6 mistakes to avoid while applying for a personal loan
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.
- 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.
- 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.
- Hiding your existing debt: Do not conceal your existing loans and other debts from your lender. Always be honest about existing liabilities.
- 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.
- 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.
- 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.