Know These 5 Golden Rules to Follow When Taking Personal Loan
The nation’s per capita income witnessed a steady rise of 10% to Rs.10,534 a month as of the fiscal year 2019.
However, rising prices of consumer products and durables fail to give individuals their required financial security and savings.
Such circumstances pose a challenge to meet their personal and professional monetary goals.
Following this, most individuals prefer to take a personal loan offering a substantial credit amount.
These personal loans can be used by borrowers to start or expand their business, fund their higher education abroad, and manage wedding expenses.
Thanks to leading financial institutions, such credits are now conveniently available and come with multiple borrower-friendly features.
However, despite the financial security that it brings with it, availing a personal loan online requires a thorough survey of the market.
This ensures that you make the most out of your acquired credit. Here are a few rules that you need to keep in mind while availing a personal loan –
-
Calculate The EMIs Accurately
Personal loans are designed to help borrowers meet their personal and professional goals.
Hence, it is essential that the repayments don’t take a toll on the monthly budgets of the borrowers.
Thus, individuals need to opt for lenders that provide them with affordable EMI options.
Additionally, they can also use the precise personal loan EMI calculators to calculate the monthly repayments and decide the tenor of their credit.
-
Consider The Tenor
One of the most important criteria that needs to be considered before you take a personal loan is the tenor.
While an extended tenor reduces the monthly EMIs, it also accumulates a higher total interest.
Such incurred expenses in the form of hefty interest amount are uncalled for and can be avoided by availing a shorter tenor.
-
Compare The Interest Rates and Charges
Interest rates play a crucial role in determining the monthly repayments and thus should be chosen carefully.
With attractive personal loan interest rates, EMIs become affordable and therefore, convenient to repay within the pre-set time.
-
Look Into The Features of The Loan
Borrowers need to conduct a thorough market research. It is advisable to opt for personal loans provided by only leading financial institutions such as Bajaj Finserv.
These unsecured credits come with multiple features, nominal eligibility criteria, and minimum documentation requirements other than –
- No-end usage restriction.
- Attractive personal loan interest rates.
- High credit amounts of up to Rs.25 lakh.
- Flexible tenor ranging from 1 to 5 years.
- Collateral-free credit.
- Zero hidden charges.
- Access to loan account online.
Furthermore, such credits are also the best aids in case of a personal loan required urgently.
Bajaj Finserv is an NBFC, which offers disbursal of loan amount within 24 hours of approval.
They also bring you pre-approved offers that make the process of availing such credits easier and quicker.
These offers are available on several financial products that include both unsecured credits like personal loans, business loans, etc. and secured credits like home loans, etc.
You can take a look at your pre-approved offer by providing a few essential details like name and phone number.
-
Go For Lenders Requiring Easy-To-Meet Personal Loan Eligibility Criteria
Most reputed NBFCs require the borrowers to meet some nominal eligibility criteria like –
- He/she should be a resident of India.
- He/she needs to be a salaried employee in either a private or a public company or at an MNC.
The minimum salary required for prospective borrowers varies from one lender to another and depends on the city that he/she resides in.
Meeting such nominal eligibility criteria and furnishing a few documents help borrowers avail considerable funding that can be used to cover several expenses and consolidate all the existing loans.
Category: Personal Finance
