Driving Licence Exam Useful PDF File
A
personal loan is a type of unsecured loan that that you can borrow from
a bank or financial institution if you require funds to pay for your
financial needs.
You
borrow a loan when you are in need of credit. Once you submit your loan
application to a lender for a personal loan, the lender verifies and
approves it. Post this, the loan amount is disbursed into your bank
account. Once you receive the loan amount, you will need to repay the
lender via EMIs over the course of the loan repayment tenure.
EMI
or Equal Monthly Installment is the amount that a borrower pays each
month towards an outstanding loan to clear off the debt within a
specific time frame. EMI includes principal and interest.
A
credit score or rating is a number that indicates how you repay debt.
It is important because your score determines whether you qualify for
loans, credit cards, and other credit facilities.
Your
credit score is an indicator of how you handle your finances. It
considers your credit card bill payment history, repayment of past and
current loans, and other criteria. Your credit rating tells lenders how
likely you are to repay them if they grant you a loan. The better your
credit score, the better the chances are of getting a higher loan
amount.
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