Nowadays, taking loans has become so easy that what can I say, if you use a credit card or you use any EMI-related card then you must be getting calls for loans daily. But my advice is to never take a loan from them because their interest rates are very expensive as they say but there are many hidden charges also in many of the apps. Have you ever doubted that when you do not get a loan easily from the bank then how these third-party apps give you a loan so easily? Even if you take a loan from any bank, I would advise you not to use third-party apps because many of them are fake and if you miss even one installment by mistake, then they will behave very badly with you and that can be more bad.
If you have a credit card and your CIBIL score is good then you can get a loan very easily. Believe me, it takes less than 5 minutes. If all your documents (KYC) are already uploaded then it is very easy. I have told you something. Had tried taking a small loan a month ago. Believe me, it only took about 10 minutes and the money was transferred to my account. Nowadays, if you open any investment app, you will get the option of a loan there, but not everyone is right, do a little research about it, watch videos on YouTube or their reviews on any website and there are many other ways through which you can get a loan and know about them.
Today, a lot of scams are going on in the name of loans and they are causing a lot of harm to people's lives. Some people are even committing suicide due to this problem. Believe me, they don't care whether you live or not, they are only concerned with their money, they can go to any extent to recover their loan and this is true. Recently I watched a documentary on how the scam of loan apps is done. It has been explained about it in a very relaxed manner. If you have time, you can watch the video from here.
Ever since the EMI option has become available, people have started spending more from their pockets and sometimes their entire month's salary goes into EMI only. Yes, many people are helpless but some people also use them to fulfill their hobbies and some people even take loans to fulfill their hobbies and this is a very bad thing. Because if you are taking a loan from any app, then they do not understand your problem, they are only concerned with their money, If you do not give them the money on time, then they charge interest for the number of days you are late.
Only a few years ago I saw that the interest rate was 9%, today it has become 14%, this is so clear because people are taking loans and they are paying installments in EMIs, and due to this, they are getting convenience. They are returning too much money, and 14% interest does not work. This is the only reason for increasing the interest rate because people are paying interest and hence the rate is increasing day by day, it is not known how much it will be in the future. Nowadays, many banks are also giving loans to the people. Nowadays, many schemes are being run by the government through which you can easily get a loan, it is mostly available for small, big, and very big businesses. Many people are also earning profits by using both of these. Because in the schemes run by the government, you also get a subsidy of 25 percent, this means that whenever you repay the loan amount in full, you will get 25% of the loan amount back.
And yes, the interest rate here is also very low as compared to the schemes, but not everyone can get it, there are rules for this, if you want to do a small business or startup then only you can get this loan. Yes, many people. Loans are also taken by making fake things, but if you want to get such a loan legally, then you will have to think of a business idea. Just a few days ago I met a friend of mine, he works in a good position in a bank and was telling me how these days banks are pressurizing them to disburse loans. So you can understand that under government schemes, there is pressure on banks too so that they can distribute loans and when elections are held, they will be able to show the government that they have spent so much money in the business startup of so many people. It doesn't matter to them whether that business will run after that or not, they just want to show here that they have given so much money to open so many businesses.
see you in the next post. Keep learning and keep exploring...
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