How Should You Find the Best Personal Loan?

Written by Posted On Saturday, 18 November 2017 00:55

Emergencies can knock at your door any time. Money is a necessity that can make you fall prey to sadness and depression. You never know when you need it. Instead of asking for hard cash from people and friends in life, you can always approach banks and banking institutions that can help you in a few days. For emergencies of any kind, it is personal loan that suffices.

Things you need to consider when applying for loan

  • You need to be sure that you have the best credit score, if not more, nothing less than 700 to 750. Each of the banks has different evaluation criteria
  • You need to have all the documents handy and organized so that you don’t panic at the last minute because documents are necessary when looking for personal loan

How to know it is the best loan for you

Well, when you start applying for personal loan online or offline, you will get the banks and financial institutions showing interest in lending you the amount you have been looking for or maybe even more. Is every deal the best one for your need? May be or maybe not. Here’s how you can find the better of the lot. You Can also calculate Home Loan Eligibility Criteria here.

Interest Rate: It is a perfect competition market and you will get different rates from different banks willing to lend you. The rate at which they offer can be lucrative. But you need to find the best rate which is feasible and lesser for you compared to all other banks. You need to calculate the difference that you need to pay by choosing X bank. If the difference is not much, you can proceed with the bank that has a good reputation.

Time Frame: What is the use of getting the loan disbursed to your account when it is after the time period you need? Look for the bank that disburses as per your requirement. Check the processing time. Usually, it takes 5 to 7 business days once it is approved.

Reputation in the market: As also mentioned that you will have many institutions willing to pay the amount to you; however, check for the bank’s reputation. Many banks don’t follow the transparency of calculating the interest once the amount has been credited to your account. Check for the reviews submitted by other loan customers in the past.

Pre-Payment Option: What if you acquire the  ability to pay the loan  amount before the time period you have applied for? Will you wait and pay in installments or pay in bulk at once? The second option is definitely the better one. In such cases, you need to find out if the lender has such policies wherein you can pay before time.

Personal loans make your life easy when you find all doors closed at you. People might scare you that you shouldn’t opt for loans from banks as you will be bound to certain terms and conditions. Don’t be worried! Personal loan is your last resort for emergencies and if you are confident on paying the easy monthly installments, you should go for it.

Situations when you can opt for personal loans

Marriage: If someone is your family is getting married, especially your son, daughter or maybe yourself, you can always seek for personal loan so that the expense is taken care of to a great extent.

International Trip: Once in a lifetime, everyone wants to take a foreign trip. The money coming from personal loan can be your solution to the problem of money.

Education: Yes, there are separate education loans available; however, if you want to avoid that and go for personal loan, you can choose this option.

Vehicle: You can also use the money to buy a vehicle that you have been waiting to own for long. To finalize the amount, you need to have the car’s value and how much you would like to pay every month. The calculation gets easier this way.

Apart from these situations, you can also avail it to take care of medical emergencies.

Have the best bank lend personal loan at the best interest rate. Following the procedure stated above, you will find it easier to get what you wish for. It is the solution to some of the toughest problems of lives.

Author Bio

Mukul Malik is a Real Estate Entrepreneur who likes writing about Real Estate, Finance, and Digital Marketing. He runs a popular Real Estate Blog and lives in New Delhi, India.

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