Instant Personal Loan: People often resort to personal loan for small household works or needs. It has become quite easy to get these nowadays. Loan can be applied for within a few minutes through the mobile app and in many cases the money is received quickly. But it also happens with many people that even though their credit score is good, their loan application gets rejected.

In such a situation, the question arises whether there can be problem in getting a personal loan even after having a good CIBIL score? Yes, it is possible, because CIBIL score alone is not enough to take a loan, but other things are also necessary for it. Let us tell.

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Credit score alone is not enough
Generally a credit score of 750 or more is considered good. This shows that you have repaid the loan taken earlier on time. However, loan giving companies do not just look at the credit score, but also look at your entire financial condition.

Salary and EMI are also seen
If the burden of home loan, car loan or other EMIs is already high compared to your income, then there may be difficulty in getting the loan approved. Banks and NBFCs want to ensure that you can easily repay the installment of the new loan.

Job stability is also important
Loan giving institutions also pay attention to your job and employment status. If you change jobs frequently, work on contract or your income is not stable, the loan application may be rejected.

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Do not apply for loan again and again
Many people apply for multiple loan apps simultaneously. Your credit record is checked with every application. Making too many applications in a short period of time may indicate that you need money urgently, which can be a red flag to lenders.

Weak credit history can also be a reason
Sometimes, despite having a good score, you don’t have much credit history. That means you have used very few loans or credit cards before. In such a situation, lenders do not have adequate records of your payment behavior.

Mistakes in documents can prove costly
Incomplete or old documents, wrong bank statement, PAN, Aadhaar or any discrepancy in job related information can also get the application rejected.

Let us tell you that a good credit score definitely increases the chances of loan approval, but this alone is not enough. Income, job, debt burden, documents and your complete financial profile are equally important. Therefore, it is important to pay attention to all these things before applying for a loan.

SBI Loan Offer: The effect of the ongoing tension in the Middle East is being seen in India also. Now this effect is visible on the business here also. Meanwhile, the country’s largest government bank State Bank of India (SBI) has prepared to provide big relief to the MSME sector. For which a new scheme is being brought by the Central Government. Under which loans will be provided to small and medium businesses.

Central Government’s Emergency Credit Line Scheme
In fact, the bank has recently indicated that under the Central Government’s Emergency Credit Line Guarantee Scheme (ECLGS) 5.0, loans worth Rs 75,000 to Rs 80,000 crore can now be made available to Micro, Small and Medium Enterprises (MSME). In this regard, SBI Chairman CS Seti has talked to NDTV Profit, in which he has told that this is the maximum loan capacity of the bank, but the actual utilization is likely to be less than this.

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According to him, in the current situation only 30 to 40 percent eligible MSMEs can avail the benefits of this scheme. He has also informed that this estimate has been prepared on the basis of MSME customers who are eligible under ECLGS 5.0. At present the bank has not received much demand for loan. The reason for this is that the complete guidelines of this scheme have not been implemented yet. The government has also estimated the use of up to Rs 2.55 lakh crore in the worst case scenario.

Serious about cyber security
SETI has said that the banking sector is now working seriously on threats related to cyber security and AI. For which the focus is also on increasing investment, currently the bank has set a target of 13-15 percent credit growth for FY27. The demand for home loan, personal loan and gold loan remains strong. SBI expects to achieve 11-12 percent deposit growth and 3 percent net interest margin in FY27. Apart from this, the bank can also consider listing of its asset management company by September 2026.

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30% EMI Rule: Everyone dreams of having their own house, own car. The bank also offers easy loan for this. But have you ever wondered how much of your salary should be spent on EMIs, so that your lifestyle does not have any significant impact? If you are also confused about this matter, then 30% EMI formula can be useful for you.

Needs will also be met with savings

The 30% rule says that the total EMI of all your loans should not be more than 30 percent of your monthly salary. Whenever you take a loan while buying a house or a car, the bank gives you 40-50 percent depending on your income, but keeping in mind the financial stability and future stability, experts ask you to follow the rule of 30 percent only.

The 30% EMI rule includes everything from home loan to car loan, personal loan and credit card EMI. Understand it this way – if your salary is Rs 1,00,000, then Rs 30,000 should be spent in EMI at the rate of 30 percent. The remaining 70 percent amount should be reserved for household needs and emergency fund.

