Tips for Choosing The Best Personal Loan In India
Personal Loans offer ease and flexibility in procurement of money. But do you know how to find the best Personal Loan for your requirements?
Gautam is a software professional from Hyderabad. He wanted a Personal Loan to travel to Vietnam for a backpacking trip. Being the perfectionist that he was, he wanted to go in for the best Personal Loan available. With over a hundred Personal Loan products in the market, Gautam was confused. He could not understand the best approach to find the best Personal Loan for his requirements. Two days and thorough research later, he shortlisted some points. He had arrived at a yardstick to figure out the best Personal Loan. Let us find out what the pointers are:
- Interest rate offered
This is the most important and primary yardstick. Gautam listed the lowest interest rate Personal Loan at the top of his list. So, when you choose Personal Loans, go for the ones with the lowest interest rates.
- Other charges
The interest rate is not the only charge payable when availing a Personal Loan. There is a gamut of other charges too. These include the processing fee, foreclosure charges, and a default fee for delaying repayments. There are also part-prepayment charges, and cheque or EMI bounce charges. They all contribute towards increasing the loan expenditure. So, after Gautam considered the interest rate, his next consideration was these hidden charges. The best Personal Loan has the lowest charges, along with low interest rates.
- EMIs payable
EMIs, or equated monthly instalments, refer to the monthly repayment of the loan availed. Loans with lower EMIs are more affordable.
The final point that Gautam considered was the loan’s suitability. Personal Loans are available for use for all kinds of personal requirements. But you should consider the loan amount available, as well as the repayment tenure. Both these factors should be relevant if you want the best Personal Loan.
Process of Applying for a Personal Loan
The four points mentioned above enabled Gautam to choose the best Personal Loan. These also act as universal guides for all loan applicants. If you are looking for the best Personal Loan, use these yardsticks to compare and shortlist. The rest of the process then becomes easy. After you have chosen the best Personal Loan, here is how you can avail it:
- Check your Personal Loan eligibility.
- Use the EMI calculator to find out your EMIs. Most lenders have an online tool that helps you calculate your EMI amount.
- Apply online.
- Submit the documents required for a Personal Loan.
After you go through the process, your loan will be sanctioned easily.
So, what are you waiting for? Like Gautam, find the best Personal Loan in India using the above parameters. Start by looking for the lowest interest rate on Personal Loans. Apply online and complete the necessary formalities. Then enjoy the benefits of the loan.