Latest Blog Articles

To borrow the right personal loan from a bank, evaluate your purpose, loan amount, and repayment capacity. Compare bank offers across interest rates, fees, flexibility, and eligibility. Use platforms like Buddy Loan to simplify comparisons and always check the full loan agreement before committing.

Choosing the right personal loan involves evaluating key factors like loan amount, interest rate, tenure, and repayment flexibility. Use tools like the Personal Loan EMI Calculator to find an affordable option. Ensure you meet the eligibility criteria, check for hidden fees, and assess the lender’s reputation. Consider loan disbursement speed and prepayment options for more flexibility. By balancing all these factors, you can find a loan that best suits your financial situation and goals.

Choosing the right personal loan tenure involves balancing your monthly EMI affordability with your long-term financial goals. A shorter tenure reduces interest paid but increases EMIs, while a longer tenure offers lower EMIs but costs more in interest over time. Use a Personal Loan EMI Calculator to determine the best tenure for your budget and needs. Don’t forget to consider factors like lender reputation, prepayment options, and eligibility criteria before finalizing your loan tenure.

An RBI repo rate cut reduces banks’ borrowing costs, prompting lower lending rates. This can make personal loans cheaper—especially for floating-rate borrowers. Fixed-rate borrowers remain unaffected. Understanding how and when repo rate cuts affect EMIs helps you plan your borrowing wisely.

A personal loan gives you a fixed lump sum with EMIs, ideal for long-term, planned expenses. An overdraft facility offers a revolving credit line where you pay interest only on what you use, best for short-term or unpredictable needs. Choose based on your borrowing habits, repayment ability, and financial goals for smarter money management.

A personal loan can be a smart financial move when used for debt consolidation, emergencies, or planned expenses, and repaid responsibly. However, high interest and rigid EMIs can be risky for overspenders. Before applying, compare lenders, check eligibility, and use fintech platforms like Buddy Loan to find verified loan offers that fit your financial goals.

CIBIL defaulters can still get personal loans by using secured loans, guarantors, NBFCs, or platforms like Buddy Loan. Apply for smaller amounts, repay on time, and keep your credit usage low. With consistent financial discipline, you can rebuild your credit score, restore trust with lenders, and regain financial stability.

Personal loans provide quick, collateral-free funds with flexible usage and fixed EMIs, making them ideal for emergencies or debt consolidation. However, they come with high interest rates, fees, and repayment risks. Used wisely, they build credit and improve finances; misused, they can lead to a debt trap. Always compare alternatives and plan repayment.

Many personal loan apps use fake legal threats to scare borrowers into repayment, often involving harassment or blackmail. Real RBI-regulated lenders, however, follow strict procedures formal notices, restructuring offers, and legal action only through proper channels. If threatened by an app, verify lender credentials, stop sharing data, and report the app. Borrow safely with RBI-approved lenders and avoid falling for scare tactics.

Not all EMI loans have prepayment charges. While fixed-rate personal and car loans often attract 2%–5% fees, floating-rate home and business loans are mostly exempt under RBI rules. From January 1, 2026, no prepayment charges apply to floating-rate loans for individuals and MSEs up to ₹50 lakh. Always review your loan documents and RBI guidelines to confirm charges, and plan repayments smartly to save on interest without penalties.