Opting for a personal loan is the best option when you are facing a financial crunch. As the name suggests, a personal loan is a type of loan that can be used for any personal purpose. Most personal loans are unsecured in nature, meaning that you do not have to provide any collateral as a form of security against them. It is precisely because of this advantage, that personal loans enjoy a high demand in the market as compared to the other types of loans. Today, all the leading banks and Non-Banking Financial Companies (NBFC) give out personal loans at attractive interest rates. The basic parameters that one must consider while taking a personal loan must include:
However, with so many enticing personal loan offers to choose from, a customer is spoilt for choice. Moreover, with a number of options at hand, zeroing on a lender could be quite a task.
Finserv MARKETS presents to you a basic guide to help choose a personal loan provider for all your financial needs. Read further to know how you can choose a personal loan provider in 3 easy steps:
Most leading banks and NBFCs have an online presence. You need not personally go to each and every bank or financial institute to know what they are offering. Instead, you can check online for their personal loans offers, terms and conditions and other important features, right from the comfort of your home. For instance, the Finserv markets website offers insights about how to apply for a personal loan, eligibility criteria, interest rates, EMI calculators, etc. You can go through reviews of the lenders to evaluate which is the best. In case you have any queries about how to avail a personal loan, you can also browse through the FAQs (Frequently Asked Questions) sections on the websites of these loan providers. Thus, there are many options through which you can research about the services provided by various personal loan providers and compare the personal loans options available in the market. Doing an extensive research could significantly help narrow down your options and you can easily choose a personal loan provider that perfectly suits your financial requirements.
While it is important to check what loan options are being offered by the personal loan providers, it is equally important to check whether you fit their eligibility criteria for a personal loan as well. For instance, the basic criteria that you need to fulfill for getting a personal loan at Finserv Markets include:
Similarly, different lenders have different eligibility criteria when approving a personal loan application. It is based on these eligibility criteria that they can determine how much loan amount you are eligible for. Some financial institutes, including Finserv Markets, offer unique features on their websites, such as EMI calculators or Eligibility calculators. You can check your eligibility online for personal loans using these tools. These calculators also help estimate how much EMI you would be paying for loan repayment as per the agreed interest rates during the total loan tenure.
A major blunder that most people commit while availing a personal loan is to overlook the fine print of the terms and conditions. While most personal loans providers advertise their offers and interest rates online, there might still be some hidden costs involved to complete the process. These hidden costs might be related to processing fees, prepayment or part payment charges, or any other charges as applicable by the financial institution. Normally, all these charges are mentioned in the fine print when you sign-up for a personal loan. Therefore, it is extremely important to comb through the fine print of the terms and conditions of the personal loan to avoid any financial burden in the future. You can read the fine print for the terms and conditions online, once you initiate your application. You can even ask for a physical copy of the terms and conditions from your loan provider before signing on the dotted line.
For instant personal loans with minimal documentation, visit Finserv Markets or download our personal loan app today and join the bandwagon of over 100 million+ customers that have chosen to trust Bajaj Finserv as their financial partners!
Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!