Few Tips To Shortlist A Better Personal Loans Option!

Posted by arjun on March 26th, 2019

We cannot spare ourselves from the possibility of a financial crisis wherein you might require money for urgent medical attention, car repair or home renovation, etc. Although, you may have savings to defend your expenses, however, at times it would prove insufficient. Hence, most public and private banks, non-banking finance companies offer personal loans at affordable interest rates and quick sanctions online. These loan products are an ideal way to fund your financial goals without pledging for any collateral.

Yes! You heard it right. There are some reputed lenders who offer personal loans up to Rs 20-25 Lakhs at an attractive starting with just 10.99% and mere processing charge on it. The best thing is, with a strong income source and credit history, you can negotiate with the lenders to further reduce your interest rate, and choose EMI that are affordable on your pockets. If you approach a traditional lender, you first have to pay exorbitant interest rates and secondly, they would definitely ask you to pledge any collateral. The time limit for repayment is also very uncertain and there is always a fear of, the collaterals being seized by these lenders. However, reputed lenders of the private and public sector, offer you repayment tenure of 12 to 60 months. As long as you clear the eligibility criteria being set by the loan lender, you're good to get instant loan sanction and quick disbursals within a day or two to your bank account.

Here are a few tips you can follow, to avoid making mistakes while quoting for a personal loan:

Do product research

It is good to do your product research, as it will decrease the probability of availing higher interest rates. If you choose a loan option with a higher interest rate, you will have to spend more money out of your pockets. We understand it might be hard, to personally visit the banks and non-banking finance companies, to collect information leaflets, talk to managers and then take a call on best personal loans quote. Therefore, we recommend visiting loan aggregator sites that offer personal loans of reputed players under a single platform. You can compare quotes in terms of interest rates, maximum loan amount you can qualify and get a quote in just a couple of minutes on your smartphones or laptops.

Make a quick profile assessment

It’s important you make a quick profile assessment before you plan to do any form of research or apply for Apnaloan personal loans. Its important check your income source, clear your prior debts and maintain a healthy CIBIL score of 750+ to get higher loan eligibility and attractive interest rates. People who are employed in reputed firms, government sectors with robust job security will get quick loan sanctions. It proves their repayment potential.

It's about choosing the right loan lender

In your quest to avail finance, you may approach the first loan lender that comes to your sight. However, it’s not necessary they are the best. Most borrowers many go for banks, but there are NBFCs as well that give better credibility benefits, services,  no stringent measures for documentation that would help you easily avail personal loans. You might get a concession of the processing fee, no late payment, and waiver on pre-closure charges, etc. This could be a big boost, and your loan would prove affordable on your wallet.

Choose the right EMI and tenure option

Although longer tenure would personal loans more manageable, however, in the long run, you might end up paying more interest rates. So, try to choose your tenure carefully and go for shorter loan duration. It is wise to understand your economical withstanding, push any incentives or increments for early loan repayment. It will help you keep your credit rating intact in the long run.