Personal loans are gaining popularity amongst salaried individuals who often hunt for finances during crisis time. They have been around for a while, and they’ve now gained an edge over the conventional loan patterns. Top banks and non-banking finance companies provide personal loan at attractive interest rates with instant e-sanction. Whether you need funds for a car repair, home renovation or pay medical bills, personal loan India can come to rescue you during a cash crunch. You borrow personal loan from banks or financial institutions and payback in the form of fixed monthly installment with interest on top of the principal amount.
If you’re running into debt all over the place, it acts as a very good tool for debt consolidation. Wherein you pay single, and low personal loan interest rates, in convenient monthly installments to the lenders.
Here are 4 tips to get instant personal loan India:
Check your credit score before you make an application. It holds a significant bearing on your quick loan sanctioning, and low-interest rate deal.
Shop for the best personal loan interest rates: Sticking to the first loan lender isn’t a good idea. Instead, you should compare quotes with top banks & NBFCs and make an informed decision. Most lenders post their borrowing limit, documentation, eligibility criteria, required credit score, etc. on their website.
Do your quick maths: As a borrower, it’s important to determine how much cash you could avail based on your risk potential and credibility. So, use an online calculator that would give you a rough idea of what your monthly EMI would look like. You should try different permutations and combination of personal loan interest rates until you get your desired number.
Maintain good debt-to-Income: If there is a higher debt to income ratio, it means you would find it difficult to make repayment. This will adversely impact your loan application, and chances are lenders would reject it. So, always borrow less and make timely repayment of your debt to maintain a good income-to-debt ratio.
Watch out for charges: Other than processing fees, there are pre-closure charges, cheque bounce charge, etc. These small changes can make a dent in your pockets. You shouldn’t feel like getting punished for the early exit of your debt.
Top banks and financial institutes provide a personal loan with interest rates as low as 10.99% to 16%. You can borrow from Rs 1 lakh to 30 lakhs. Once you key few details on aggregator sites such as your name, place of work, monthly income and fixed obligation, organization details, etc. they would come up with the best match as per your affordability and financial requirements.
Best personal loan interest rates are awarded to the borrowers with an excellent credit score and stable income source. If you handle it responsibly, a personal loan is a good financial tool to fulfil your goals on time. Seize your opportunity now!