#cibilscoreloans

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Why should you take a Personal Loan to upgrade your Home Appliances?

The word upgrade rings an alarm. The alarm indicates quite an expenditure. An expenditure that cannot be paid from normal earnings as upgrades are time-bound, mostly in years. So generally we save for the “upgrade” and do it when the need arrives.

In today’s turbulent times of high inflation and volatility, the blue-sky path of saving and spending does not help at all. Most people take on loans to do things. Many say this is progressive too as you are not delaying an upgrade in your lifestyle and rather pay off the debt in installments, the same way you would have saved in installments.

So where does the money come from for an upgrade of the home appliances? Is there a shopping loan or home appliance of a sort? There are personal loans of course and nowadays instant personal loans. Let’s see what they are:

What are Personal Loans?

What is not defined, or you do not intend to explain, is where personal loans come in. Despite many loan instruments made available by the financial industry, it shall never be enough to cover all aspects. It is unfair to think of it too. Home loans, car loans, education loans, business loans, and now shopping loans. Beyond that, there are personal loans for what all is left.

How can Personal Loans act as Shopping Loans?

Although specified credits are available in low or no-cost EMI or credit cards, shopping loans are still a new concept. They are more so unfeasible when the shopping is instant or impulse. Let’s say a sale deal or a limited period offer. Get an instant personal loan and use that as your shopping loan.

Will my credit score affect my ability to take Shopping or Personal loans?

Mostly all reputable instant personal loans now help people with no or low credit scores. Although Cibil Score Loan continue to prevail in establish bank houses, you can avail of instant personal loans at PHOCKET at a low credit score as well.

Why Personal loan for Shopping above other offers?

Credit cards continue to be the most pushed methods of shopping debt through ads, messages, and salespeople being present at the counter. Credit card debt is dangerous in nature due to its exorbitant amount of interest rate. While standing at the shopping mall, you can avail instant credit loans without worrying about CIBIL score and shop freely.

What to keep in mind?

Affordability and the need are a must. Just because instant personal loans are readily available should not mean you should overspend or spend on things that you do not require. Remember debts are there to help you and not to put you in more trouble. Do your financial cash flow check before taking a loan. So what you are buying with an instant shopping loan next.

Thus, the process is smooth and shorter (even less than the reading time of this blog). Be ready with scanned docs and visit the website (or download the mobile app now: Phocket — Instant Personal Loan). Your financial emergency need is no more a problematic event.

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Is it a Good Option to Take Another Loan to Pay off your Previous Loans ?

With passing time and growing age, we aim for higher comfort and earnings. We spend more, invest more, consume more. It could be basic utilities (clothing) or dream buys (home, car). This motivation in terms of increase in standard of living motivates us throughout the earning grind. There are many such dream steps like home or car, or even a top education or luxurious vacation. It could be anything and everything.

But do you know one common thing in all these wishes/needs? Money. They all cost us large sums. Dreams are one we want to achieve in the future through a plan of action, to acquire the resources we need to get closer to the dreams.

After all, we are not supposed to have the money for everything we may need. This leads to the foundation of the financial sector. We borrow and spend. We take loans from family, friends, or institutions. While we repay them through our earnings or through other means like sale of assets or deferred income, we can fail. Things do not always go as per plan. This is where personal loans come in. And personal loans online application is reality now as well, which we will read about…

What is a personal loan?

Banks and other financial institutions give loans for many purposes (home, education, car, etc.) after checking your cibil score loan <<Read our article on the importance of credit score and ways to improve it>>. One of the offerings is also called Personal Loan. These are loans taken for purposes that are not explicitly met by the limited options. In this case, you are also not required to disclose or prove the purpose intended to serve from this loan amount. Here you have the liberty to use the money in your way. Some examples are taking up same day online instant loans for emergency medical purposes. To get an instant personal loan for a trip abroad, and so much more. Another benefit of personal loans is smaller repayment amounts that can be paid back over a more extended period.

When should you apply for a personal loan?

