Money Borrowing Tips: When there is a sudden need for money. So often people ask for money from their friends or family. But many times we are not able to get money from friends or family. Then in such a situation people have two options. Credit Card EMI and Personal Loan. With both of these, people’s money problems get solved.

But many times people do not know this. Making EMI by taking money from credit card is full of benefits. Or taking a personal loan directly. There is a lot of difference between these two, which is important to understand. Because choosing the wrong thing can be heavy on the pocket. So let us tell you the advantages and disadvantages of both. So that you can take decisions easily.

Credit card EMI right or not?

If you already have a credit card. So EMI option is the easiest. You can convert any big expense into EMI in a few clicks. The interest rate in this is usually between 13 to 18 percent. Which depends on the bank and your credit history. The duration of EMI ranges from 3 to 12 months. Therefore it is more suitable for short-term needs.

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The most important thing is that no separate documentation is required and approval is done immediately. But keep in mind that if payment is missed in any month, interest and penalty increase rapidly. Along with this, the credit limit also gets blocked. Due to which there may be problems in future expenses. Therefore, before taking EMI, definitely think whether you will be able to pay each monthly installment comfortably or not.

Advantages and disadvantages of personal loan

If your need is a little bigger. For example, for medical expenses, marriage or home renovation, a personal loan would be better. The interest rate in this ranges from about 10 to 16 percent. Which may be slightly less than the EMI. The payment term is also long. Usually from 1 to 5 years. This keeps your monthly EMI low and does not put much pressure on the budget. For this one has to go through some basic documents and approval process.

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But as soon as approval is received, the entire amount is transferred to the account. If your credit score is good and income is stable. So you can get personal loan at cheap interest. Overall, credit card EMI is fine for small needs. Whereas for larger amounts and longer plans, personal loan is a more sensible option.

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Personal Loan Tips: People suddenly need money on occasions like marriage, medical emergency, education and many other occasions. People take personal loans from banks to meet their financial needs. Although many types of loans are given by banks, many people give preference to personal loans.

If you are also considering a personal loan, then you should pay attention to other things along with your CIBIL score. So that your loan can be passed easily. Also, you should not face any kind of problem. Even if the CIBIL score is very good, if you do not fit in the other categories, then there is every possibility that your loan will be rejected. Therefore, before applying for a personal loan, definitely pay attention to these things.

fixed monthly income

Any bank takes information about your fixed monthly income before giving you a personal loan. Your monthly income ensures whether you will be able to pay the loan installment on time or not. Employees whose salaries are fixed can easily get loans.

Whereas if your monthly income is not fixed then the bank feels that you will not be able to pay the EMI installments on time. Due to which the bank avoids giving you loan. Traders have to show proof of monthly income for loan. If you are an employee of a big company, your personal loan can be easily approved.

your age

Your current age also impacts your personal loan application. If you are young then you can get a loan quickly. Banks avoid giving loans to the elderly. The bank feels that if you are young, you have more opportunities and time to earn money. With which you can repay the loan installment. At the same time, banks avoid giving loans to older people and children.

past debt
If you have already taken a loan from a bank or any other place and most of your income goes towards repaying the loan EMI, then the bank avoids giving you the loan.

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There is a smell of sweets in the air, the shopping malls are adorned with sparkling lights, and your calendar is just filled with festive dates – yes, the festival season has arrived! This time of the year comes with a list of longer expenses than your shopping bill to share happiness, meet your loved ones and yes. But there is nothing to worry – Personal loan in the festive season can become your best companion, with the help of which you can enjoy the celebration in your style.

To make your celebration even more beneficial, Bajaj Finserv has launched the Prime Loan Festival – which is full of great advantages like immediate approval, very special offers and feature rewards.

Festive Bonus: Bajaj Prime + Amazon Voucher*

If you in this festive season Personal loan If you are planning to apply for, then there is another good news for you here. You get these benefits by applying through Bajaj Finserv:
⦁ Bajaj Prime Membership*
⦁ 200* Amazon voucher of Rs. 200*
This means that you will get additional rewards on everyday expenses – that is, now you have many other reasons to celebrate.

Why choose a personal loan in this festive season?

The festival does not just mean the rituals – this is also an opportunity for you to improve your lifestyle, share happiness with your loved ones and enjoy every moment. Then you want:
⦁ Want to give a new look to your home for this festive environment
⦁ Want to buy a new smartphone or smart TV in the cell
⦁ Want to give a special gift to your family
⦁ You are planning to go somewhere suddenly on festivals
⦁ Or you are thinking about handling many small expenses simultaneously

Personal loan allows you to meet all such expenses, without spending a single penny from your deposits. What is even better? Today, you do not have to run away from one branch to another by taking a lot of documents. You can apply online, can get approval within a few minutes, and you can get the loan amount immediately in your account. This process is very easy, fast and completely digital.

