Five Ways to Identify the Best Personal Loan offers for you in June 2022
It’s 2022, and we are living in a new digitalised India. The façade of the lending sector has seen an uplift with digitalisation revolutionising it. Gone are the days when borrowers had to physically visit the lenders multiple times for loan applications, document submission, loan processing, approval, and sanction.
Today the borrowers can avail of a loan from the comfort of their home without visiting the lender. Borrowers today have several advantages. Apart from the loan application process getting simple, the borrowers can now compare different lenders for their offerings and make informed and wise decisions.
Personal loans are a favoured loan product in the lending market today. To identify the best personal loan offer, the borrower must thoroughly research before shortlisting the lender. It helps you grab the best deal based on your creditworthiness and financial credentials. Here is a jot down of 5 easy ways to avail of the most suitable personal loan offer.
CHOOSE PERSONAL LOAN OFFERS WITH A HIGH LOAN AMOUNT SANCTION
Most lenders willingly offer loan amount sanctions up to Rs. 25 lakhs provided your credit score and debt history are as per their terms. A large sum of the loan amount is excellent financial aid for funding one’s business, home renovation, education, travel, wedding or medical emergencies.
While opting for a high personal loan amount, one must check for the collateral requirement with the lender. A personal loan is an unsecured loan product, but few lenders might ask for any asset pledged as a security. One must opt for a collateral-free loan offer that lets you borrow the amount you need.
CHOOSE PERSONAL LOAN OFFERS WITH EASY ELIGIBILITY CRITERIA
Many banks and NBFCs offer personal loans. The eligibility criteria laid by the banks are stringent compared to the NBFCs, which are more flexible in their approach. The main thing that the lenders consider is the borrower’s age, employment and income status. The credit score of the borrower is taken into account too. If one is applying for a personal loan for the first time, it is advisable to choose a loan offer with easy eligibility criteria.
OPT FOR FLEXIBLE LOAN TENURE
A personal loan is a liability to be paid back on time. The borrower is responsible for paying back the borrowed principal amount and the interest in equated monthly instalments through the loan tenure. Choose a lender with flexible repayment terms that allows one to opt for an affordable EMI and tenure. One must go for a personal loan offer with long tenure so that the EMI doesn’t become a burden in the long run.
CONSIDER ADDITIONAL FEES AND CHARGES
The loan application processing comes with several hidden charges like processing fees, handling charges, pre-closure charges, pre-payment charges and other administrative charges. These charges vary from lender to lender. If not taken into account, these additional charges increase the overall cost of the loan.
Online platforms of Fintechs like LoansJagat allow the borrowers to compare over 40 lenders for their offerings on the loan amount, interest rate, EMI, loan tenure, and other additional charges. It is advisable to compare different lenders and choose a personal loan offer with no hidden cost.
OPT FOR PRE-APPROVED PERSONAL LOAN OFFERS
Pre-approved personal loan offers take into account the creditworthiness and financial credentials of the borrower. These are best suited for the borrowers as the lenders offer them after considering all the associated factors. These exclusive offers are sanctioned and disbursed very quickly.
A personal loan offer may look enticing, but it is a liability to be paid back timely. A debt consolidation loan helps consolidate multiple ongoing loans into a single one. Apply for a personal loan in Delhi and other cities from the comfort of your home, and avail the best personal loan offers.