PERSONAL LOAN AND THINGS TO DO TO AVAIL PERSONAL LOAN
WHAT IS A PERSONAL LOAN?
A personal loan is used for personal purposes or to fulfill someone's personal desires. For instance, it can be used if you are planning for a vacation, or if you want to plan a big wedding or even, if you are planning to buy a car. It is only upto you why you are taking that loan. Some of the banks do ask you the purpose of availing a personal loan while others don't.In the whole process of availing for a personal loan, you need to apply for the same and then, provide all the necessary documents to the bank. After the successful verification of your documents, the loan will be finally transferred to your bank account. After getting the loan, you can use the money for whatever purpose you want, and after that, you have to repay the loan to the bank or to the money lender with an interest rate on it. The money can be paid back in the form of equated monthly installments (EMIs).
Different banks offer different interest rates on different loans. So, if you want to apply for a personal loan or any other loan, you should compare and contrast different offers by different banks, the features of a loan, benefits, interest rates, extra charges and at the end, decide the one which you feel is the most comfortable. The amount of money can be calculated with the help o a personal loan EMI calculator. You just need to put the values of the amount of loan, rate of interest, tenure of repayment and then, you will be able to get the amount of the EMI that you will need to pay every month. Indiabulls personal loan provides an easy procedure to avail for a personal loan.
THINGS YOU NEED TO DO IF YOU WANT TO AVAIL A PERSONAL LOAN: -
- Check Your Credit Score:- The credit score reflects your creditworthiness. It tells how you have managed your credits in the past. An ideal credit score is around 700, and it makes a candidate good for a personal loan. The higher your credit score is, the better it will be for you. The loan amount, interest rates, repayment terms are all decided based on your credit score.
- Compare Lenders To Get The Best Offer:- You need to research all the important aspects before applying for a loan, and even a little research goes a long way. You can compare the different personal loans in the market or present them online on the banks’ websites and compare the different interest rates. By this, you can choose the loan which has the best interest rate and features. It may take some time, but you will surely make the right choice of loan.
- Check Your Eligibility:- As mentioned earlier, good research will help you in the long run. Once you have chosen the loan, you have to check the eligibility criteria. If you are eligible and are fulfilling the criteria, then you can apply for your loan.
- Look For Seasonal Offers:- The money lenders and the banks notify their customers about the special offers through emails and SMS. You have to keep a watch for these offers if you plan to take a personal loan, and you can get it more affordable. These offers help you as they allow you to get limited period discounts on the interest rates.
- Qualify Based On Your Professional Credentials:- If you are a person who works for a reputed public or private sector or draws a high salary, you are a stable candidate in the eyes of the creditor. You can thus use your professional credentials as your advantage to negotiate a lower interest rate. If your company’s reputation is good or the importance of the company in which you are working, it can help you get a loan with a lower interest rate. This is because the lender will be assured that you have the financial means to make the monthly EMIs.
Also read this: What To Choose- Personal Loan Or Loan Against Credit Card
