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'@@ -1,0 +1,1 @@ +Personal loan in India is a very ignored and underrated financial tool. Upon hearing the "loan" people discount it as a money squandering money to the banks. But a [https://paydailoanz.com personal loans] and especially instant personal loans are so much more than that. <br><br>Personal loans are the best loans because they are quick, they require minimum documents and procedures, they do not require any collateral or guarantee and you can use them any way you want. A loan eligibility criterion too isn't very stringent. It is very easy for an earning person to obtain a personal loan instantly. <br><br>But there are a number of myths attached to personal loans, let us see what they are and whether they are true or not. <br><br><br>"You can't apply for a personal loan if you already have existing loans" - This is the biggest myth of them all. There is no hard and fast rule as to how many loans you can have at the same time. As long as you have the capacity to pay the loan EMIs, you can get a loan sanctioned even you have existing loans.<br><br>"Personal loans are expensive" - Personal loan interest rates are high, that much is true. They range between 12-14% , but they are still lower than [http://www.deer-digest.com/?s=credit%20card credit card] interest rates. Personal loan interest is high because this is an unsecured loan, which means you don't have any collateral or guarantee with the bank, as opposed to other types of loans.<br><br>"Only salaried people can get a personal loan" - Personal loan eligibility is not very strictly restricted to salaried individuals. Yes, it is easier for them to get a personal loan approved but self-employed individual too can get personal loans if they have a good credit score and can furnish a proper financial statement that shows a stable income.<br><br>"The process is long and tedious" - This is a myth too, because getting instant personal loan is quicker that online shopping. Quick personal loans are designed for convenience; you can get one by visiting your provider's website, putting in the details and choosing your plan.<br><br>"You should always apply for more that you require" - You should always apply for a loan amount that you actually need. Borrowing more than what you require even if you're eligible is a big mistake. It's a misconception that you need to apply for a larger amount than you require, to pay off the first instalment and the processing fees. Will just create an additional burden and a poor credit score if you don't repay on time.<br>Share this article & your thoughts with us in the comments below! <br><br>This article is about Personal Loans Myths and Facts To Be Looked Upon. I'm a real estate advisor with an experience of more than 5 years. I have worked for top most real estate companies in Mumbai. A post-graduate in Marketing and sales, I'm a writer of Marketing and sales industry. '