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Common myths about Personal Loans

Common myths about Personal Loans

Common myths about Personal Loans

Personal Loan myths

Common myths about Personal Loans

Common Myths about Personal Loan

Personal loans offer great convenience to the borrower as they are quick and easy to get, and the amount availed via the loan can be used for any desired purpose, unlike a home loan or vehicle loan. Also, the borrower need not use any owned asset as collateral against the loan availed.

However, there are apprehensions from potential buyers due to the ease & convenience offered by Personal Loans.

Here are some points to bust myths surrounding personal loans

Myth 1 - Only salaried persons can avail  personal loan

Truth – Personal loans can be availed by both salaried and non-salaried individuals. In fact, self-employed individuals are encouraged to avail personal loans rather than search for financing options from traditionally expensive alternatives. The process for availing a personal loan is similar for salaried and self-employed persons as banks evaluate the cash flow and credit records of the potential borrower, and not only evaluate the person’s profession. Hence, do not worry when it comes to applying for a personal loan Apply now for a Standard Chartered personal loan.

Myth 2 – Individuals with highest credit scores only can get personal loans

Truth – While a credit score is an important factor for determining the eligibility of personal loan, it is not the only thing. If you have a credit score above 700, you might have a high chance of getting a personal loan. However, having a credit score lesser than 700  does not mean you will not receive personal loans. The personal loan interest rate for a person with high credit score and low credit score can differ. It is always advisable to take action so that your credit history and score are improved.

Myth 3 - Personal loans can be used only for specific reasons

Truth – This is completely baseless. Personal loans are the most flexible loan for borrowers. This is because there are no norms for usage. Once you take a personal loan from Standard Chartered Bank, you are 100% free to use it for any purpose. You can use the loan money to go on a vacation, for a wedding in the family, renovate your home. As long as the end use is for any personal purpose there is no issue. So, don’t worry about the purpose. Simply go online and apply for a Standard Chartered personal loan.

Myth 4 - Personal loans take a long time for approval

Truth – Nothing could be farther from the truth if somebody says it takes a long time to get personal loan approval. In fact, you can get instant approval on your personal loan application when you apply online at Standard Chartered Bank. Across banks, one can get approval for a personal loan application within hours. At Standard Chartered, your personal loan will be disbursed instantly with an online application.  post receipt of the required documents. Speed is an important part of  personal loans, so, lenders have invested heavily in technology to make the process smooth, hassle-free and fast.

Myth 5 - Personal loan cannot be given if you have an existing loan

Truth – Standard Chartered bank offers a Top Up for existing personal loan client post policy assessment. Even if you are already repaying another loan, you can apply for a personal loan top up with Standard Chartered Bank. You can also look at consolidating your debts by going for a balance transfer – your loan outstanding with other bank is consolidated and a single loan is offered.

Believing in myths is harmful to your financial health. Any information that you get about personal loans should be verified. You can visit the bank’s website or talk to the bank representatives to clear any doubts or misconceptions about personal loans. They are ready to assist you 24 hours a day so that you are never too far away from getting funds at a short notice. If your doubts are cleared, click here to apply for a personal loan from Standard Chartered Bank.