There are
times when you need extra money to finance a special project such as leisure
trip, broken car, expensive anniversary gift or a due bill that must be paid. Simply
put, it is an unsecured loan, personal loan possess high-interest rate
associated with it. Unlike other loans, it not secured against any asset.
Personal Loan Eligibility criteria
Generally,
the eligibility criteria vary from lender to lender including occupation,
income, age, ability to repay the loan, and place of living.
However,
financial institutions distribute potential borrowers into three categories:
- Salaried individuals
- Self-employed individuals
- Self-employed professionals
There are
various things to look at before availing a personal loan online. Few of them are
mentioned below:
EMI and tenure
Foremost, assess various loan offers. Two points to note are
the total money outflow that the loan will cost and EMI. Although loans with longer
tenure and lower EMI may seem appropriate but not all such loans prove to be
cost-effective in the long run. Therefore, calculate the complete loan cost and
then, head for a higher EMI so that you can handle shorter loan tenure.
Credit history
Do not forget to keep a track of credit history especially in
the case of unsecured loans. The credit history which is recorded by CIBIL
(Credit Bureau India Limited) plays a bigger role than you would have imagined
in the loan application being accepted. A good repayment track record enables instant
loan approval.
Evaluate the cheapest
loan offer
This type of loan generally comes with a high rate of
interest varying from 11.0% to 25%. Evaluate different interest rates and get a
better understanding of the annualized rate of interest for every offer. This
way, you can analyze the total amount of repayment you need to pay with all the
offers before selecting for the loan of your choice.
Processing fee
One of the important things to keep in mind is the processing
fee and similar fees that will be charged when you apply for the personal loan.
With IndiakaLoan.com, you can avail various
facilities such as paying up to 45% less EMI, Lesser documentation, flexible
tenors, collateral-free loan, no hidden charges, and instant approval.
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