{"id":7363,"date":"2023-08-28T13:02:56","date_gmt":"2023-08-28T13:02:56","guid":{"rendered":"\/blog\/?p=7363"},"modified":"2024-11-21T20:23:49","modified_gmt":"2024-11-21T14:53:49","slug":"tips-to-save-money-through-personal-loans","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/tips-to-save-money-through-personal-loans\/","title":{"rendered":"Tips to Save Money Through Personal Loans"},"content":{"rendered":"\n<p>Imagine you have been planning to take a family vacation to some foreign land but are unable to do so simply because you don\u2019t have a lump sum amount of money in your bank account. Alternatively, you have accumulated substantial credit card debt and now are behind on your payments. This is hurting your credit history. Even though you have a stable income, you just can\u2019t seem to save enough money for footing big bills. These payments can also include sudden large medical expenses or huge home repair costs. Considering the option of taking a personal loan while facing such situations can be a lifesaver.<\/p>\n\n\n\n<p><strong>What Are Personal Loans?<\/strong><\/p>\n\n\n\n<p>A <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">personal loan<\/a> is generally taken to assist borrowers in making a big payment immediately. This loan can help you meet your short-term financial needs fast. A personal loan is unsecured in the sense that it does not require the borrower to keep anything as collateral or assure a guarantor with the bank. Unlike home loans or business loans that are given out for specific purposes of buying a house or running a business, personal loans can be taken to fulfil any end goal.<\/p>\n\n\n\n<p><strong>Personal\nLoan Eligibility Requirements &#8211; 2020<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Minimum income<\/strong>   <\/td><td>Rs 25,000 P.M. for salaried employees; Rs   5,00,000 gross P.A. for self-employed professionals   &nbsp;   <\/td><\/tr><tr><td><strong>Age bracket<\/strong>   <\/td><td>21 \u2013 60 years   &nbsp;   <\/td><\/tr><tr><td><strong>Duration of work experience<\/strong>   <\/td><td>Minimum of 3 years   &nbsp;   &nbsp;   <\/td><\/tr><tr><td><strong>EMI Cap<\/strong>   <\/td><td> 65% of the income   &nbsp;   <\/td><\/tr><tr><td><strong>Minimum CIBIL score (credit score)<\/strong>   <\/td><td> 650   &nbsp;   <\/td><\/tr><tr><td><strong>Employment type<\/strong>   <\/td><td> Employees working in MNCs, private firms,   government jobs and self-employed professionals like doctors, artists, business owners, CAs, etc.   &nbsp;   <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Optimise Finances Through\nPersonal Loans<\/strong><\/p>\n\n\n\n<p>Remember that personal\nloans are given out at lower interest rates as opposed to many other lending\ninstruments. There are several ways in which this type of loan can help save\nyou money. Read about a few significant ones below.<\/p>\n\n\n\n<p><strong>Additional Read<\/strong>:- <a title=\"Top 4 Things You Should Know About CIBIL Score to Get a Personal Loan\" href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/top-4-things-you-should-know-about-cibil-score-to-get-a-personal-loan\/\">Top 4 Things You Should Know About CIBIL Score to Get a Personal Loan<\/a> <\/p>\n\n\n\n<p><strong>Credit card debt\nconsolidation<\/strong><\/p>\n\n\n\n<p>This is one of the smartest reasons to obtain a personal loan. If you are struggling to repay your credit card debt due to high-interest rates, then availing a personal loan which is sanctioned at a much lower interest rate to repay your debt will save you a lot of money. Credit cards generally have high interest rates of around 20% per annum. However, a personal loan is issued at rates ranging between 9% &#8211; 12% per annum. Hence, it makes more sense to save on your overall interest payments by taking a personal loan and immediately paying off all your credit card debt.<\/p>\n\n\n\n<p><strong>Improve your credit rating<\/strong><\/p>\n\n\n\n<p>Lenders will label you a high-risk borrower if you have credit card debt and you keep maximising your credit card limit. Utilizing a personal loan to pay off your credit card debt will significantly improve your <a href=\"https:\/\/tata-blog.osian.dev\/check-credit-score.html\">credit score<\/a> (CIBIL). Since this loan is sanctioned for a fixed amount of time, repaying it in full by the end of the prescribed term will improve your credit rating. This will help you get bigger loans sanctioned at better interest rates, for when you want to buy a home or fund your child\u2019s education.<\/p>\n\n\n\n<p><strong>Tax benefits<\/strong><\/p>\n\n\n\n<p>Under the Income Tax Act, if you avail of a personal loan to make a down payment or renovate your house, you are eligible for income tax deductions of up to Rs 2,00,000 under Section 24. Usually, house buyers avail of Section 24 to lower their <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates.<\/a> However, this section can also be used for people that don\u2019t want a home loan but need money to get housing-related construction work done.<\/p>\n\n\n\n<p><strong>Avoid hidden fees<\/strong><\/p>\n\n\n\n<p>Credit card companies\noften levy hidden charges on cardholders. Users are unaware of these charges as\nthey are concealed well within the statements. Personal loans, on the other\nhand, have no pesky hidden charges and allow users to make big payments more\ntransparently. The loan can be repaid without having to incur any hidden fee.\nThis saves the borrower a substantial amount of money throughout the loan\ntenure.<\/p>\n\n\n\n<p><strong>Additional Read<\/strong>:- <a title=\"How Personal Loans Helps in Your Business?\" href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-personal-loans-helps-in-your-business\/\">How Personal Loans Helps in Your Business?<\/a> <\/p>\n\n\n\n<p><strong>Final Thoughts<\/strong><\/p>\n\n\n\n<p>Need quick financial assistance for an unfortunate emergency? Avail of Personal Loan with Tata Capital and take care of your big expenses at competitive\u00a0<a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/rates-and-charges.html\">personal loan interest rates<\/a>. Log on to our website to check your\u00a0eligibility\u00a0using our <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\">personal loan eligibility calculator<\/a>.\u00a0\u00a0<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply for Personal Loan Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Imagine you have been planning to take a family vacation to some foreign land but are unable to do so simply because you don\u2019t have a lump sum amount of money in your bank account.  <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/tips-to-save-money-through-personal-loans\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":7364,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-7363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tips to Save Money Through Personal Loans- Personal Loan Blog by Tata Capital<\/title>\n<meta name=\"description\" content=\"Personal Loans are mutipurpose loans used to meet your financial needs. Here are some tips which might help you save some meny through personal loans. Read this Personal Loan Blog by Tata Capital now.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tips to Save Money Through Personal Loans- Personal Loan Blog by Tata Capital\" \/>\n<meta property=\"og:description\" content=\"Personal Loans are mutipurpose loans used to meet your financial needs. Here are some tips which might help you save some meny through personal loans. Read this Personal Loan Blog by Tata Capital now.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/tips-to-save-money-through-personal-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T13:02:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-21T14:53:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/02\/save-money-through-personal-loans.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/tips-to-save-money-through-personal-loans\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/tips-to-save-money-through-personal-loans\/\",\"name\":\"Tips to Save Money Through Personal Loans- Personal Loan Blog by Tata Capital\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T13:02:56+00:00\",\"dateModified\":\"2024-11-21T14:53:49+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Personal Loans are mutipurpose loans used to meet your financial needs. 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