Personal loan will be available immediately without any hassle – know how

Getting personal loans in the festive season has become much easier than ever. Let us know the reason for this:

1. soon approval and immediate payment

You can apply online in a few minutes, and if you are eligible to get a loan, then the loan amount is sent directly to your bank account-sometimes in only 24 hours,* loan amount is available.

2. Very low paperwork

There is no need for a lot of documents for this. All you need is your identity card, proof of address and income certificate. This whole process without paperwork is really very easy.

3. Loan amount as per the need

Whether you need money for any big purchase, or you need money for different types of expenses during festivals, you can take a personal loan of up to Rs 55 lakh according to your need.

4. Time frame as per convenience

To pay the loan amount, with a time limit of 12 months to 96 months, you can choose an EMI plan according to your budget. Now you do not have to worry about the pressure on your income every month.

Use Personal Loan Eligibility Calculator before applying

Before clicking on the ‘Apply Now’ button, Personal Loan Eligibility Calculator Knowing your situation with the help of will be a sensible step. The use of this online tool is very easy, in which you just have to fill some basic information like your date of birth, income of every month and the city of your residence – after that it tells you whether you are eligible to get a loan or not and how much you can get a loan.

This step helps you plan well and saves your time during the application process. In this way you can also guess your EMI, and in this way you can handle the post -festivals and festivals with freshly fresh.

Keeping in mind

⦁ Always take the same amount as a loan, as you can pay comfortably. Just avoid spending more because the loan gets immediate approval.
⦁ Use Personal Loan Eligibility Calculator to estimate the ability to repay your loan.
⦁ Before taking a loan, compare the interest rates and read the terms and conditions.

Final view: Celebrate, forget anxiety

The festive season should be to make every moment memorable, and you should get rid of your bank balance worry. You can complete your plans immediately by taking a personal loan, without finishing your deposits and without any delay. Not only this, this year’s celebration has become even better with the additional benefits of Bajaj Prime Membership* and Amazon voucher of Rs 200*.

Then what is the delay? Learn about your eligibility, apply online, and forget all the troubles and start festivals. Apply for your personal loan today and make this festive season truly memorable.

terms and Conditions apply*

[Disclaimer: यह आलेख एक पेड फीचर है, जिसमें व्यक्त विचारों का एबीपी या एबीपी लाइव द्वारा समर्थन या अनुमोदन नहीं किया जाता है. इस लेख में व्यक्त विचारों, घोषणाओं, मतों, दावों या वक्तव्यों आदि के लिए एबीपी या एबीपी लाइव किसी भी प्रकार से जिम्मेदार नहीं है. अतः पाठकों से अनुरोध है कि वे इस लेख की सामग्री को अपने विवेक के आधार पर समझें और निर्णय लें.]

Information about each phase of the process of taking loans wisely and with full confidence. Personal loan process became fast and easy. Now the days of long paperwork and long queues in the bank went. Applying for personal loan today is as easy as booking tickets online. Whether you need money for your dream vacation, sudden medical expenses or to handle your financial status well, personal loans provide you a fast and convenient way.

It is here that EMI becomes your true partner in planning a calculator loan. This helps you guess your every month’s installments, balance your expenses and choose a loan structure that is perfect for your lifestyle.

What is a personal loan?

Personal loan There is a solution for economic needs, which helps you meet both kinds of expenses, who have already thought and suddenly come out. This does not require any kind of collateral or guarantor, so it is easy to apply for it. Loans -giving institutions like Bajaj Finance provide high -amount personal loans, in which the conditions of getting the loan are easy and the paperwork is also very low.

With Bajaj Finserv personal loan, you also get the convenience of repaying the loan amount in a convenient time limit, i.e. during 12 to 96 months and in this way you can pay the loan through EMI according to your budget.

Why apply online for Bajaj Finserv Personal Loan

There are many advantages to apply online for personal loans-

1. 100% Digital Application – Now you do not need to go to the bank branch – now comfortably at your home
   Sit and complete its process anytime.
2. Convenient time-limit to repay the loan-12 to 96 to repay the loan based on your budget
   You can choose a time limit between months.
3. Immediate payment – Loan amount deposited in your bank account within 24 hours of getting approval in general
   It is done, which helps you to deal with any emergency immediately.
4. Very low paperwork – The entire process of application faster due to extremely low paperwork and more
   It becomes convenient.
5. Bajaj Finance has made the entire journey extremely easy from the investigation of eligibility to payment of money,
   And this process is completed in just a few clicks.

Personal loan conditions

Before applying, it is important to know whether you meet the conditions of getting a loan. Its normal
Conditions include:

• Nationality: Indian
• Age: 21 years to 80 years
• Job: Government, Private or MNC
• CIBIL score: 685 or more
• Customer’s profile: own employment or job
• When the loan deadline is completed, you should be 80 years or less.

