Consultant

Why get personal loan for a car?! Get a car loan instead. Personal loan interest rates are super steep.

Product Designer

Only valid reason to take personal loan is to buy crypto.

Vacay jane ka hai bro. Insta pe dude banna hai

Software Engineer

Took a PL of 11L to fund land that I purchased, land loans are hard to get, too much back and forth! 
 If you work in a company that’s in the banks list you can negotiate a good rate.. mine’s 10.5%! But the return on the land more than covers the loan and its interest!

I want a debt free life. 
  
 Only home loan seems useful that too if I have 50% in account. 
  
 Like 1cr loan with 50L savings. 
  
 We can deploy our money 🤑 to grow.

Senior Consultant

Never really understood why would I take a personal loan.

Product Manager

If you are not eligible to get a car loan and taking a personal loan to buy a car, bro you are going to regret it later. Please don’t fall into debt trap

Computer Operator

I took to eat unlimited Briyani. It’s called credit card(personal loan)

Lawyer

Medical emergencies, Home-setup after shifting/moving, weddings 
  
 These days, vacations are biggest use case. 
  
 Personal loans are better as they have lower interest than Credit cards, and have flexibility of use. Most other loans require proof of use: Housing, Education, Cars, Consumer finance, 2-wheeler etc

Investment Manager

Everyone's requirements will be different, mine is to buy a car how about your??

Welcome to Personal Finance's Private Community

Why do we need personal loans ??

Team Lead

Why do we need personal loans ??- Grapevine

My Bank BOB is not giving me personal loan they are saying that as if now you are not eligible for this benifit. 
So where should I go for this ? Plz recommend any good other bank or fin-tech.

Personal loan.

Welcome to Indian Startups's Private Community

Looking to understand the new to credit market better to ideate a solution for them. Any research that can help? Also very keen to chat if anyone is thinking about solving for this market too!

New to credit janta

Growth Manager

Hello folks, 
Due to some financial crunch, I'm planning to get a credit card but I've heard from people about the scary stories of credit cards. Can any body who owns credit card can give his experience or any tips what card or how to use the card or any other general advice. 

I just want to use cc for online purchases and maybe in emergency situations. 

Thank you in advance.

Mindful credit card usage

I recently came across an idea/perspective about debt and it seemed to bring me clarity among discussion & fights online about credit instruments like credit cards etc.

Here it is:

Debt is a chainsaw tool, it is a dangerous tool. But it can be incredibly useful if used appropriately (like in cutting down trees) but can do incredible damage if it's misused.

Let me elaborate with couple of examples:
1. Credit card is dismissed as a dangerous tool by many and traditionally, people are hesitant to use it. But if you use it and pay it off in full every month, you can earn back 2-5% of your purchases, offsetting inflation partly. But if you use it as a bridge to pay for your expenses until you get paid or use it to take on debt or buying things that you cannot afford, it will damage you. Understand the tool and use it to your advantage.

2. Many people need a vehicle for their job. Lot of times people need to take debt for this. And it makes sense as you need to go to your job to earn money. Purchasing a good value for money vehicle is the choice, but instead of that many people buy what they can't afford by extending their loan tenures and spending a huge chunk of their income. Again, here debt isn't the problem, how you plan to use it makes all the difference.

I came across this idea when there was a lot of twitter chatter between influencers about good/evil of credit cards etc. In conclusion, credit is just a tool and by itself, it's neither good nor bad. Understand the tool and use it to your advantage or if the tool isn't for you, then just ignore it. Don't let tool make & control your financial decisions

A different perspective about credit/debt

Hi everyone, I am a new professional in the workplace (~2 years), and for my own independence and various other factors, I need to buy my own car. I already know the basic specifics of my car choice; I know which car model + variant to buy, along with the Showroom dealer and approximate on-road price of my choice of car.

As this will be my first car, I need to buy this with a loan. If it helps, my loan financing should be from SBI and I am choosing a Maruti Suzuki Nexa car.

I am looking for advice on how to go about financing this car payment via loan, i.e. what are the things I need to keep in mind in terms of the technical details of opting for a loan, whether I can directly opt for a loan with the help of the car dealer or keep the car purchase and loan sanctioning from the bank separate, down payment, etc.

Any advice is greatly appreciated!

First Car Advice: Financing

Systems Engineer

Hi, we are thinking of buying a new car in Bangalore and contemplating on whether to buy in cash or on loan. Considering the traffic conditions, we only want a small car like i10 or Tiago. We do have cash on hand to buy a decent hatchback or sedan upto 10L. It will not burn all our savings for sure. However, I have seen so many people still buying on loan even though they have cash.

Would be interested in knowing what makes more sense for others. Especially want to understand if there are other benefits of loan apart from credit building. Other suggestions on car models are also welcome! TIA.

Buying a car on Cash or Loan?

