Personal Loan pre-payments & part-payments are a great way to reduce your financial burden. However, whether to pre-pay the loan or not is always the decision of the borrower, which he/she should take after thinking all possible aspects.
Personal Loans are unsecured and before approving it lenders check for the repayment capacity of the applicant. Read onto this Finance Buddha blog to find out How Much Personal Loan Can You Qualify for on your Salary?
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While being a loan guarantor you may be helping a friend or relative but do you know any default by the primary borrower can land you in serious trouble and you may need to repay the outstanding amount.
Availing a loan can be fun for many as they get easy access to funds, but the truth remains that they are to be repaid and that too with accumulated interest. Here are a few tips which will help you to reduce your debt burden without stressing your wallet.
There is no standard or any significant criteria to decide how much personal loan will be approved on your salary. However, the loan amount approved generally varies from lender to lender and strictly depends on the applicant’s profile and income.
Being a rational human being always opts for low price benefits just like a rational borrower who keeps searching for ways to lower the cost of loans. One of the ways of lowering the cost of your personal loan is by opting for a balance transfer.