Sometimes doing things in a simple and step by step helps a lot rather then taking decision instantly. Looking for a personal loan is such a task in which you have to patient, keep the eye open and be open to explore.
So, if you are looking for a simple guide to find the best personal loan, you have certainly came to the right place. We will tell you about everything you things. Personal loan EMI calculator might help to let you know the EMI, but choosing the right lender is still your choice.
The purpose and the need
Why do you need the personal loan in the first place? Do you need it at all? First, you should answer these question before you rush to apply. The thing is when you are not clear of the purpose or the need, you may spend the money somewhere else instead of using it for the read thing.
So, if you do not want get distracted, it is better to analyse the situation and be clear. Some of the major reasons why people take a personal loan is to pay medical bill, to use the money to pay off the old debt or do home renovation during festival seasons.
Here are some of the best reasons to take personal loan.
- Debt consolidation
- Moving and relocating
- Higher education
- Credit score improvement
- Home renovation
- Wedding shopping
- Paying credit card bills
- Expanding the business
- To travel or holiday
- Medical emergency
A lot of lenders offer customizable personal loan to those borrower’s who need it. Here are some lender names who offer it.
- LoanTap
- Indialends
- Bajaj Finserv
- FlexSalary
- Fullerton India personal loan
The tools
There are few tools you should use designed especially personal loan. They make it easy to know the monthly EMI, the eligibility for the loan and the total loan amount you will have to pay. For example, you could use SBI personal loan EMI calculator to find the monthly EMI for SBI personal loan.
Every other lender has these tools, so you won’t have any issue. You choose a lender, use the tool such as eligibility calculator to determine whether you qualify the loan or not. if you qualify, you proceed, otherwise you move on to the next lender.
Do you qualify for the loan?
You may be prequalified for a personal loan before you actually start the process. A lot of online personal loan lenders offers pre approved instant personal loan.
It means that a lender will look at your CIBIL score and credit report doing a soft credit pull. Based on the score, they will let you know how much they can offer at a pre set interest rate. However, this offer does not include personal negotiations.
If you do not want to do a lot of hard enquires, pre-approval can save you a lot of time. It would also give you an idea when you apply. Here are some lender’s offering pre-approved personal loan.
- Bajaj Finserv personal loan
- SBI personal loan
- ICICI bank personal loan
- HDFC bank personal loan
- Fullerton India personal loan
- Yes bank personal loan
- Axis bank personal loan
- Capital First personal loan
Comparing the interest rate and other charges
Always compare the rate of interest and other charges among the preferred lenders. There are lender who charge heavy while some low. So it is up to you to decide. Some charges are such as Late fee charge, processing fee, documents charges , etc.
Bottom line
So, this is the guide you need to have before you apply for the personal loan. Once you have done all this, it is time to choose one lender, then apply for the loan.
