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6 Common Myths You Shouldn’t Believe When Applying for Loan in Haridwar

By: f2cpvtltd

Finance has helped people turn a new leaf by lenders. Luxury lifestyle, cars, homes, international trips provoke people to indulge in credit facilities. Availability of loan in Haridwar such as home loan, personal loan, loans against property, credit card & balance transfer has become easier than earlier.

Although people are digitally focused & sound these days, they’re still unclear about several factors that end up inviting certain myths. And these myths refrain people from applying for a loan in Haridwar. 

Let’s find out some widespread misconceptions about loans in Haridwar.

Myth No 1: Personal Loan in Haridwar Involves Long Processing Time

You might be thinking that a personal loan in Haridwar requires a relatively long processing time than other credit facilities available. Being an unsecured loan where you don’t need to furnish any collateral as security, upon successful approval, you get the funds within 2-7 business days. Some lenders can also help you get the instant personal loan in Haridwar, where you get the disbursal on the very same day. If you’re also a resident and looking for an instant personal loan in Haridwar, don’t hesitate to contact our financial advisors. We’ll help you get the personal loan in Haridwar within 72 business hours post successful approval.

Myth No. 2: Low Credit Score Means No Home Loan in Haridwar

While credit score plays a vital role while evaluating any loan application, it doesn’t mean that a low credit score will always outright reject the rejection. Lenders can still approve your home loan in Haridwar based on your profile, financial standings, net take-home income & employer. If you’ve got a low credit score, you need to keep in mind that the interest rate will be higher than people with a higher credit score. If you’re already aware that you’ve got a low credit score or want to know it before applying for a home loan in Haridwar, feel free to contact Fair Fincorp financial advisors. You’ll get help choosing the right home loan as per your requirement, even if you’ve got a low credit score.

Myth No. 3: No Prepayment Option in Loan Against Property in Haridwar

Most people choose a shorter duration while applying for a loan against property in Haridwar. Thinking there will be no prepayment option. But it isn’t so true! Most banks and financial institutions offer prepayment options as per the RBI guidelines. No bank or NBFCs can charge anything when people foreclose or prepay the entire loan against property in Haridwar. When you apply for a loan against property (LAP), we suggest you go through the fine print carefully. Search on the internet, read financial blogs frequently, and empower you to make the best financial decision while applying for a loan against property in Haridwar. Also, you can reach out to the Fair Fincorp loan specialist to make the most of it.

Myth No. 4: No Business Loan in Haridwar If Already Having A Personal Loan

Most people think that you can’t apply for a business loan in Haridwar if you already have an active personal loan. But it isn’t true! Business loans require the profile & financial standing of your busy business, not the personal profile. A lender looks at your repayment capability and, if they find that your current income through business is satisfactory, approves the business loan in Haridwar without any hassles. Your financial standing has nothing to do with the business capacity. But yes, if you’ve defaulted on a loan or credit card in Haridwar earlier, then chances are there that the lender can deny any credit facility in question. 

Myth No. 5: Balance Transfer in Haridwar Not Possible 

It’s been also heard that people think they can’t transfer their existing loan from one lender to another. It isn’t true because balance transfer in Haridwar is possible, and all the major lenders offer it. You might be thinking about why we need a balance transfer in Haridwar. Suppose you took a home loan of Rs 50L for 20 years with an interest rate of 8.25%. You’ve been paying an installment of Rs 42603/- per month. Now, you come to know that there is another lender offering home loans in Haridwar at 6.70% as a rate of interest. Now, if you switch to the new lender, your EMI will be Rs 37870/- only. You can analyze how balance transfer can help you save hard-earned money. Suppose you’re also struggling to pay your existing EMI or looking for another lender due to any reason. Reach out to Fair Fincorp financial advisors for the smooth balance transfer in Haridwar with the lowest rate of interest possible.

Myth No. 6: Only Salaried Individual Can Apply For A Credit Card in Haridwar

Another myth is that only salaried individuals can apply for a credit card in Haridwar. It isn’t true! You can apply for a credit card even if you aren’t working as a salaried professional. For example, you can get a secured credit card in Haridwar against a fixed deposit. You deposit certain funds as fixed deposits, and in return, your lender gives you a credit card with the same or reduced limit. If you don’t pay the credit card bill, your lender reserves the right to lapse the fixed deposit made by you. Another way you can get a credit card in Haridwar is a supplementary card. 

If your brother, spouse, or parents have an existing credit card, they can request a supplementary credit card for you. Although you go through with the Loans in Haridwar same KYC, it isn’t mandatory to be a salaried professional. You can use this credit card as your credit card, but the bill will come under the primary account holder’s name. 

If you’re also a resident of Haridwar and seeking any financial assistance related to any credit facilities, Fair Fincorp can be your partner in the journey. We’ve been working for a decade and have helped thousands of consumers make an ideal financial choice. You can also be one of them. Therefore, Call +91 9897666966 today or send your inquiry to One of our Insurance Experts will follow up with you within 24-48 business hours.

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