How to avoid Personal Loan Pitfalls?

The need of Personal Loans come when financial crisis darkens your blissful life. Personal loans are the best options for your financial emergencies. Quick loan processing, by digital lending platform like Cashiya, makes it a breeze to get a funds really fast. This is also the reason that personal loan is one of the most popular financial products in lending. Our endeavor is to serve all credit starved, and salaried individuals – who fail to get the loan approved from other lenders with loan approval. The disapproval could be either due to blunders user have committed in the previous credit or previous bill/EMI payments.

When you apply for a personal loan, at Cashiya, keep in mind the pointers that are listed below. So that you don’t end up in a personal loan pitfall.

Before moving to the cautious part, let us first understand what a personal loan is, why it is the best option for quick funds, loan eligibility , and how to get a quick approval. Let’s get started!

What is a Personal Loan?

Personal loans are awesome. In times of financial crisis, these get things fixed. Being an unsecured credit, there is no collateral involved. So, forget about the travails of lengthy paperwork towards asset declaration, references, photocopies, etc. Now with no collateral, Cashiya needs something else to mitigate the risk of default. That is why, we look at your transactions history to see how prompt you have been.

Why Personal Loan?

You can avail a personal loan for a number of purposes such as buying electronic gadgets, online shopping, international holiday travel, job relocation, medical expenses, home improvement, house repairs, and more. You get tax benefits for house repairs; so, a personal loan helps you save as well. Again, no collateral means you can apply for a personal loan even if you do not own any asset like home or vehicle. All you need for the loan is a stable income and a good cibil score. No need for a loan guarantor, as well.

Personal loan requires very less paperwork, if you apply at Cashiya. No paperwork also means there is no need to worry about physical storage of documents.

Personal Loan eligibility

Remember that a personal loan is not for everyone. You need to have a stable and steady flow of income. The minimum eligibility requirement for a personal loan at cashiya.in, is that you need to be an Indian citizen and should have attained a age of  21 years. You MUST be salaried, and earning a minimum of Rs.20,000 per month.

Banks do not entertain professionals who have never availed a loan prior to a fresh credit request. This is unfair on many professionals who are currently in need of a personal loan; despite having adequate income and repayment capability.

Personal Loan pitfalls to be aware of

Now that you know what a personal loan is, and how beneficial it is to a salaried professional like you; let us look at some personal pitfalls which you may encounter when you are ready to avail a personal loan.

Loan EMI Promptness

Applying for a personal loan does not mean you have reached the moon. Your real test will start once you start clearing your debt. Build self-discipline to pay-off the loan EMIs on time. Set up auto debits or auto payments to never miss any EMI due-date.

Blind eye towards your credit score

Apply for a copy of your credit bureau report from time-to-time, and check for any errors. Check for frauds and identity thefts. Report them to the credit bureau, or the errors will continue to affect your score. Sometimes credit institutions are slow to update your credit profile, which can affect your chances of getting the loan approved; even if you have the income.

Ignoring your repayment capacity

Ask yourself probing questions with regards to personal loan. Do you really need it? Are you capable to pay-off the loan? If the answers, to these questions, are in affirmation; then only head to Cashiya’s GetStarted page, and apply for an easy personal loan.

Being Credit hungry

Do not try your luck by applying for a loan at multiple credit institutions. You may feel you will get your credit approved somewhere but actually your credit score can take a beating if multiple inquiries are made by institutions to the credit bureau.

Hiding existing debts

It is not a good practice to be secretive about your debts. Some individuals provide scanned copies of their bank statements to hide past credit defaults. Remember, your credit history will be checked by Cashiya; so, there is no point in trying to hide certain information about your defaults. Send us your latest 6 months bank statement – only in PDF format.

Why go with Cashiya?

Congrats! Your pitfall dodging worked. You now know what you need to be aware of once your loan is approved. But where to get a personal loan from? Should you go to a bank, where you will be greeted with lengthy paperwork, offline process and unending delays? Or go the opposite way?

Cashiya is here to make your personal loan process swift and hassle free.

You should go with Cashiya because

Hassle free Process – It is hassle free because of no paperwork or running from one branch to another. Apply for the loan from the comfort of your home; with Cashiya app .

Easy EMIs – You can find out about the EMI amount you will be required to pay each month, by making use of our EMI Calculator. Cashiya reminds you about EMI’s before the due-date.

Online security – Cashiya is SSL secure platform which keeps all your personal and financial information protected. All your information & documents are safe & secure.

For more info on Personal Loans click here: Cashiya – Finance & Insurance

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