Benefits of 30 percent rule

• Even in case of job loss or emergency, you should have enough money to pay EMI.
• By fixing the EMI limit, timely payments will be made, the effect of which will be visible on your CIBIL score.
• If your credit score is good and debt-to-income ratio is low, the bank will give you the loan immediately.
• This formula does not affect your investment. With this you become financially strong.

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Banking Tips: Credit cards have become a means of balancing our financial condition. But if it is not used smartly then it can prove to be very heavy for you. Credit card is such an illusion that after getting trapped in it, people get trapped in the quagmire of interest and EMI. If you are also using multiple credit cards and are paying huge interest along with its EMI. So here we are going to tell you some easy ways, by which you can get rid of this burden.

Personal loan will help
If you too are trapped in the maze of many credit cards and their EMIs, then a personal loan can get you out of it. Let us tell you how:

Suppose you have taken a personal loan of a fixed amount, now with this you can close the EMI of all your credit cards. After that you will be left with only one EMI and the interest will also be much less.

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Do planning like this
Here you should understand step by step how to take a personal loan and how to pay your bill.

• First of all, calculate the outstanding amount on your credit cards and take a personal loan of the exact amount. In this, add the interest rate of EMI of all the cards and the remaining tenure.
• After this, check the personal loan offers, also see the interest rate, processing fees and prepayment charges.
• Choose the loan tenure correctly and do not fall into any trick. Do not choose too long tenure to repay the loan, a tenure of 3 to 5 years is enough.
• After getting the loan, stop the EMI of all the cards 2, 3, 4 or 5 with immediate effect. Do not maintain any doubt.
• After this lock all your credit cards. If you want, you can keep only one card active to maintain the credit score.

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Benefits of paying credit card EMI through personal loan
Let us tell you how a personal loan can benefit your fragmented life.

• Where earlier you were paying EMI for 5 cards, now it will be only 1 EMI that you will be paying.
• Your interest on EMI of 5 cards was also going away from the card. This will save you.
• Suppose you were paying a total EMI of 70 thousand for 5 cards, now only 1 EMI i.e. 50 thousand (say) is left.
• You can get a profit of at least Rs 20 thousand.

However, along with this, it is also important for you to take some precautions, like you should not take a loan at an interest rate of more than 14 percent. Apart from this, after taking loan and paying the entire bill of the card, you do not have to use the card again. Especially not for any huge amount.

Personal Loan Rules: Many times such situations arise in our lives when we suddenly need money, such as a medical emergency. In such a situation, many people think of taking two personal loans simultaneously. The important thing is that there is no rule from the Reserve Bank of India (RBI) that a person cannot take more than one personal loan. This clearly means that you can take more than one loan, but the final decision is taken only by the bank or NBFC. They pay attention to whether you can repay the loan or not.

Second loan is not easily available

However, if we talk about other personal loans, it is not so easy to get, because before giving the loan, the bank takes the decision after looking at your income, current EMI as well as the total loan. At the same time, if the loan is more than your salary, then there may be difficulty in getting the loan. Therefore, it is important to know some things before taking a loan.

What do the rules say?

• It is important to know that there is no restriction on taking more than one personal loan from RBI.
• But banks and NBFCs decide to give loans based on their own rules.

Know some conditions for giving second loan

• Keep in mind that the bank sees how much total loan is being taken.
• Loan is given as per your total loan eligibility.
• At the same time, there may be a ban on taking loans from different places simultaneously.

Importance of DTI (Debt-to-Income)

Secondly, while giving a personal loan, the bank looks at some important things like…

• DIT tells you how much of your annual income is going towards EMI.
• DTI up to 35 percent is generally considered safe.
• Due to higher DTI, there may be a change in the loan amount or tenure.

understand as an example

Suppose your salary is Rs 50 thousand and you pay EMI of Rs 10 thousand every month. In such a situation, 20 percent of your salary is going towards repaying the loan every month, which is called DTI.

Why is credit score important?

