Consider these things before applying for a personal loan

Posted by shruti keshre on March 9th, 2020

The easy availability of personal loans have largely impacted the economy, more for good reasons as the sale of goods and other consumer durables have helped businesses bloom.

However, an applicant applying for personal loans should keep few things in mind which will save them from future problems.

Pointers like an applicant’s credit score, interest rate and other things need to be carefully dealt with before making any decision. Taking care of these things will ensure getting personal loans available at best interest rates.

These days there are various apps available to lend one the funds required to meet the temporary shortage of funds. These are very convenient and have gained immense popularity due to the instant availability of funds. These apps can be downloaded free of cost and have the features of applying personal loan on the go, anytime anywhere. Instant cash loans are thus very helpful for those in urgent need of funds.

Loans can be availed for medical emergencies, for managing debts, for higher education, for planning a wedding, for purchasing a commodity or renovating home. Instant loans are handy to the borrowers, hence it is a boon for people looking for funds instantly. In most of the cases, the borrowers get the amount disbursed to the account very shortly. The interest rates at which these are available are also affordable with minimal documents to be submitted. 

As Instant loans are mostly pre-approved loans that are offered to the customers based on limit, it can be disbursed to the accounts as the lender is already aware of the credentials of the borrower.

An applicant applying for Instant loan can check the eligibility criteria beforehand and can apply accordingly. If all the factors are matching the eligibility criteria supported by a healthy CIBIL score, there are greater chances of getting the loan in a short span of time. One can even calculate their eligibility criteria using the EMI Calculator that is a free tool available on the website of the lender. It gives one with a rough figure what will be the monthly cash outflow, which helps the borrower to plan his repayments accordingly.

Let us evaluate a few points which will help one get a good deal when applying for a personal loan

Comparison of lenders - Due to tough competition in the market, the possibility of getting the best deals are on high. Choose the one with the best USP as it will give better features and benefits suitable to you.   A healthy credit score above 750 will be helpful in finding the best deal. 

Applying according to need - Before taking the call, figure out, how much is the requirement and how much you can afford to repay? The key to stay away from unnecessary debts is to apply for the loan amount one actually is in need of. Considering alternative income sources will be helpful in getting the loan amount that is needed. If this is not workable one can consider reducing the loan amount.

Check for the eligibility – An applicant’s age, citizenship, stable income and Credit score are the main criteria for deciding the eligibility by the lender. It is important to keep updating the credit score frequently. For lenders, it is one of the prime factors in lending one the approval for the loan.

Flexibility in tenure – There are various lenders in the market providing personal loans, so one should evaluate all the details and features before finalizing the deal. Before going ahead with any deal, one should check if it is possible to repay it overtime or not. A longer tenure decreases the EMI but overall increases the net amount which one will have to pay as interest. 

Look for the ones that suit your interest and caters to your needs and requirements. One can use the EMI Calculator to find out what is the exact cash outflow that will assist in planning the loan repayment carefully.

Reading the fine print carefully – Many such points which the lender do not mention to the borrower upfront are stated in the fine print of the loan application, Often in hurry, one skips reading all the details carefully where all the other charges are mentioned and end up paying those charges which come wrapped up with the amount as EMI. 

Hence, it is important to look closely all the details that are mentioned in the fine print which might not come as a surprise to you in the later stages of the loan approval.

India bulls personal loans offer faster, easier, and hassle-free disbursal of personal loans. India bulls offer personal loans ranging from Rs 3,000 to Rs 15 lakh at low-interest rates ranging from 11.49% p.a. 

India Bulls personal loans are very popular amongst masses for meeting their financial needs. A borrower looking for personal loans can count on India Bulls Dhani which are great on features and rates.

Flexibility in repayment – Repayment tenure is available up to 24 months and no prepayment charges are levied if one wishes to prepay or foreclose the loan up to Rs 20,000.

Minimal documentation – Only basis documents of KYC are required which the applicant are required to upload it online which makes it one of the attractive features of the India bulls Dhani. 

No pledging of security – For loans up to Rs 15 lakh, one need not apply with any guarantor or pledge any security. One can avail a hassle-free unsecured loan online.

Quite convenient – From loan application to loan sanction to disbursal in an account, the entire process is hassle-free online.

Faster disbursal – There is faster approval of loan after the verification of KYC are done. On meeting the eligibility criteria, the loan is disbursed to the account very shortly.

India bulls is a great way of getting funds in need, and also at an affordable rate. The need to provide minimal documents makes it one of the popular options amongst borrowers. It helps one avail instant cash funds without putting any collateral as security.

An applicant before applying for the personal loan should definitely look for the pointers stated above which will enhance the approval of the loan and also help one get the best deal. 

Read More: Calculate Your EMIs By Entering the Kotak Mahindra Bank Personal Loan Interest Rate 2020