Whenever a situation arises where you need an emergency fund, a first thing strikes to your mind is Personal Loan. It is clear that an online personal loan is a popular way to support financial crunch. The best thing about this loan is that it is not restricted to a specific use. One can “Apply For Personal Loan“ to support different financial urgencies.
Moreover, pledging an asset or demanding collateral is not applicable as it is an unsecured loan. The ease of availability with minimal documentation makes this instant loan a famous one. However, the online loan application process seems to be very convenient but many people consider some adjoining myths while applying a Personal Loan.
Let’s bust some perspectives that potential customers have of personal loans and clear the process for a successful application of this unsecured loan when it is needed instantly.
Personal Loan gets rejected if you have existing loan: If there are ongoing loans overhead and you are managing all the EMIs well, then you must have positive credit score and you can avail more than one loan at a time.
No loan to borrower with low credit score: CIBIL score is an important factor to consider as credit score is the only deciding aspect for approval on Personal Loan. Every lender verifies the income and repayment capacity of a borrower before approving his/her loan.
Interest rate is high: It is not true for every case as the interest rate varies from one lender to other. A loan seeker must compare different lenders for the lower interest rate and decide accordingly which lender holds best loan features along with a competitive rate of interest.
Faster approval to salaried borrowers: The basic eligibility criteria for the borrower seeking a personal loan is a stable income whether he/she is salaried individual or self-employed. Therefore, it is clearly a myth that salaries people get faster approval. Anyone with a regular source of income and timely repayment track record can go ahead to avail a personal loan.
Collateral is mandatory for loan: It is again a myth because being an unsecured loan; Personal Loan doesn’t demand any collateral or a guarantor. In fact, such loans are approved on the basis of borrower’s stable income as well as repayment capability.
Apart from this, there may be some other myths that form a barrier for loan seekers to reaching out for a Personal Loan. Hence, ignore the myths next time before you proceed with personal loan application. By going through above mentioned myths, borrowers are advised not to trust such myths and form opinion, just be some thoughtful enough to consider features of a Personal Loan and finalize accordingly.
ShubhBank brings the best Personal Loan features for online loan application. Better not to hold any myth and “Apply For Personal Loan Online“ or offline and enjoy the benefits of this financial solution. Experience the application on your smart phone or laptop by clicking on our website ShubhBank.com and keep the false saying about personal loans at bay.