Personal loan is given without any guarantee, so the bank looks at your credit score. Generally a score of 750 or more is considered good.
Credit score shows whether you have repaid the loan you had taken earlier on time or not. At the same time, the EMI was not delayed. If there is timely EMI payment and clean credit history, the chances of getting the loan increase.

EMI Trap News: In today’s time, if a person is not able to fulfill all the comforts of himself and his family by doing a normal job, then he takes the help of EMI i.e. Equated Monthly Installment. EMI has completely changed the way people spend.

Now it has become easier for people to buy a house, car or expensive electronic goods, because after purchasing any item, there is no need to pay the entire amount at once, but one thing that everyone must remember is that EMI is as helpful as it is, it affects your financial decisions and many times people do not understand it.

How does EMI determine your financial life?

The most important thing is that when you take a loan for the first time, EMI seems easy and manageable, but as you take different loans like home loan, car loan, personal loan, a large part of your income starts going towards EMI and gradually your income gets used to repay these installments.

Why can high EMI be dangerous?

EMI is a fixed responsibility, which you have to repay on time every month. If you are late, both the penalty and your credit score are affected, but imagine if you or your family face a medical emergency or a change in job, it can become a big problem for you.

What is the impact on lifestyle?

Due to EMI many times you have to compromise in your lifestyle like…

• Going on holidays may be reduced.
• Spending on yourself may reduce.
• Learning new skills or growth may be affected.

How to strike the right balance?

Financial experts believe that your total EMI should not exceed a fixed portion of your salary.

Please think about this before taking a loan.

• Will you be able to repay it comfortably?
• Do you have an emergency fund?

It is important to think about the future

It is not right to take a loan only according to today’s income. It is important that you plan keeping the future in mind, because it is not necessary that your earnings always keep increasing. It is always wise to keep some savings aside.

Personal Finance: In today’s time, everyone wants to make both their today and tomorrow safe and strong by working hard day and night. In view of the rising inflation, people are working hard for the future of their families and themselves, so that they do not have to face any problems in the future, but amidst all these things, people ignore an important question that what will happen to your property after you are gone? Will she reach the right hands or get embroiled in legal disputes and wrong decisions?

The biggest reason for this is like..

• Lack of will.
• Lack of trust.
• There is no discussion about money among the family.

Many times it has been seen that parents keep information about their loans or investments hidden from their own children, due to which children have to face a lot of problems in the future. They have to make several trips to court.

Know today these 6 bad habits that can destroy your wealth.

1. Putting off wills and estate planning

Many people think that making a will is necessary only for rich people or it is done in old age, but this thinking is wrong and can also create many problems for you. If you have not made a clear division of your property then disputes are bound to arise later.

What to do: First of all, keep all the information about your property in writing and also share it with your family.

2. Spending more than earning

Nowadays, show off among people is crossing limits. People are preferring to show off life in a simple way rather than showing it off more. This has become a different trend in today’s times. People spend more than necessary and maintain their lifestyle by taking loans. The biggest mistake that people often make is spending money on expensive things, the value of which decreases with time.

Right way: Invest in such things which will give you returns in future, like mutual funds, gold or land.

3. Increasing debt burden

Excessive use of credit cards and personal loans gradually turns into a big trap. It is important to understand that while compound interest gives profit in investment, it increases the loss manifold in loan.

4. Ignoring insurance

Most people consider insurance to be an unnecessary expense, but imagine that if a medical emergency suddenly occurs, it can shake your entire financial condition.

Important steps: You must take health insurance and life insurance. Apart from this, you should also get the property insured.

5. Lack of diversity in investment

If you have invested your entire capital in one place then the risk increases a lot.

Suggestion: Divide your investments among different sectors so that the risk is reduced.

6. Hiding debts and responsibilities

If you hide financial information from your family, they may have to suffer huge losses in the future.

Remember: Transparency is the foundation of strong financial planning.

How to start right?

To keep your property safe, it is important that you plan in time. Before making any kind of big investment or loan, definitely consult a financial advisor. Also involve your family in your decisions so that everyone is aware of the situation.

the most important thing

Earning money is important, but handling it properly and passing it on to the coming generations is even more important. If you improve your habits and give priority to estate planning, your hard-earned money can remain safe.

