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Summary: There are some myths around personal loans, that can affect your decision to manage your finances. This article lists down a few myths, and helps you bust the same, empowering you with a smart personal loan solution, to build a well-planned financial future.
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 credit line 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.
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.
The belief that obtaining a personal loan is a lengthy and complicated process is outdated.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.
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.
Taking a loan does impact your credit score, but it is not always negative. In fact, if you responsibly manage a personal loan and pay your EMIs on time, this borrowing option can improve your credit score.
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 credit line to manage a lot of your expenses. From affordable interest rates and unlimited withdrawals to ZERO foreclosure charges, take a look at the key benefits that FIRSTmoney has to offer in detail:
With rates starting at only 10.99% per year, the FIRSTmoney line of credit offers exceptionally competitive interest rates.
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 credit line can prove to be a financial lifeline for all your monetary requirements!
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.idfcfirstbank.com 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.idfcfirstbank.com for latest updates.