Debunk The 5 Common Myths For Opting Loan Application In India

If you are having some short-term financial needs, applying for a personal loan is indeed a wise decision. It can turn out to be your ultimate saviour and has thus aroused the interest of many Indians. Nowadays, numerous banks and other financial institutions are offering personal loans to their customers. These are easily available without collateral and get sanctioned within a short period of time.

Loan Application and comparison in india

Though the advantages offered by this type of mortgage are numerous, there are few who tend to stay away from it. The main reason is supposed to be the myths surrounding personal loans. Debunking those myths is a must so that more and more people can make the most out of the financing resource. 

Few Myths About Personal Loan Application In India Has Been Debunked 

"Only Salaried Employees Can Apply For A Personal Loan" 

This is nothing more than a myth and is treated to be one of the prime reasons why people defer themselves from applying for the mortgage. But the reality is just the opposite. Not only salaried employees, but even self-employed individuals, business people, and NRIs can apply for the loan. There are few lenders who can even offer you a personal mortgage on the basis of the money you get as a house rent.

"This Variety Of Loan Is The Most Expensive" 

Personal Mortgage as a source of financing resource might involve a higher rate of interest but is definitely not the most expensive. The higher rate of interest is because the mortgage is an unsecured financing option and lenders are risking their money. They generally don’t ask for a collateral or security for it. But the mortgage available against credit card is much higher than the former.

"Getting The Mortgage Approved Is Really Hard" 

Availing personal loan is really easy as they require minimum documentation, are hassle-free, and require no collateral. If everything is in place, they get approved really fast. Though getting the finance sanctioned isn’t a daunting task, make sure to compare the loan before applying. Look for a reliable website offering services of Loan Application and comparison in India at reliable prices.

"Having A Poor Credit Score Will Make You Ineligible For The Loan" 

Just because this sort of mortgages is unsecured financing, it does not necessarily mean that you need to have a strong credit score. Though your credit score will influence your eligibility for the loan, other vital factors are also considered by the lender. These generally include your source of income, credit history, and professional profile. So, feel free to apply for the loan even if your credit scores are not impressive.

Loan application approved

Ready To Apply?

Since the common myths about Loan Application in India have already been debunked, it’s high time you start looking for a reputed mortgage provider. Just don’t forget to compare the rate of interest charged by each before applying at