Is it good to take top-up loan on personal loan?

“Due to the relatively lower interest rate structure and flexible loan tenure, top-up loans are a better alternative to a personal loan. A top-up loan can be taken for a maximum tenure of upto 30 years or the remaining period of your existing home loan, while a personal loan is offered for a maximum of five years.

Is it advisable to take a loan to start a business?

One of the most common ways to raise capital for your business is to take a business loan. A loan is also a better source of capital for a profitable business in comparison with the share capital as you can have a better leverage. You enjoy the surplus of rate of return over the interest you pay for the borrowings.

Can you combine a personal loan with a home loan?

Yes, there is no upper limit on the number of loans that one can avail at one time, so technically yes, one can avail a personal loan and home loan together. The idea of repaying two loans simultaneously might seem daunting. However, opting for both the loans together could prove to be beneficial.

Can I get a personal loan if I already have one?

Can you take another personal loan when you already have one? Well, the answer is yes! You can opt for another personal loan from some other lender. But even if you are eligible for a personal loan from another lender, it is not a wise and smart decision to apply for multiple loans at once.

What does a bank look for when giving a business loan?

Banks evaluate your company’s debt repayment history, your business references, the quality of your product or service, and whether you have a good reputation. As a business owner, your personal handling of credit is also an excellent gauge of your likeliness to repay a business loan.

What is the best reason to give when applying for a business loan?

The report found that 45 percent of those companies applied for financing. The top reasons for applying for a business loan or line of credit are business expansion (64 percent), operating expenses (45 percent) and loan refinancing (45 percent).

How much personal loan can I get if my salary is 40000?

Multiplier Method

Salary	Expected Personal Loan Amount
Rs. 20,000	Rs. 5.40 lakhs
Rs. 30,000	Rs. 8.10 lakhs
Rs. 40,000	Rs. 10.80 lakhs
Rs. 50,000	Rs. 13.50 lakhs

What is the minimum salary required for personal loan?

The minimum salary for a personal loan for salaried individuals is INR 25,000 per Month (for residents of Mumbai and Delhi) or INR 20,000 per Month (for all other locations).

Should you take out a personal loan for your business?

Here are a few reasons you might want to take out a personal loan for your business: Personal loans are flexible and fast. If you need money quickly to support your business’s financial needs, from payroll to vendor expenses, a personal loan might be ideal.

Are personal loans a good idea for You?

Personal loans can help you with your financial situation, but only if you take out a loan for a good reason. Making smart choices about how and when you borrow will allow you to limit the interest you owe. That way, you can avoid committing too much of your money to debt repayment and can free up your savings for other important financial goals.

Should you take a personal loan to invest in real estate?

However, you should avoid taking a personal loan for the investment. This is because there are plenty of better options such as roping in co-investors or angel investors, or choosing asset-based loans, small business loans, etc. Banks are really prudent when they consider applications for a personal loan.

Should you take a personal loan for home renovations?

You can always take a personal loan in such situation if needed, but try to repay it as soon as possible to minimize the interest. Home renovation is also sometimes a good reason to get a personal loan, for quality paints, lighting fixtures, bathroom fixtures, etc. combined with all kinds of repairs can be quite costly.