How to ensure your personal loan application is not rejected

Despite every financial planner advising against personal loans and a high interest rate range of 14-24%, their popularity is on the rise. This is likely to be more so after the recent rate hikes by the RBI and the increase in lending rates that are bound to follow. This is because people tend to opt for the simpler route as personal loans are easily accessible. "There has been a gradual increase in the overall demand for personal loans and it has typically grown at the rate of 10-15% year-on-year," says Sumit Bali, executive vice-president of Kotak Mahindra Bank. In fact, personal loans rose to 16.2% year-on-year in February from 4.1% a year ago, according to Sonal Varma, India economist, Nomura Financial Advisory & Securities, in a report titled 'India: Credit to Households and Services Still Buoyant'.

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