REPAYMENT OF PERSONAL LOAN

WHAT IS A PERSONAL LOAN?
A personal loan is an amount of money that a person takes from the bank for his/her personal use like marriage, vacation, holiday, getting a new home, renovating the old home and much more. After following the procedure and verification of the documents, the loan is approved by the bank, and the amount is finally credited to your bank account. After getting the amount, you can use it for your purpose.

HOW TO APPLY FOR A PERSONAL LOAN? 

If you are thinking to apply for a personal, you have to follow the following steps: - 

• Check your credit score- before applying for any loan; you need to check your credit score. More the credit score, the lesser the interest rate. An ideal credit score is around 701. You can maintain your credit score by paying the EMIs of the existing loans and all other debts on time.
  
  
• Compare the interest rates- Interest rates, the amount of your EMIs depend on the interest rate. You can check the interest rates offered by different banks on their websites. Some banks offer high interest rates, while others offer lower interest rates. You can check the amount of EMI that you would have to pay after taking the loan with the help of a Personal loan EMI calculator.
  
  
• Check the eligibility- After comparing the interest rates and other things, you can finally choose the bank you want to take a loan to. After selecting this, you can check the eligibility criteria of the banks, which too is given online on their websites.
  
  
• Fill up the form- After checking the eligibility and having done with the research, you can finally fill up the available online form. You need to fill in your details in that form like your personal details, financial details and employment details.
  
  
• Get the documents- After filling up the form, check the documents that are required. Collect your documents and then upload them to the bank’s website, or you can also go to your nearby branch of that bank.
  
  
• Verification process- After completing all the steps, the bank will verify and cross-check your personal and financial details and various other things, like your credit score, documents, etc. Once the verification is completed, the amount of money will be finally transferred to your bank account in a short period of time. 

REPAYMENT OF A PERSONAL LOAN: - Once your loan is approved, and everything is done successfully, there comes the repayment of the loan. You have to return the amount that you have taken and that too with interest.  Following are the ways by which you can repay your personal loan quickly: - 

1. Foreclosing your personal loan: The personal loan is often used to fulfil short term financial debts. You can foreclose your personal loan if you have sufficient funds to do that. You can do this as soon as your lock-in period of the loan is over. But you may have to pay a penalty charge. Also, the prepayment on your loan saves a lot of interest, but at the same time, it lessens your financial burden.
   
   
2. Repay quickly on a higher interest:  You can take up this option when you have other existing loans on lower interest rates. You can pay your personal loan at a higher interest rate. Also, prioritizing debt is a smart way of ensuring that you repay it quickly.
   
   
3. Go for Debt Consolidation Loans: When you are struggling with the monthly EMIs and have multiple debts, you can go for debt consolidation loans to ensure that you are not lagging in paying your personal loan too often.
   
   

Different banks provide impressive interest rates on their personal loans. The interest rates of  Fullerton India Personal Loan ranges from 11.99% - 36%. There is also a processing fee. You can easily apply for a Fullerton India personal loan online on their website. After the approval of your loan, the amount will be a credit to your account within 30 minutes.

Also read this: How to Apply Online for a Personal Loan?