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5 Tips to Choose the Best Personal Loan that Meets your Needs

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Nearly 96% of the number of loans availed by people were personal loans in the last fiscal as reported by RBI. Personal loan borrowers grew by almost 20% from the previous year which shows the increase in demand of such loans. This clamour can be directly accredited to the convenience provided by personal loans as they do not have any end-use restriction.

Further you can avail a considerable loan amount sufficient to meet a varied range of expenses. Additionally, the disbursal for such loans is faster which makes them preferable over others. It is important that you apply for an online personal loan from a reputed lender. Their convenient repayment options will help you manage your finances well.

Tips to choose the most suitable personal loan

Since, a personal loan can help you meet your financial needs, make sure that you consider the following points before availing –

  • Credit rating

Holding a decent credit rating will prove your creditworthiness to the lender. A credible repayment history will also help you avail lower interest rates on your online personal loan as well.

  • Tenor

Choose a suitable repayment tenor. Opting for a shorter tenor will bring down your overall loan amount to be repaid with a lesser number of EMIs. On other hand, you can choose a longer tenor to reduce the EMI amount. Use a personal loan calculator and choose the right repayment tenor as per your financial obligations.

  • Fees and charges

Lenders impose specific charges on online personal loan disbursals. Such charges include administrative fees, foreclosure fees, processing fees, etc. For instance, if your sanctioned loan amount is Rs.5 lakh and the fees amount up to Rs.10,000, then this amount will be deducted from your sanctioned amount and the rest, i.e. Rs.4.9 lakh will be disbursed to you. EMI, however, will be calculated on Rs.5 lakh. It is, thus, desirable that you opt for a lender that charges comparatively lesser.

  • Professional credits

Working in a reputed company with regular income makes you the eligible borrower with the appropriate repaying capability. As a result, lenders will find it convenient to offer personal loans based on your repayment capability and professional stability.

  • Rates of interest

Based on your eligibility, opt for a lender who offers competitive personal loan interest rates. This will help you repay the amount easily without any financial stress. In this regard, you can also use an interest rate calculator for an overview of the same before applying. Doing so will help you prepare for the financial obligation you are likely to encounter.

Bajaj Finserv is one such non-banking financial institution that provides personal loans at competitive rates as well as multiple other repayment-friendly terms.

They also provide pre-approved offers to existing customers to ease the loan application process. These offers are also available on multiple other financial products such as business loans, loans against property, home loans, etc. You can check your pre-approved offer by submitting a few details that contain your name and phone number.

Personal loans are the best source of financing for many with the convenience of utilising the approved amount to their discretion. Although it eases the financial burden, it is important that the borrower’s credit history or financial status does not become an impediment. Therefore, make sure you have the prerequisites, such as a regular source of income, a decent credit history, etc., covered before you apply for an online personal loan. Refer to leading lenders to benefit from additional borrower-friendly terms when you decide to apply for a loan online like hae lainaa.

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