1. Understanding Eligibility Criteria for Self-Employed Individuals Minimum Age: Most lenders require applicants to be between 21-60 years of age at the time of application. Business Continuity: Generally, lenders prefer applicants who have been in business for at...

1.Personal Loan for Down Payment: You can use a personal loan for a home down payment in India, but it's subject to lender approval and conditions. 2.Lender Restrictions: Many home loan providers (banks or NBFCs) may restrict or discourage using borrowed funds like...

1. Lower Interest Rates Interest Rate Reduction: The primary motivation for a balance transfer is to get a lower interest rate, which can reduce the EMI (Equated Monthly Installment) and the total interest paid over the loan tenure. Impact: Even a 0.5% to 1% reduction...

1. Lower Interest Rates Interest Rates: LAP interest rates generally range from 8% to 12% per annum, significantly lower than credit cards (18-36%) and personal loans (12-24%). Impact: By consolidating high-interest debts (like credit cards or personal loans) under a...

1. Debt Consolidation One of the most popular uses, personal loans can help consolidate multiple high-interest debts (like credit card balances) into a single loan with a lower interest rate, making repayment more manageable. 2. Home Renovations or Repairs Personal...

1. Bank Business Loans Turnover Requirement: Generally, banks like SBI, HDFC, and ICICI may require a minimum turnover of ₹10 lakh to ₹1 crore annually for small businesses. Larger loans may have higher turnover requirements. Loan Amounts: Loans typically range from...

Understand the Rejection Reason: Obtain a detailed explanation from the lender to pinpoint whether it was due to credit score, incomplete documentation, or other factors. Improve Credit Score: Address any credit issues by paying off outstanding debts, reducing credit...

What is Loan Against Property (LAP)?A Loan Against Property (LAP) allows you to borrow money by mortgaging a residential or commercial property. The loan amount is typically a percentage of the property’s market value (usually 60-80%), and it can be used for various...

Assess Your Business NeedsPurpose of the Loan: Define why you need the loan. Is it for working capital, business expansion, purchasing equipment, or managing cash flow? The type of loan you choose should align with your business needs.Loan Amount: Calculate the amount...

To calculate the personal loan interest rate in rupees, you can use the following formula: Formula: Interest = (Principal x Rate x Time) / 100 Variables: Principal (P) = Loan amount (in rupees) Rate (R) = Annual interest rate (in...