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Personal Loan
Common myths about personal loans
Key Takeaways
High interest rates are a common worry, but with FIRSTmoney Personal Loan by IDFC FIRST Bank you can avail funds digitally in minutes at competitive rates
- With paperless process and lightning fast approvals IDFC FIRST Bank is transforming the lending experience in India
- Personal loans are not just for emergencies, they can also help consolidate debt, boost your CIBIL score, or fund travel and lifestyle needs
- IDFC FIRST Bank offers hassle free loans with zero foreclosure charges and no hidden fees for a truly transparent borrowing experience
Personal loans, in general, are known to provide quick and easy solution to manage any shortfall in your planned budget, from time to time. You can use them to finance important expenses like weddings, debt consolidation, travel, house renovations, and medical bills. Despite the significant demand of personal loans, there are several myths surrounding them. These myths often mislead borrowers about the terms and benefits of personal loans.
Now, with so many credit options out there, you can rely on multiple alternatives to manage your expenses. One such option is IDFC FIRST Bank’s FIRSTmoney, a smart Personal Loan through which you can get a loan offer for your varied expenses.
Go through this blog which debunks some of the most common personal loan myths and then explains more about FIRSTmoney and why it is much better than standard personal loans.
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Myth 1: Personal loan interest rates are very high
While personal loan rates can be higher compared to secured loans (where you pledge security or collateral), these rates vary widely based on the bank, your credit profile, and market conditions. Not all personal loans are exorbitantly priced. You need to research, compare, and choose the right option to make your loan journey affordable and hassle-free.
Myth 2: The personal loan process is lengthy
The belief that obtaining a personal loan is a lengthy and complicated process is outdated. Today, digital banking solutions have simplified the entire application process. With paperless documentation and lightning-fast approvals, you can receive the money on the same day you apply for the loan.
Myth 3: Personal loans are only for emergencies
Personal loans are no longer just for emergencies. These days, a lot of people use personal loans to consolidate high-interest debts, boost credit scores with timely repayments, pay for education, enjoy spontaneous trips, and so on.
Myth 4: Personal loans can lower your credit score
Taking a loan does impact your credit score, but it is not always negative. In fact, if you responsibly manage a loan and pay your personal loan EMI on time, this borrowing option can improve your credit score.
FIRSTmoney - A smart personal loan solution for borrowers
Now that you have gone through the myths surrounding personal loans, it’s time to look at a loan alternative that can be beneficial for you. IDFC FIRST Bank’s FIRSTmoney is a new-age, smart personal loan that offers an instant loan offer to manage a lot of your expenses. From affordable interest rates and Multiple on demand on loans to ZERO foreclosure charges, take a look at the key benefits that FIRSTmoney has to offer in detail:
- Personal Loan, Multiple on demand on loans
You can withdraw a loan amount starting at ₹50,000 from your approved loan offer. This can help you manage both planned and unplanned expenses effortlessly.
- No maintenance charges after the initial setup
When you apply for a FIRSTmoney loan, you get a loan offer based on your creditworthiness, with no maintenance fees on your loan offer.
- ZERO foreclosure charges
FIRSTmoney has a zero-foreclosure charge policy. So, you can use the funds the way you want and foreclose the loan in full without worrying about any penalty fee.
- Instant approval and disbursement process
The process to apply for a FIRSTmoney smart personal loan is 100% digital. The approval is instant and you can get funds in your bank account within 10 minutes. Once this is done, you can immediately start withdrawing funds to manage your expenses.
- Flexible repayment tenure
You have the option to withdraw the full amount at once or in smaller portions as needed. Repayment plans for FIRSTmoney personal loan are flexible, with tenures ranging from 9 to 60 months.
- Both Salaried and Self-Employed Individuals can apply.
FIRSTmoney personal loan starts at just 9.99% p.a, making it one of the most affordable personal loan options available in the market.
How to apply for a FIRSTmoney smart personal loan?
- Click on 'Apply Now' on this page.
- Register using your mobile number and confirm basic/personal details to check your eligibility.
- Select the loan amount of your choice from your approved loan offer and choose a suitable repayment tenure.
- Link your bank account where you wish the funds to be disbursed.
- Complete the video KYC verification process with your physical PAN card.
Taking a financial decision based on facts
The myths surrounding personal loans could become the cause of wrong financial decisions and missed opportunities. So, clear any misconceptions and make practical decisions based on facts. The next step is to think about the type of loan to go for. Choosing FIRSTmoney over traditional personal loans is a wise decision for managing multiple expenses. With a 100% digital application process, instant approvals, interest charged only on the amount used, zero foreclosure fees, and no ongoing maintenance charges, the FIRSTmoney loan offer can prove to be a financial lifeline for all your monetary requirements!
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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