loan or just want to educate yourself about it.
There are times when you are confronted with sudden, large expenses and you might not have enough savings to meet them. That is when a personal loan comes handy. It can help cover these large expenses for you immediately in a very convenient manner. With minimal documentation and a quick approval process, taking a personal loan is quite easy these days.
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