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Expert Advice on Loans
Loans are a little tricky subject in the financial world. In an unplanned emergency, yes! one has to take a loan. So it would be nice to understand what should be considered and when one should look out for availing a loan.
One should consider taking a loan when there is a life goal requirement.
All the loans that are taken, have to be paid back. Hence the monthly installments as part of the EMI should always fall within your repayment capabilities. One should judiciously budget for the monthly income and expenses before zeroing down on the amount of loan.
If one has some investments that are not making adequate returns, it is wiser to exit such investments and use for the emergency rather than availing a loan. Thus the interest payments should be better than the investment returns.
You can avail a loan when you know that the money is coming soon, but you haven’t received it yet. If you are in an emergency to purchase, you can take out a loan and repay it as soon as the money comes to you.
Importance of credit score while taking loan
Credit Score defines the financial prudence of a borrower. In India, CIBIL (Credit Information Bureau (India) Limited) provides the credit score. CIBIL collects and maintains records of an individual ‘s payments pertaining to loans and credit cards. These records are submitted to CIBIL by banks and other lenders, on a monthly basis. This information is then used to create Credit Information Reports (CIR) and credit scores which are provided to lenders in order to help evaluate and approve loan applications.
A Credit Score or the CIBIL Score is a three-digit numeric summary of your credit history. The score is derived using the credit history found in the CIR. A CIR is an individual's credit payment history across loan types and credit institutions over a period of time. The CIBIL Score ranges from 300 to 900. From the data provided by CIBIL loan providers prefer credit scores which are greater than 750. Since, the credit score and CIR not only helps loan providers identify consumers who are likely to be able to pay back their loans, but also helps them to do this more quickly and economically. This in-turn translates into faster loan approvals.