Blog #Indiabulls Personal Loan

With the effect of lockdowns on the global economy, many people suffered financial debt. Get the Personal Loan Calculator working and avail yourself of the most suitable personal loan scheme. As a personal loan is an unsecured loan, the repayment is made in EMIs and the loan repayment tenure. With a personal loan calculator's assistance, the applicant gets to evaluate the best option for himself. Whether you are salaried or self-employed, a personal loan will diminish the financial crunch you are facing.

Concept and Usage of a Personal Loan Calculator -

Before you file your application, use the Personal Loan Calculator by entering the essential information. You do not need help from a professional because it is a user-friendly process. A personal loan calculator is an EMI (Equated Monthly installments) Calculator that helps you evaluate the amount  interest an individual will pay throughout the loan tenure. For availing of a personal loan, all lending institutions have a personal loan calculator on their website. 

You will have to enter your basic information consisting of -

• The amount of loan you require. 
• The preferred tenure of your loan. 
• The income you generate, along with your credit history and relationship with the bank.

After assessing your profile based on these parameters, the bank will consolidate a list of amounts and interest rates suited for you. 

Follow the steps for getting a Personal Loan -

We will suggest you scan the Personal Loan schemes at Indiabulls because of its hassle-free process and flexible interest rates. You can quickly get a personal loan at Bajaj Finance by giving your basic information.

Indiabulls Personal Loan Parameters:

Use the Personal loan Calculator to get funds ranging between Rs. 50,000 toRs. 25 Lacs.

Preferred Loan Tenure :

Your loan tenure can span from 12 months to 60 months. Be wise to opt for the period and get affordable EMIs.

Premium Rate:

The rates vary from 11.49% to 22.50% per annum and compound into a higher EMI over some time.

Personal Profile:

Your monthly income, credit history will result in a better personal loan scheme for you.

Here's how to use the Indiabulls Personal Loan EMI Calculator?

1. Add the following details into the information bar as given, the loan amount, tenure, and interest rate.
2. Check the personal loan calculator for the EMI amount displayed.

Facts you should know about a Personal Loan -

• It is an unsecured loan, and you can get the evaluated amount by submitting the KYC documents for the Indiabulls Personal Loan.
• Unlike a gold loan, a personal loan has a higher interest rate and stricter criteria for the application process. 
• The minimum rate of interest you will get for a Personal Loan will be 11.49% per annum. 
• Take full advantage of a personal loan to meet any financial need. The salaried and self-employed personal loan applications differ in terms of the applicant's age, salary, and a few documents. 
• Every financial and non-financial institution has a personal loan calculator on its website to assist you with the process.

Why using a personal loan calculator will help you in getting your loan?

With upgraded tools and methods, a lot of time gets saved from doing lengthy calculations. Besides, it saves you from having any errors in the process. Not only that, but it will also help you in anticipating your entire investment while getting a personal loan.

Conclusion:

We understand if you do not have an explicit knowledge of what a personal loan is or which one to choose. Therefore we are here to get the best option for you. A Personal Loan is a salient choice because of its lucid process and accessible options.

Read More:- Personal Loan Approval In Covid Can Be Difficult 

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: - 

1. 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.
2. 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. 
3. 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.
4. 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.
5. 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 

A personal loan is an amount of money that one borrows from a bank for various purposes. One may take a private or consolidation of their debts. There are many options available while taking a personal loan. How will you choose? What will you choose? Many questions come to your mind while applying for a personal loan. One of the essential things is the interest rates. One does not want to waste his money giving high interest rates.

So it is necessary to have a suitable tenure period in order to avoid higher interest rates. One needs to do all the research about every certified bank possible before applying for a personal loan. Different banks provide different schemes for personal loans. Personal loans can be customized according to one's financial capability. You need to choose the right bank for your personal loans. These do not require any collateral. You don't have to provide any of your assets as a guarantee for the loan. The only advantage of delivering your collateral is that you will be able to get lower interest rates which can help you save a bit more money.

Personal loans require very minimal documentation: There are many personal loan eligibility criteria. Age limit is one of them. People age 21-68 can apply for personal loans. The person should have a source of income. He could be in business, self-employed, a student, or any other. The person should be employed for 2-5 years. The minimum income should be at least five thousand per month. He should have work experience of 1-3 years. He should be able to give up to 65% income for EMI. There are personal loan eligibility calculators available online through which you can check your eligibility by putting the required data.

Factors affecting the loan eligibility criteria. Some of them are listed below:

Geographic location:  the area where you live determines whether you will get a loan or not, as in very small places, the facilities are not available. Income: Your income decides the eligibility of the personal loan. You need to be capable of giving up to 65% of your monthly income to the EMI.

Housing situation: If you have a house of your own, then the rental charges of your home will not be there, which will help you maintain your finances better. Existing credit: In case you have availed of another personal loan, your chances of getting a new loan will be lower than if you have no other credit to repay.

Credit history: Your credit history will have a big role in the personal loans; if you have higher credit scores, then it's easy to get a loan, you will be getting lower interests.

With poor credit scores, it's very difficult to get loans. But there is a possibility to get a personal loan. You can ask for lower personal loans, as repaying the lower amount of money will be easy for you, and repaying the money timely will help you boost your credit score.

Lenders won't trust you easily and feel that you are not worthy of having a loan as your credit score is low. The credit scores below low if you don't pay your loan amounts timely. For applying for a loan, you need to have a guarantor for security purposes. The guarantor will ensure that the repayment will be made in time. If not, then the guarantor will be responsible, and money will be collected from that person. There is a possibility that there might be mistakes in your credit report; try to rectify them to improve your credit score.

Indiabulls personal loan is one of the very user-friendly bank loans. They provide minimum interest rates with many special offers. They tailor the loans according to the customer's needs. They allow loans from as little as Rs.1000 to Rs. 15 lakhs with interest rates starting @13.99 p.a. The tenure ranges from 3 months to 24 months which is quite a reasonable amount of time.

Conclusion: There is a higher chance of getting a loan if you have a high credit score.. It will help in getting loans quickly. You can get personal loans with significantly fewer interest rates if you have an excellent credit score. With a poor credit score, you will get a loan, but a very small amount; you need to have a guarantor as well.

Read More:- Can I get a personal loan without salary slip?