Must-do Things Before Applying for a Personal Loan!

by | Mar 25, 2021 | Personal Loans | 0 comments

Well, being an unsecured loan, personal loans often come with high-interest rates and processing charges when compared to home loans and car loans. So does your chances of getting approval and a better offer are a little challenging when it comes to personal loans. Here are some critical factors that you should check before applying for a personal loan,

#1 Making the choice: Do you really need one?

Why do you need a personal loan now? Is there a pressing need that no other alternative source of income cannot take care of? Or is it for leisurely spending or for other ambitious plans like real estate investment or stock market investments?
We suggest taking a personal loan only if it is really for a personal purpose of great priority. Don’t use personal loans to invest in stock markets or for short-term gratification expenses that can leave you bankrupt in the end.

#2 Determine the loan amount accurately

The more your loan amount is, the longer your repayment schedule will be. The interest rate charged by the bank will also increase with the longer repayment schedule. Hence, finding out the exact amount of loan you would require before applying for the loan would help you stay grounded and get ahead with a steady plan for repayment.

#3 Shop around for best interest rates

Yes! Interest rates do fluctuate from bank to bank. The repayment mode and period of sanctioning will also vary significantly. However, if you are keen on getting the best deal without sweating a lot, you can apply for a loan online and save time and energy there. The loan sanctioning process is also fairly simple and easier than the direct process.
Getting a personal loan is a huge financial commitment. Make a small mistake and you will have to pay for it, literally. Therefore, we suggest you take all precautions possible before signing on the dotted line for availing of a personal loan.

Safety Tips for Safe Debit/Credit Usage

The world of finance crazily depends on digital transactions and things can never go back to all-cash transactions anytime in the future. Debit/Credit card transactions constitute a majority of retail transactions across the globe. Here are the safety tips that you...

How To Educate Kids About Saving And Spending Money?

Making children work for their spending money is a great way to help them learn the value of each rupee. Money gives people decision-making abilities so if you teach your kids from an early age this is the best that you can do. Educating, motivating and...

Advantages of Using EMI Calculator When Applying for A Bike Loan

India has become the only country which has the maximum number of two-wheelers, owning a bike is not just for style but a necessity now. People have more choices when it comes to owning a bike because many international companies and brands have made a mark in the...

Best Mobile Apps That Help You Stay Financially Safe

Do you want to keep a budget, but aren't sure where to start? Knowing how much money you have and how much you owe is where everyone should start. We all know that banking and managing money keeps getting easier and easier, only if you know how and where to save....

Effective Financial Planning Tips For Single Mothers In India

Single parents face unique challenges which can be fairly daunting to manage. Being a single parent one has to manage a lot like not only do they act as the sole provider of care and emotional support, but they are also the only financial provider for their...

GST And All You Need To Know About It

Goods and Services Tax (GST) is the biggest reform in India's indirect tax structure. The purpose of the bill is to introduce one single tax on supply of goods and services from the manufacturing stage until its delivery to the final consumer. For new businesses and...