Here?s what you need to know about personal loans?

Posted by anushka on March 28th, 2019

Personal loans are one of the most reliable financial tools to manage your quick financial needs and personal expenses smartly. There are several benefits of personal loans such as attractive interest rates, affordable EMIs, quick loan sanction, instant disbursals, etc. Top banks and non-banking finance companies come up with attractive deals, and round the year discounts to lure potential customers.

With personal loans, you can cover your personal expenses such as home renovation, medical bills, wedding expenses, shop for consumer durable items and meet any other financial emergency which might knock at your doorstep. Therefore, personal finance will help you solve your financial concern with just a few clicks online. There are aggregate sites wherein you can compare apple-to-apple in terms of interest rates, processing fee, loan tenure, maximum loan eligibility and apply for a personal loan. Thanks to internet facilities and these aggregator sites, you can compare quotes right from the cozy corners of your home or offices.

Some common factors that will make you eligible for a personal loan are: You should be resident of India, employed in an MNC, private limited or public limited firm, with a net monthly income of around Rs 25,000 and above. Through minimal paperwork, no collateral to pledge for, one can secure instant personal loans in india ranging between Rs 50,000 to Rs 30 lakhs in a couple of minutes. Some lenders offer attractive interest rates starting at just 10.99 % onwards. You can avail loan and make flexible repayment between 30-60 months. Through a loan calculator, you can pick affordable EMI and make comfortable loan repayments.

It is important to choose a bank or non-banking finance company with a good market reputation, and a friendlier approach to customers. For this, you can make efficient use of aggregate sites, check customer reviews and ratings, the loan processing time of particular bank or firm. You can talk to your friends, relative or financial expert to take an opinion about a particular lender and then make an informed decision.

The personal loan interest rates charged by various lender ranges between 10.99% to 20% and are finalized after considering a number of factors. Your income, credit score, repayment history, liabilities, loan tenure, all these aspects will come into the picture to decide your loan eligibility. As far as documentation is concerned, lenders would require a valid identity proof, income proof, residence proof, and proof of your verified signature. Thus, it makes the application process rather simple, stress-free and less time consuming for the borrowers and they get instant loan sanctions.

Do shop around to avail good personal loan interest rates. Ensure there a lesser rejection as it might adversely impact on your CIBIL score. Check your loan eligibility, EMI through online calculators. And maintain a healthy credit score of around 700+ for easy loan approvals.If you work in a reputed organization, you can get better interest rate deals since they may have tie-ups with some top banks and financial companies. Pre-approved Apnapaisapersonal loans are something you can get at attractive interest rates. Lenders offer pre-approved loans to those who maintain a good repayment history with strong income source.