A personal loan comes with a lot of other liberties too. When you have the freedom to spend, you also have the freedom not to disclose. It saves one from a lot of documentation hassle. The instant loans come with no collateral security (you can apply online and get instant personal loans from PHOCKET without any collateral in minutes). It could be for shopping or even paying off other debts, other loans accumulated in one go.

Is it a good idea to take another loan to pay off existing loans?

One of the leading reasons why personal loans are taken is also paying off other loans. It could be borrowing from friends or families, credit card, bank, workplace, EMIs, etc. Generally, the number of loans increases due to different needs and lenders. It becomes complicated, cumbersome, and even expensive to maintain different calculations and may lead to higher pay out. We seldom wish that one lump sum to get rid of them all. As the famous saying goes, fighting one battlefront is always better than fighting five.

This is where personal loans act as a magic wand. One best deal loan can pay off many loans. However, it must be ensured that the cost of personal loans is not overly priced than other loans. You may calculate the EMI of a new personal loan on PHOCKET’s homepage and compare against the existing loan’s EMI. Make a wise decision yourself!

How to avail of an instant personal loan online?

Now you can get instant personal loans sitting in the comfort of your home. You can download the PHOCKET app or go to the PHOCKET website. Inserting your basic details like age, earnings, location & occupation will yield your eligibility and loan sanction amount.

There are essential documents required to upload online in PDF formats like PAN Card, AADHAR Card and photographs. Putting up all these details will make you eligible for an instant loan where you can modify the amount, tenure & EMI. And that is all. The PHOCKET team will process your instant loan directly into your bank account within minutes.

So now, whether it is an emergency, an unfulfilled desire or removal of the hassle of multiple loans, PHOCKET - Instant Personal Loan is your way out.

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Why does credit score matter in availing of a large number of loans?

Everyone at some stage in their life needs extra cash. They first try to manage somehow by breaking savings or lending from relatives or friends. If the requirement is still not fulfilled, they take a loan.

Getting a loan from institutions is not a straight act. Loans from banks are not at all instant cash loans. There is a list of documents needed and processes to be followed to get the loan. We will discuss a vital component of that in this blog.

If you are a working professional, you may have heard the term credit score or CIBIL score (credit score by CIBIL agency). Even if you have not heard of it, do not worry; we will explain it to you.

What is a credit score?

A credit score is a 3-digit score ranging from 300 to 900 assigned to every person registered in the financial sector (via PAN Card, loans taken, bank account history, etc.). India’s central bank Reserve Bank of India has licensed this authority to 4 credit bureaus to rate individuals. These are TransUnion CIBIL, Experian, Equifax and CRIF Highmark.

A credit bureau is an organization that collects credit & relevant financial history and details of individuals to give them a credit score as may be needed by financial institutions like banks, employers, etc.

Each credit bureau has its own algorithm, scale, or method of calculating a credit score. The banks generally use the credit score to confirm if you are credible enough to repay the loan.

What type of credit score is considered good?

First, we will understand how a credit score is derived. It is generated by tracking different activities, namely and not limited to repayment history, credit mix, hard & soft enquires, age of debt, closed bank accounts and bill payments.

A healthy score is considered in the range of 700 to 900. Below that can be a sign of worry and may increase interest rates to even eligibility of availing debt products like loans or credit cards. Established bank accounts generally do not give loans to a person having a credit score below 700 or even 750.

Now, it is advisable to regularly check your credit score or cibil score loan periodically and try to keep it as high as possible.

Which type of loan is easily available?

Let’s assume that this information has come late to you or that your cibil score loan has suffered due to unavoidable circumstances. You do not need to worry. If there is a need for an instant cash loan, there are possible ways around it.

Do you know people who have never taken a loan or even used a credit card, and their credit score is 0? But that does not hamper their chances of taking personal loans.

PHOCKET brings you the option of taking instant cash loan online via its mobile app (https://play.google.com/store/apps/details?id=com.phocket) or website. There are some essential criteria like being an Indian citizen, the person must be an adult, and if salaried, then a bare minimum salary earning.

Yes, that is all, and you are good enough to get the loan.

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A poor credit score can get your loan application rejected. Improve it with Phocket Cibil Score Loan. The loan starts from Rs 5,000 minimum salary required is 15k.