Personal Loan: Financial needs are such that they arise in any person’s life at any time. For this, many banks have provided loan facilities. There are all types of loans, car loan, home loan, education loan etc. But sometimes people also prefer taking personal loan for small needs. Many times these people get trapped in doing this and they get into trouble for a long time. In such a situation, we are going to tell you that if you are thinking of taking a personal loan, then you should take some precautions.

What is a personal loan?
Personal loan is also called unsecured loan. This loan is available from bank or any financial institution. You can take a personal loan of small amount for any personal purpose like marriage, medical emergency or home repair. For this you do not have to mortgage anything from your possession. You get the loan directly and that too through a simple process. However, it is possible that you may have to pay higher interest rate for this.

Take precautions while taking personal loan
The process of taking a personal loan is very easy, no need to submit many documents, no need to visit the bank, but these days, personal loan is also available online. But you need to take some precautions while taking it. Otherwise, you may also get quite a bit of lime. In such a situation, we tell you seven such mistakes which you should avoid making.

Comparison of interest rates
Before taking a personal loan, you should always compare the interest rates of several banks. With this you will know which bank is offering less interest and from which bank it is beneficial to take a loan, then you will take the loan from that bank only.

Take care of credit score (Credit Score)
The most important thing for taking a loan is credit score. If your credit score is 750 or more then you will get loan at lower interest rate. If your credit score is less than this then you will have to pay more interest after taking the loan.

Take care of hidden charges
You should always keep an eye on hidden charges before taking a personal loan. Are you being charged huge fees in the name of hidden charges against the loan? Find out in advance about processing fees, administrative fees and pre-payment charges.

EMI Scheduling
While taking a loan, ensure that the EMI of your loan should always be 40% of your salary. If the EMI is more than this then you will face difficulty in paying it every month. Apart from this, there may be problems in other expenses also.

Keep in mind the loan tenure
Even if you take less loan, keep the tenure a little less to compensate for it. If you continue to repay the loan for a very long time, you will have to pay more interest. The maximum tenure of your loan should be 5 years. More than that, the interest burden will increase on you.

Important Documents
Actually, you do not need many documents before taking a personal loan. But still sometimes you need some documents, so you should keep proof of your income, proof of address, and proof of employment ready. If even one of these is not available then you should talk to the bank and find a solution. With this, there will be no problem while taking loan.

Avoid fake apps
Nowadays, digital world is the trend, there are many such apps in the market through which you can get loan right from your home. But one should avoid getting trapped in this. Because not all apps are reliable. These apps charge you so many hidden charges that you are not even aware of. Your debt just keeps increasing every month. In such a situation, you should take loan only from trusted apps.

Life moves fast — and sometimes our expenses move just as fast. Be it medical emergencies or home repairs, or a dream wedding or going on a sudden vacation, there are some needs that cannot be avoided. But the good news is that now you can apply for a personal loan online from the comfort of your home, for which there is no need to visit any branch.

Personal loan can become the best way to easily fulfill your various financial needs. When applying for a personal loanyou get the freedom to spend as you wish, convenience and instant access to funds, which is most important when time and money are tight. So before pressing the “Apply Now” button, let us understand how a personal loan works and how a personal loan calculator helps you plan wisely.

Understanding Personal Loan Calculator

Personal Loan Calculator Like your friend who helps you understand your finances better before taking a loan. With the help of this online tool, you can estimate your monthly installment and the total amount to be paid in just a few seconds.

All you need to do is fill in a few details – the amount you want to borrow, your preferred tenure, and the interest rate. In this way you immediately get an idea of ​​your monthly expenses. This online calculator is available on the website of Bajaj Finserv, with the help of which you can compare different loan options and choose the best loan repayment plan keeping in mind your budget.

For example, if you are thinking of taking a loan of Rs 3 lakh for medical expenses, then with the help of the calculator you can know how changing the loan tenure or amount will affect your EMI. This means that there will be no hidden charges after taking the loan.
It will not come and you will be aware of everything from the beginning.

Pro Tip: While using the personal loan EMI calculator, always consider changing the loan tenure. If the loan tenure is shorter, the EMI may be higher, but this way there will be a significant saving in the total interest paid to the lending institution.

