How to avail the best interest rates on a Personal Loan?

1
How to avail the best interest rates on a
Personal Loan?

• Are you facing any kind of financial emergency?
  Personal Loan is generally the go-to-go in that
  situation. It is an appropriate choice where you
  get access to funds quickly. Here are some
  mistakes mentioned below to avoid while applying
  for a loan as errors can cause your credit rating
  to plummet.
• Lack of clarity regarding the purpose of availing
  loan  The most common mistake people make at
  the time of applying a personal loan is, not able
  to draw a line between lifestyle based personal
  loan requirements and essential requirements. One
  should always take a loan when the need is an
  essential one.

2
Go above the repayment capacity

• Carefully evaluate your ability to pay EMIs
  before choosing a loan amount. As per the thumb
  rule, EMIs of a online personal loan should not
  exceed 15 of the monthly income. Owe an amount
  that you can repay without hindering your monthly
  budget. For this EMIs calculator would be of
  great help as it helps in calculating the amount
  that will be going as an installment, prepares
  you to manage your finances well.
• Not comparing loan offers before applying Before
  applying for a loan, always make a comparison of
  loan offers given by various financial lenders.
  It helps the applicant to arrive at an informed
  decision. Dont narrow down the comparison by
  evaluating only the loan interest rates. One
  should also consider other factors that include
  disbursal time, documentation process, loan
  policies and affordability of paying EMIs. Doing
  a proper market survey can save a lot of money in
  terms of charges and interest payments.

3
Not checking eligibility before applying

• Before going to apply for a personal loan, it
  must check the eligibility criteria of every
  financial lender. Choose the lender always that
  match all or most of the criteria. Apart from
  considering the eligibility criteria, there are
  certain documents that you would need to provide
  so you should have all available with you.
• Make selection of long tenure with low EMIs -
  While a long tenure with low EMIs provides an
  easier repayment option, it wise always to choose
  an aggressive approach as short term-based loans
  prove to be more cost-effective due to lower and
  absolute payout requirements. Always consider the
  factors such as monthly budget and repayment
  capacity at the time of deciding your loan tenure.

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To Conclude

• Ignoring the Credit History - When an applicant
  applies for a personal loan, the lender always
  analyzes and investigates the borrowers credit
  history. It is a way to check the borrowers
  creditworthiness. If an applicant maintains a
  good financial track and fulfilling all the
  financial responsibilities, then chances are
  higher of getting a loan approved. Make sure to
  pay all credit bills and EMIs on time to maintain
  a good credit score.
• Personal loans are the best way of securing
  capital in times of need. While taking care of
  the above-mentioned points will make your loan
  application processed without discrepancies and
  mistakes.

5
Apply For The New Loan

• When you have found the terms and interest rates
  most suitable to you, that will help save your
  money.
• And also enhance savings, its time to apply for
  the top up personal loan.
• You can look for several online portals available
  to apply for the loan.
• They will help you cut through the queue and
  reduce that extensive paperwork.
• Make sure to have all the important documents
  required to complete the process.

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Apply Personal Loan via IndiaLends

For more information about Personal loan, please
browse www.indialends.com