You can get the best personal loan if you do your research right and shortlist lenders based on the important factors. Well, if you don’t know the factors based on which you can compare personal loans, you’ll learn about this in the article. Here, you will know about the tools and tricks by which you can find the best personal loan for your financial needs. Because if you make a wrong choice, it could result in longer repayments and unbearable EMI amounts. So, read this article and know how to get the best loan.
Key to Find the Best Personal Loan
To find the best loan, you need to take care of the following –
Use the Available Tools
Banks and NBFCs provide access to various tools by which you can find the best personal loan. There is an eligibility calculator, EMI calculator, and balance transfer calculator. Using the eligibility calculator, you can find the amount you can borrow from the lender. With this, you can compare different offers and select the one that meets your requirements.
The EMI calculator helps you spot the lender that gives you the lowest EMI. And the balance transfer calculator is for those who already have a personal loan. Using this calculator, they can transfer their loan and get the best personal loan benefits.
Check Eligibility for the Best Personal Loan
We often avoid important parts while choosing a personal loan. So, the following are the things that you should check –
Your Repayment Capacity
You’re eligible for a loan if he/she earns a handsome income and spends intelligently from the earnings. Because if you overspend, you’re likely to miss your loan payments. So, a good income aided by a strong repayment potential will help you grab the best personal loan offer.
These are the regular monthly payments that you make – children’s school fees, house rent, credit card bills and ongoing loan EMIs. So, the bank considers the amount you’re left after all these obligations as the one for loan payments and not your in-hand salary.
Many lenders provide personal loans at a minimum monthly income of INR 15,000, 20,000 and 25,000. So, find those lenders and compare their loan offers to see which is more compatible with your budget.
Option of Borrowing Personal Loan Jointly
If your lender allows you to borrow jointly, it will be good for you. When there is a co-borrower, the liabilities are divided between two people. So, if one is not capable, the other will step in. so, do check this on the loan details.
There is an age limit on personal loans. So, if you’re too young or old for the loan, the bank can’t lend you money. Do check this carefully. Because, in case of loan rejection, the same is displayed on your record and it can affect your score. For a successful loan application, one needs to read the eligibility criteria and terms and conditions of the lender carefully. Because later on, this might create a problem for you.
The minimum age required for a personal loan is 21 years and the maximum age is 60 years. If you fall between 21 to 60 years, you can’t be denied a loan based on age at least.
How to Apply for the Best Personal Loan?
You can apply for a loan either through the bank’s website or by visiting the bank branch. When you visit the bank branch, talk to the bank representative about the loan. Get all the details and submit the required documents. Post verification, the bank will contact you on your registered mobile.
You can also apply online by filling out an online application form and submitting a soft copy of your ID, income and address proof.
So, use the tips mentioned in the article and get the best personal loan interest rate.