4 Things you Need to Keep in Mind Before Applying for a Personal Loan

4 Things you Need to Keep in Mind Before Applying for a Personal Loan

4 Things you Need to Keep in Mind Before Applying for a Personal Loan

Just like you would plan any other financial decision in your life, it is essential that you plan before applying for a Personal Loantoo. Taking the time to research and study each step can help you find the best loan offering for your needs. This can also make your loan borrowing experience much smoother.

Here are some basic steps that you must follow before you apply for a Personal Loan:

1. Find a lender who meets your requirements

While you are looking to select the ideal lender, it is important that you look beyond lower Personal Loan interest rates and longer tenors. Choose a lender who meets your specific needs and offers you added benefits that will make your loan processing and repayment easy.

Here is a checklist to help you find the ideal lender:

  • Easy loan eligibility with online application options
  • Minimal documentation requirements
  • No hidden charges
  • Minimum charges on part-prepayments or foreclosure
  • Flexibility to help you borrow and repay as you need
  • Quick loan approval and easy disbursal

2. Check your credit score before applying for a loan

Your credit score plays a vital role in determining your Personal Loanoffers. Lenders judge your creditworthiness by reviewing your credit score and credit report. A good credit score of 750 and above can help you access the best loan offerings at low Personal Loaninterest rates. If you have a low credit score, work on improving it before applying for a loan. This can be done by clearing off existing debt, making sure you make bill payments on time and more.

3. Check if you meet the lender’s eligibility criteria

It is also important to check your preferred lender’s eligibility criteria before applying to avoid any chance of rejection based on eligibility. If your loan application gets rejected for not meeting the eligibility criteria, it will adversely affect your credit score. You can avoid this mistake by using a Personal Loaneligibility calculator that can be found on the websites of most lenders.

4. Forecast your EMIs and plan your repayment

Choosing higher EMIs can help you get debt-free faster, but you should choose this only if you can afford it. It is important that you choose a tenor that suits your needs in order for your repayment process to be convenient and economical. You can do this by planning your repayment in advance and calculating your EMIs. A Personal Loan EMI calculator can help you make your calculations in an accurate, easy and quick manner.

Follow these simple tips and simplify the borrowing process. Use the money for your needs and repay it with ease.

Bajaj Finserv offer Personal Loansup to Rs.25 lakh at nominal interest rates. Not only is their eligibility criterion and application process easy, they also offer doorstep documentation pick-up and innovative features like the flexi loan facility. You can also check your pre-approved offer to know the loan amount you are eligible for and get the money you need disbursed quickly.


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