Personal Loan Basics for First-Time Borrowers
For first-time borrowers, personal loans are a convenient way to access funds without pledging collateral. They are typically unsecured, meaning approval is based on income, credit score, and repayment ability rather than assets. Loan amounts, interest rates, and tenure vary depending on your profile, and many lenders now offer fast, paperless applications. It’s important to compare lenders, understand fees and repayment terms, and ensure EMIs fit your budget. Responsible borrowing and timely repayment not only meet your financial needs but also help build a strong credit history for future borrowing.