People often find their personal loan applications rejected all of a sudden or run into heavy weather during the application procedure. But it doesn’t have to be so!

Here are 6 major mistakes to avoid while applying for a personal loan.

  1. Not comparing multiple lenders: The first thing to remember is that you should always compare multiple lenders based on the interest rates that they offer. Compare bank and NBFC personal loan products with a view towards working out the best deal for yourself.
  1. Ignoring your credit history: Do not ignore your credit history and maintain a good CIBIL score for personal loan A good credit score helps you get smooth approvals without any hassles.
  1. Hiding your existing debt: Do not conceal your existing loans and other debts from your lender. Always be honest about existing liabilities.
  1. Being unsure about the loan amount that you want: If you are sure about what you want, the lender will repose greater confidence in you.
  1. Ignoring the fine print: Do not ignore the fine print on your loan agreement. Read all paperwork carefully and clarify doubts with the lender in order to avoid any future inconveniences.
  1. Not planning your repayment: Do not put off the planning of your loan repayment for a later stage. Planning one’s repayment strategy should be done at the very beginning when you are applying for the loan.

You can apply for a convenient and smart Bajaj Finserv personal loan up to Rs.25 lakh and get instant online approvals and speedy disbursals. There are pre-payment facilities along with an attractive personal loan interest rate available for you to meet your financial needs.

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