Personal loans can aid individuals meet various financial needs including wedding expenses, higher education costs, and vacations without the need to liquidate their savings. The benefit of this loan is that it provides freedom in terms of its usage. Additionally, borrowers don’t have to pledge any collateral for it and it is disbursed quickly compared to other loans.
Thus, borrowers planning to avail a personal loan in Bangalore should keep in mind the following pointers to choose the correct lender.
Compare the interest rates
Every lender offers a different interest rate on their personal loan. Thus, comparing these rates of different lenders will allow borrowers to understand the difference in total interest payment and based on this they can choose their lender of choice.
Look into additional fees and charges
Applying for a personal loan in Bangalore will incur some additional charges such as processing fees, prepayment fees, and foreclosure fees. Individuals should gather information on these charges before making a loan application. Additionally, they should be aware of the penalties as well.
Opt for flexibility in terms of repayment
Lenders who offer flexibility in terms of repayment are the ones to go for. Lenders often charge a fee for part-payment or foreclosure which usually adds to their overall debts. Thus, borrowers should gather knowledge about these extra charges before selecting a lender.
Consider the flexibility of tenor
Flexibility in terms of tenor allows borrowers to repay their loans quickly. However, not every lender offers this facility with instant loans in Bangalore.
Compare the processing fees
Lenders charge a processing fee on a personal loan application, and this amount is deducted from the actual loan amount. Thus, individuals should compare processing fees charged by every lender before making a decision.
Check the processing time
Personal loans often get approved within 1-2 days. However, if a borrower is facing a financial crisis where he/she needs funds right away, then opting for a lender who disburses funds quicker than others is the right thing to do.
Read the loan agreement carefully
A loan agreement is a legal document comprising terms and conditions of a personal loan in Bangalore. Thus, reading this document carefully is vital to understand it. However, in case of any doubts, get in touch with the lender for clarifications. Borrowers should clear all their doubts before signing a personal loan agreement.
Calculate the EMIs
Borrowers should calculate the EMI they can afford before applying for a loan; it will give them an idea of the amount they can borrow. They can take help of an EMI calculator available online for this.
Thus, borrowers looking for an instant personal loan can contact NBFCs like Bajaj Finserv who offer attractive interest rates and Flexi Personal Loan, where an individual can borrow money as per his/her needs from a pre-sanctioned limit.
Apart from this, the company also conveys pre-approved offers to its customers, which make the personal loan application process hassle-free and less time-consuming. This offer is also available on other financial products such as home loans and business loans. You can check your pre-approved offer by submitting essential contact details.
Personal loan eligibility criteria
To avail a personal loan, borrowers must meet the following eligibility criteria –
- Age: Their age should be 23-55 years.
- Salary: It will depend on the city an individual resides.
- Credit score: It must be 750 and above.
- You should be a salaried employee at an MNC, public or private organization
Availing a personal loan in Bangalore will enable individuals to cater to their diverse financial needs. Borrowers who fulfil the above mentioned eligibility criteria before taking a personal loan can do so without any difficulties.