For a working-class individual, financial shortcomings could arise at any point due to a variety of reasons. Indians are increasingly getting comfortable with the idea of taking an emergency personal loan for such events. Last year, the growth of personal loans in India was an impressive 15-20%.1 There are ample options to choose personal loan from, be it for a wedding, house renovation, medical reasons, debt consolidation, or any other emergency.
Bajaj Finserv Personal Loan
A great option that you ought to check out if you are looking for a personal loan is the Bajaj Finserv Personal Loan, available on Finserv MARKETS. It is a collateral-free personal loan that can come to your aid in times of need. It has a host of attractive features such as approvals within 3 minutes, disbursals within 24 hours, personalized pre-approved offers. What’s more, all of this can be done online from the comfort of your home or office!
How to choose the right personal loan
With a lot of options to choose from, a method needs to be followed for choosing the best personal loan suited to your needs. Here are a few basic steps that you can follow for making the decision.
Before you evaluate the features of a personal loan product, it would be prudent to evaluate your eligibility status. Usually, credit score is a primary deciding factor. Check yours before you apply for an emergency personal loan, and take steps to improve it if it is below 700, the usual threshold for a good score. Apart from this, having a credible job or business helps for sure. Since there are a lot of options, look for one with an easy eligibility criteria.
There are quite a few loan aggregators online which will help you compare multiple loan options and choose a personal loan from amongst them. However, it is important to conduct individual research on all the loan providers you are considering, based on credibility of the company, interest rates, EMIs, etc. It might seem like an uphill task especially while looking for an emergency personal loan, but it is essential as a loan is a long-term debt that you end up with. Also read the terms & conditions in which you can avail personal loan tax benefits only at Finserv MARKETS.
Compare interest rates
Comparing interest rates is as easy as visiting websites of prospective lenders. Alternatively, you can also visit websites which compare loan products. Needless to say, lower the interest rate, better the choice of loan provided that other factors are also fulfilled.
Check all charges involved
The best personal loan isn’t just the one with a low interest rate and easy eligibility criteria. There are bounce charges, processing charges, penalties, secure fees, and other charges depending upon the specific lender. Even with a low interest rate, higher charges can increase your cost substantially. So, make sure you take all of them into account while comparing loans.
Flexibility in repayment
Your job isn’t done with checking interest rates and eligibility criteria. You also need to think of what happens after you acquire the loan. You should ideally choose a personal loan based on the suitability of the repayment process for you. Check for prepayment and foreclosure charges. You should be able to pay back your loan as early as possible without hampering your regular financial needs. Bajaj Finserv Personal Loan, available on Finserv MARKETS, gives you a wide range of tenure options ranging from 12 to 60 months, so that you can pay back at your convenience.
The right EMI
This is probably the most crucial aspect of choosing the best personal loan yourself. Your EMI should ideally not go over 50% of your monthly income. Even at 50%, it could mean that you have to compromise on your daily life expenses. That is not sustainable in the long run. Before you apply for a loan, you can check your EMI amount with an online EMI calculator, like the one available on Finserv MARKETS. Choose the best plan as per your repayment capacity.
Research is the key to choosing a personal loan, or any kind of loan for that matter. There is enough information available at your fingertips to make an informed choice. No matter how urgent the situation is, conduct as much research as possible to make this decision.
Here’s a suggestion- a personal loan that functions on full transparency, without hidden charges, and allows you to acquire funds upto Rs.25 lakhs within a day’s time. The Bajaj Finserv Personal Loan, available on Finserv MARKETS provides all of this, right at your fingertips. Your loan will be tailor-made to suit your needs, and the paperwork involved will be minimal. That way, you have lesser things to worry about. You can also avail a free Financial Health Check Report (FHCR) from Finserv MARKETS, along with other value added services.
Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.