Cloud Consultant

Guys,
I have a monthly salary of 40000 rs(8 years in IT) and I am thinking about a switch and learning for it. My husband joined a company on Feb 5 and his monthly expected salary is around 65000 rs(5 years in fincrime).
We have around 5-6 lakhs debt, which we are repaying based on requirements. We are seriously thinking about buying a car as we have a 10 month old baby and travel is difficult without a good car, hence we are planning to buy kushaq ambition automatic (~18 lakhs).
We don't have money in hand thinking about taking a loan of 12 lakhs and rest by pledging gold.

Do you think we made the right decision to buy a car now. We have a 15 year old Alto now.

Is it advisable to buy a good car at this point?

Data engineer

Me and my spouse in total are earning 6 Lakh a month pre-tax, but inspite of that there is too much pressure on finances. I am just amazed with the cost of living. Rents, School fees, EMIs, Taxes are just eating away all the income. I am barely left with 1 lakh at end of month. 

This saving is not enough for any emergency. Recently my family faced with medical emergency and I am still recovering with the debt it created. Company covered health insurance denied the claim on certain grounds and we were f**c***.

It looks so pretty from outside, but honestly I am frustrated even with this package in hand. Is anyone else feeling the pressure, or I am just bad at managing finances?

High costs of Living. Anyone feeling the pressure?

I'm building a platform like Paisa Bazar, where I will be selling credit cards (I have a online distribution network from where I'll be diverting users)

On very cards landing page I want to list all offers for that particular card, From where can I get all these offers.

Questions form finance industry veteran and Ninjas

Software Developer

Hey folks!

I saw slice ad saying they are offering some upto 5 l interest free loan. Checking that out.

But what companies are offering loan at some extremely low interest rates? I am assuming banks would charge a premium vs the tech companies.

I am looking for some 2-4l loan purely because I can earn more via trading than the interests I'd pay for loan.

Least interest loans

Tech Lead

Welcome to Software Engineers's Private Community

I am earning lakh rupees a month(excluding my monthly expenses as a single). but  when I think about buying a house (2bhk around 7.5 to 8 hundred sqft) in a city like Pune/ Banglore. I feel I will not be able to afford it considering other expenses (along with 60 k emi). but when I see people with a salary of 50-60k per month buying the same houses. how are these people planning it out? and most of the people earn between 30-60k how you guys are planning it? how should I plan this for myself? and 20 years of repaying the loan. i feel it's a trap.

House property prices in metro and semi metro cities?

Next month I'll (26M) be taking a personal loan of 10L to pay off my family's borrowings. 

1. Any tips on managing the loan?
2. I have a good credit score so I can get it through a national bank like HDFC, SBI, etc.
3. Shall I pay it off in one instant in future or keep paying EMIs? I say one time payment because we plan to sell some property in future to get liquidity. 
4. Anything else I should take care of? 

I have savings of around 5L and I have a stable job for next 6-12 months (it's a startup so things are lil shaky right now). I plan to find freelance projects and increase my income. But this is the first time I will be taking a formal loan so it seems like a big and long commitment. 

Thanks!

Getting a loan soon, anxious about it

Founder

My current phone is almost 4 years old so I am in dire need of a new one, most of my friends/colleagues are buying Iphone and recommending me the same(since it has best camera + brand value) but for me spending most of my salary on a phone seems absurd....

Should I buy an Iphone from first salary

I am planning to buy a house(but in my mother's name) maybe at the end of 2024 so I wanted to have some clarity on the questions below.

House price = 100 + other charges?
Suppose somehow if I have 70 to buy the same house and I need remaining 30 + other charges.

1. How to get a loan for the remaining amount considering the house won't be in my name?
2. Will I get a house loan?
3.Do I need to apply for a personal loan?

Please share your thoughts🙏

Advice for loan

Saw this on Twitter today. Tech Mahindra hiring graduates for 3.25 LPA and 24*7 Shift timing. I talked to various people to get an idea of their pay. 
A) A plumber lives near my house. He said he earns 2-3k daily and works for 20-25 days average. He earns 50-60k per month. 
B) Electrician earns in the same range. 

And other technicians and workers like this who are skilled earn a lot more than a software engineer. 
This is the hard reality. Students study for 16 years and pay 15-20 lacs college fees for this.

Plumbers, Electricians earn more than an average engineer.

Welcome to the real world! 
  
 At the same time, you should know electricians/plumbers add more value to the society than a “fresher” TechM shift employee. If you’ve paid college fee that should not entitle you for a high-paying job. It’s just a privilege.  
  
 Sooner you realise this, better it would be.

Business Analyst

I am a middle class boy. Working in Banglore. I am earning 1.5L every month from last 3 yrs. But still I don't have a penny saved. I have to give all my money to my parents. They have huge debts and to avoid extra expenses i am working from home. It is killing my social skill but i am prioritising money over my social skills. I see my friend going to trips all around the world and while me scrolling through Instagram all the time looking at their photos. Still using my college phone and not upgraded to i phone, Uninstalled all shopping apps for unnecessary shopping are some steps I took to save extra money. 
The point is sometimes i feel proud to help my family to come out of this situation, but in the other hand i am losing the most important time of my life. 

I really feel this time i pushing me back by 5 yrs and really don't know what to do...

Why do we need personal loans ??

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