Benefits of choosing Bajaj Finserv Personal Loan

Choosing Bajaj Finance is not just about getting a loan, it is about being associated with a trusted financial partner who understands your needs. Below mentioned are the most

• Why is it different:
  Large amount of loan: Facility to get loan amount ranging from Rs 40,000 to Rs 55 lakh, with the help of which you can easily achieve both small and big goals.
• Flexible Time Frame: You can easily manage your EMIs by choosing a loan repayment tenure ranging from 12 to 96 months.
• Instant Payment: Once approved, the loan amount will be credited to your account within 24 hours*
  May go.
• Very little paperwork: All you need is basic KYC documents, income proof, etc. to start the application process.
• No collateral required: Bajaj Finance personal loans are unsecured, which means you do not need to pledge any of your valuables.

With the help of these benefits, you can meet your sudden financial needs without any worries and with full confidence.

Planning your loan journey

Before applying for a personal loan online, it is important to know whether you meet the loan eligibility criteria or not. This depends on things like your age, employment status, income and credit score. The terms and conditions for availing a loan from Bajaj Finance are very easy, so that more and more people can avail the loan without any hassle.
Can take loan in case of problem.

Understand this with a small example: Suppose you are employed and earn Rs 50,000 every month. With the help of a personal loan calculator, you can know how much amount you can get as a loan, and which EMI will be best for your income. This way, you can take the loan responsibly and manage your financial situation wisely.

accomplish your goals

Personal loans are useful in many ways. You can use them to fulfill a variety of needs.
Can, such as:

• Planning Your Dream Wedding Without Worrying About Money
• To meet the expenses of your child’s higher education or study abroad
• Meeting medical expenses with peace of mind
• Remodeling your home or buying new furniture

How to Apply Online for Personal Loan from Bajaj Finance
The simple steps to apply online for a loan are explained below:

1. Visit the personal loan page of the Bajaj Finserv website and click on ‘Apply’.

2. Enter your 10 digit mobile number and OTP sent on your phone.
3. Fill the application form with basic information about the loan.
4. After this, click on ‘Proceed’ to go to the loan selection page.
5. Pay the loan amount as per your requirement. Choose one of the personal loan variants.
6. Choose your loan repayment tenure – You can choose from 12 months to 96 months
Can choose. After this click on ‘Proceed’.
7. Complete your KYC and submit the application.

Why Bajaj Finance is the best option
Choosing Bajaj Finance means you are choosing a trusted partner for whom speed and convenience matter most. The presence of this brand in the Indian financial sector for years shows its trustworthiness, while due to the importance given to digital features,
The process from start to finish becomes very easy.

When you apply for an online personal loan from Bajaj Finance, you not only get the loan amount but also support throughout your loan journey and flexible loan repayment options.

Take steps towards your financial well-being today

If you were waiting for the right time to fulfill your financial needs, now that time has come. Be it a small goal or a big expense in the future, applying for a personal loan from Bajaj Finance online gives you the freedom to spend freely.
So that you can fulfill your dreams.

Visit the Bajaj Finserv website today and use the Personal Loan EMI Calculator to instantly get an accurate idea of ​​your monthly installments, and plan your personal loan well, so that you can achieve your goals with confidence, without being surprised by any hidden charges.
* terms and Conditions apply

[Disclaimer: यह एक स्पॉनसर्ड आर्टिकल है. ABP नेटवर्क प्राइवेट लिमिटेड या ABP लाइव किसी भी प्रकार से इस लेख/विज्ञापन की सामग्री या इसमें व्यक्त विचारों का समर्थन या अनुमोदन नहीं करता है. पाठकों को अपने विवेक का इस्तेमाल करने की सलाह दी जाती है.]

There is a positive update regarding India’s economy. According to the latest report of Moody’s Ratings, India’s real GDP growth is estimated to be 6.4% in FY27, due to which India can remain the fastest-growing economy of the G-20. The outlook of the banking sector is also strong, where asset quality will remain good, NPAs will remain low and capital position will remain comfortable. Corporate, MSME and personal loans look stable, while government support is giving resilience to banks. Liquidity is balanced and profitability is also expected to remain steady. Overall, economy and banking sector together are giving new impetus to India’s growth story.