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Personal Loan

Personal Loan

Personal Loan Mumbai

Why should a person apply for a Personal Loan?

Personal Loans helps you to meet to your ends when it comes to meeting the financial emergencies of your life.

Improve Your Credit Profile- you can improve your credit history and profile  as Personal Loan is another line of credit added to your cibil report if you do make on-time payments,.

Debt Consolidation- It will help you to consolidate your small loans and credit cards or other loans on time.

Flexibility of Use- It gives you the flexibility to use the loan for any type of expense as there is no monitoring of the end use,

Fast Approval- Minimum documentation leads to faster processing when securing a personal loan.

Unsecured Loan: You are not required to mortgage property or any other asset to the bank to get a personal loan.

Personal loan application can be approved or rejected by following reasons.

Employment Status: As personal loans are unsecured, lenders ensure that loan applicants have a steady source of income i.e. Monthly Net Salry and has a stable job from past few years. A person who changes jobs frequently may not be considered an ideal applicant for his/her personal loan approval.

Cibil  Score and Report: Your credit score and report is one of the most important parameters that facilitate your loan approval. Since you do not have to provide a security/collateral to the lenders, they are at risk of losing money in case you default on your payments. Hence, lenders carefully analyze and evaluate your credit history before approving your loan application. A CIBIL Score of 750 or more increases your chance of loan approval.

Monthly Income: It is also an important factor, which shows that you have adequate money to repay your loan emi.

EMI Payment History: While evaluating your Emi report, Banker check your EMI repayments and frequency of all your loan and credit card accounts. Making regular monthly payments on time without any outstanding, shows your financial discipline and it helps the decision making process for lenders.

How to choose a personal loan

The need of the hour is to select the right bank suiting your loan requirements that too at low interest rates. Who wants bear the burden of high personal loan interest rates that nearly makes a hole in their pocket?. 

Tips for Personal Loan:

  • Plan your budget and Apply it
  • Check your Cibil report before applying for perosnloan
  • Never borrow in excess. Borrow only the amount you need,
  • Know your Interest Rate i.e. How much Interest you would be paying per year
  • Look for foreclosure charges as some banks charge you for early freclosure.
  • Be sure that you will be able to repay. Be extra careful about the risks involved in unsecured laons as it will damage your credit history.
  • Check Processing Fees

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