Important documents

While applying, keep in mind that you have the following documents available-

KYC Documents: Aadhaar/Passport/Voter ID Card/Driving License/National Population
Register letter/ nrega job card

1. Pan card
2. Employee identity card
3. Last 3 months salary slip
4. Bank account statement of last 3 months
5. Piped gas bill
6. Pension order
7. Housing allocation letter issued by the job company
8. Tax receipt of property /municipality
9. Bills of essential services
10. Real time photo/photo
11. Ration card

Due to clean and updated documents, the work will be quick and the possibility of getting approved your loan also increases
Will go

How to apply online for Bajaj Finserv Personal Loan

• Follow the easy steps given below to apply online:
• Go to the personal loan page of Bajaj Finserv website and click on ‘Apply’.
• Fill your 10 digit mobile number and OTP sent on your phone.
• Your basic information in the loan application form, such as your full name, PAN, date and
  Fill the pin code.
• After this, click on ‘Proceed’ to go to the loan selection page.
• Fill the loan amount as per your need.
• Choose the time limit to repay the loan-you choose the time limit from 12 months to 96 months
  Can After this, click on ‘Proceed’.
• Complete your KYC and submit your application.

One of our representatives will give you information about the next stages. After the successful verification of your documents, the loan amount will be deposited in your bank account.

How EMI calculator helps you plan better

Personal Loan EMI Calculator Only the figures are more than the tool that planned to plan a personal loan
Your guide is. Below is mentioned how it helps you:

• Guess the monthly installment of the loan: You will pay the loan amount, interest rate and loan in it
  You can see your EMI immediately by filling the deadline.
• The facility to increase or reduce the parameters of the loan: Decreased the loan amount and the time limit or increase,
  So that you can know which option is more economical for you.
• Avoid taking excess money: Being already aware of your EMI on your budget
  It helps in choosing the loan amount according to your income without putting a burden.
• Plan your financial matters with a loud courage: have correct information about your EMI
  From, you can plan other expenses, savings and investment accordingly.

For example, if your income is Rs 40,000 every month and you want to take a loan of Rs 2 lakh for 2 years at 10% interest, then EMI calculator will show your monthly EMI. In this way, you can decide whether this loan fits your budget or not.

Suggestions to improve your loan eligibility

You are also concerned about the approval of loan, so some small suggestions have been made here:

• Maintain a good credit score – Better credit score by paying your outstanding amount at the right time
  Keep
• Limit the existing Emis – To avoid putting excessive burden on your income, keep your existing EMIS within the same scope that you can handle.
• Choose the amount of repayable loan easily – Take the loan as much as you can pay comfortably.
• Avoid applying to many institutions giving loans at once – avoid applying to many institutions giving loans at once, because it can have a bad effect on your credit score.

Although with the help of personal loan, you can fulfill your economic goals, but it is equally important to take a loan wisely. Already the use of EMI calculator not only helps you choose the correct amount of loan, but also keeps you free from anxiety while repaying the loan in the future. So before ‘application’, take some time out and learn about your EMI options – this is the easiest way to take a loan with elevated encouragement and correct information.

terms and Conditions apply.

(This article is a featured article. ABP Network Private Limited or ABP Live in any way does not support or approve the content of this article/advertisement or the ideas expressed in it. Readers are advised to use their discretion.)

RBI Repo Rate Cut: Today, crores of consumers can be given relief from RBI. Today is the last day of the meeting of the Monetary Policy Committee (MPC) of Reserve Bank of India from April 7. After the end of this meeting, the repo rate can be announced from 0.25 per cent to 0.50 per cent from RBI Governor Sanjay Malhotra. If this announcement is made by RBI, then car loans, home loans and personal loans will become cheap.

However, the hope of any change in the rate of deposits in the bank is very low. That is, the benefits can be given to those taking home loans from the bank, but the depositors are not going to benefit from it.

According to the TOE, about this, ICRs’ Senior Vice President Anil Gupta says, there is a stir in the market at this time, in such a situation, what kind of practical change is coming in the retail investor, it will be known in a long time, not immediately. But at this time there is a lot of difference between fixed deposit rate and deposit of savings account.

RBI’s inflation control target is between 2% to 6% and currently India remains in this band. This means that now the focus of the ABI will be on boosting the growth. This will be the news of small business, startups and the general public.

Relief expected

He said, we are not immediately expecting the deduction in fixed deposits due to the pressure of liquidity coverage ratio on the bank. Actually, the interest rate at which RBI gives money to other banks is called repo rate. In such a situation, when the interest rate from the RBI is cheaper, then the banks also give the benefit to many customers by reducing the loan interest rate.

In view of the market situation, decisions have been taken by RBI from time to time. That is, inflation depends on the flow of liquidity in more or more markets. In such a situation, steps are taken by the RBI to reduce inflation, but when things are normal in the market or are running at a slow pace, then it is announced to reduce the repo rate to increase liquidity.

Meaning of repo rate deduction

In February last, the repo rate of 0.25 percent was announced by the RBI, after which the repo rate was reduced from 6.50% to 6.25%. The repo rate was increased to 6.50% in June 2023 by RBI. That is, this change was made in 5 years.

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