Ram Fincorp Blog

Your credit score plays a lead role in defining your financial health. It is a three-digit number that reflects your creditworthiness and is assessed by credit bureaus like CIBIL (Credit Information Bureau India Limited). A good credit score increases your chances of getting a loan or credit card approved with favorable terms and interest rates. However, a low CIBIL score can make it challenging to secure financial assistance when you need it the most. But fret not! There are ways to obtain a personal loan even with a low CIBIL score. In this blog post, we will explore some effective strategies to help you get a personal loan despite a low credit score. Low CIBIL Score Understanding CIBIL Score and Its Impact Before delving into the methods of obtaining a personal loan with a low CIBIL score, let’s understand the significance of this credit score. The CIBIL score ranges from 300 to 900, with a higher score representing good creditworthiness. Lenders rely on this score to assess your cr...

  Tax Benefit from Personal Loans Are you looking for ways to reduce your tax liability while enjoying the benefits of a personal loan? Look no further. In this article, we will explore the tax benefit from personal loans and how you can make the most of it. Introduction Personal loans are a popular financial product that people use to meet various expenses, such as home repairs, medical bills, or debt consolidation. A personal loan is an unsecured loan, which means you don’t have to put up collateral to get it. The loan amount and interest rate depend on your creditworthiness and income. Apart from providing immediate cash flow, personal loans can also help you save on taxes. Yes, you heard it right. You can claim tax benefits on personal loans, subject to certain conditions. Tax Benefit from Personal Loans Tax Benefit from Personal Loans Under the Income Tax Act, 1961, you can claim tax benefits on personal loans if you use the loan amount for specific purposes, such as: Educatio...