Loan Amount

A personal loan is an unsecured loan that doesn’t require any kind of collateral submission. But what makes borrowers think twice about a personal loan is the added interest rate charged on the principal loan amount. The rate of interest on a 1 lakh personal loan via the SimplyCash app is 2.08% per month.

A small cash loan is also known as an instant personal loan. A small loan amount starting from Rs.5,000 or above is known as a small cash loan. Borrowers with a minimum monthly salary of Rs.15,000 or more can avail of personal loans online in support of their Aadhar card.      

CIBIL score is a 3-digit numeric synopsis of your credit history that is considered by lenders across India for evaluating a borrower’s creditworthiness before granting them any kind of loan, including a personal loan. If the financial requirement is of a small cash loan, an instant personal loan app can help whereas a high loan amount is a long-term loan that requires collateral.   

As the instant loan apps populated online, different loan calculators such as EMI calculator, loan comparison calculator, interest calculator, etc. were created to derive accurate results in no time. A personal loan eligibility calculator is also one of the loan calculators online that gives a clear idea of the loan amount based on your monthly income. 

An interest rate is one factor that makes people think twice about whether to take a loan or not. The interest rate calculator easily calculates the interest rate of a personal loan. A borrower can make use of the EMI calculator to get clarity on the percentage of interest and tenure applied to the personal loan amount.   

With digital instant loan platforms, calculating monthly payable loan amounts is no more a difficult task. The interest rate calculator helps borrowers to stay away from such unpleasant surprises. All those who apply for instant personal loans to cope up with various financial reasons should use the interest rate calculator to stay clear with the monthly amount payable.   

An interest rate is an amount levied upon the principal loan amount while availing of a personal loan. Nowadays, evaluating interest rates has become a simple and quick process as the loan EMI calculator available easily on loan apps or financial websites. An interest rate calculator maintains the accuracy required while calculating the interest rate on the principal amount.

A personal loan is a credit amount sanctioned based on an interest rate that is to be paid till the loan tenure ends. Calculating interest is not a tedious task anymore, all thanks to the instant loan apps available for loan applications digitally. The loan interest rate calculator is one useful tool easily available on bank/finance provider websites and apps.

When you have borrowed a loan for any reason, paying EMIs on time is essential to maintain a good financial record. Equated monthly instalments give you the power to buy expensive luxury items, without having to pay the whole amount at the moment. A tool called EMI loan calculator is ideal to calculate accurate EMIs in seconds.

Different financial companies have their own clauses in the personal loan document explaining what should be done when a borrower expires in the middle of the loan tenure. Generally, in such cases, the pending loan amount is paid by the legal heir of the family. In case, the deceased borrower has life insurance in his/her name, then the insurance company pays off the personal loan.

A mini cash loan is a small cash loan that starts from Rs.10,000 & goes higher up to a couple of lakhs. As the loan amount is less, it can be repaid easily within 24 months or less. A mini cash loan is definitely a remedy for availing quick finance that can be used for a variety of purposes – house rent, education, wedding expenses, medical emergency etc.

A deal confirmation for a personal loan states that the borrower has surpassed all the verification steps required for loan approval. However, a personal loan cancellation is only possible before the amount is disbursed in your bank account. Once the loan amount is credited, it is not possible to reverse or cancel the personal loan application.

If you don’t have enough funds to clear the credit card bill, taking a personal loan of a limited amount is a good option. A debt consolidation loan is a type of personal loan that covers multiple debts into one and pays off the balance.

Before you plan and apply for a personal loan, get your eligibility calculated on the personal loan eligibility calculator. This calculator is an analytical tool designed to calculate your loan eligibility criteria and simultaneously enables you to compare and check the best personal loan available online and permits you to pick the best loan amount as per your requirement and eligibility.

Generally, personal loans are not taxable, but Section 24(b) of the income tax Act, 1961, allows for a tax rebate on personal loans if the amount is used for certain purposes like the home renovation or improvement. Although personal loans are not taxable, you can enjoy the benefit of tax deduction in a personal loan, if you put the loan amount to specific end-use.

When the financial need is large that’s when long-term loans are required. Long-term loans are considered to be ideal to procure a large loan amount whether to buy a property, expensive wedding, manage expenses for foreign education or pay for a major surgery. A long-term loan is usually measured with a repayment tenure longer than 3 years.

Personal loans are best known for their flexibility. Borrowers can take personal loans to support various financial needs. The loan tenure differentiates personal loans into two types – short and long-term personal loans. Loans with a higher amount are given a longer period to repay whereas short-term loans are cleared in a couple of years. Both types of personal loans have their own benefits for different borrowers.

An interest-only loan is a type of loan whereby the borrower has to pay only the interest portion for the first few years. Under an interest-free loan, the balance pertaining to the principal amount does not change over the interest-only loan period. After this period ends, the loan normally gets converted to a traditional mortgage.

A loan is an easy way outfor individuals in need of immediate financial help. Personal loans being the most preferred ones are generally availed to meet expenses relating to education

Interest rate is an amount a financial institution charges for the use of loan amount lent, deposited or borrowed. It is listed as the current liability and generally expressed as a percentage