Know How To Choose the Best Personal Loan

Author : pardeepsharma
Publish Date : 2021-06-28 20:27:03
Know How To Choose the Best Personal Loan

According to a leading market research agency, India’s personal loan segment is pegged to grow by 10% during FY 2020-25. Factors like quick approval and zero collateral requirement are likely to be key drivers in this context. While it is a convenient means of financing various requirements, one must keep in mind some essential pointers to find the best personal loan.

8 points to choose the best personal loan

Here are pointers that one can follow to find a personal loan scheme that will perfectly suit his/her needs –

  1. Interest rates

When comparing personal loans, individuals must first consider the interest rates charged on them. Also, prospective borrowers should note that financial institutions evaluate credentials like CIBIL score, income stability when determining interest rates. Individuals with solid credentials are most likely to obtain loans at the best personal loan interest rates.

2. Loan amount

The loan amount is another primary consideration to make when determining which personal loan is the best. In general, reputed financial institutions like Bajaj Finserv offer loans up to Rs.25 lakh. Nevertheless, individuals must consider their financial requirements before applying to avoid taking out more or less than they need. For instance, if you plan to use a personal loan for debt consolidation, account for associated charges alongside the total due amount.    

3. Additional fees

Financial institutions levy additional charges on personal loan applications, and this is a significant point of consideration while comparing the most suitable option. These charges vary from one lender to another, and they can drive up the total cost of loans. Thus, it is vital to check them before applying.

4. Monthly instalments

To consider which personal loan scheme is better, one shall compare the rates that different lenders offer. Since instalments are recurring expenses, selecting the most suitable one will help applicants plan their personal loan EMI payment better.

5. Repayment options

Before availing of an instant personal loan without a credit score, it is vital to check whether the lender offers any repayment flexibility or not. Typically, features like part-prepayment and foreclosure options provide the necessary flexibility that helps individuals to clear their debts with ease.

6. Approval process

With the best personal loans, securing approval is not a hassle. The reason being, they have lenient eligibility criteria and a short documentation process. 

In this regard, leading NBFC Bajaj Finserv has introduced pre-approved offers that streamline this process further and save time. It is available on financial products like personal loans, business loans, etc. Applicants can quickly check their pre-approved offers by submitting their essential contact details such as name and phone number.

7. Top-up facility

Leading financial institutions also extend a top-up personal loan facility with their personal loan offers. Amenities like these allow individuals to meet any financial exigency without hassles. 

8. Customer service

Even though it is not directly related to the loan offer, this pointer is essential to determine which the best of the lot is. For instance, you can get a prompt response by dialling the Bajaj Finserv Personal Loan number for customer services, which significantly helps in the long run.

Apart from these above-mentioned pointers, another feature that can make a personal loan offer stand out from others is the availability of an online application process. Steps to apply for a personal loan are simple, and it includes the following –

  • Visit the concerned lender’s official website.

  • Fill out the application form and submit the documents.

  • Receive instant approval, and get the funds within 24 hours*.

Finding the best personal loan can be challenging, but one can keep in mind the pointers mentioned above to find an offer that can help individuals deal with their liquidity crisis. An individual’s eligibility is the most significant factor in this regard. 



Category : business

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