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7 Things to Check When You Apply For Personal Loans

By SiliconIndia   |   Thursday, May 9, 2019
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7 Things to Check When You Apply For Personal Loans

In today’s time, availing a personal loan has become incredibly simple and less time-consuming.

However, the terms of a personal loan can also make you confused at the same time.As a result, being able to apply for personal loans that can work wonders for your needs is a task that you need to conquer.

Hence, when you decide to get a loan online, you need to check out some key factors before finalizing the deal.

Go through this post to know some significant factors that you should consider while applying for an online personal loan. Read on!

1) Loan Amount

Anyone who wishes to apply for personal loans must decide on loan amount that he/she needs and can repay without issues. Even though you may have the eligibility for a higher amount, you should apply only for a required amount. Many people make this mistake and then regret paying a higher EMI and interest affecting their budgets. Hence, the lesser you can borrow; the easier it will be for you to repay it.

2) Repayment Period

The repayment period is nothing but a time over which you need to pay off the principal and interest component of your personal loans. You should try to keep the loan repayment period as sort as possible. Yes, it may increase the EMI that you will need to pay. But it will also help you repay the loan quickly and save money. You will be able to save on the higher interest amount that would pay while opting for a longer tenor and paying smaller EMIs.

3) Calculate Your Exact EMI Amount Beforehand

An EMI is an amount that you pay against the availed loan per month to repay the amount over a tenor. Would not it be great if you had an idea of the exact EMI amount that you need to pay so that you can make arrangements for it in your budget? It is possible to do that now with the usage of a Personal Loan EMI calculator. The online tool is available on a reputed lender’s website free of cost. Thus, ensure to know the exact EMI payable against the loan amount that you want to avail.

4) What about the Prepayment and Foreclosure?

Many times, you may want to bring down the loan principal and interest component while repaying the loan by making some prepayment. While the Reserve Bank of India (RBI) has advised banks not to charge for prepayments, it may not be true for personal loans. Hence, you should ask your lender beforehand if it will charge an amount if you wish to make some part prepayment or even foreclose the loan account earlier.

5) Loan Processing, Approval and Disbursement Time

When you have a quick personal loan to apply, you can’t wait for ages for the lender to process your application and approve it. Therefore, it is vital to enquire about the same before you decide to get a loan online. Most of the leading lenders offer instant loan approval and quick money disbursement. Such lenders know that you are applying for personal loans online for immediate purposes. As a result, they process the loan application swiftly as the entire procedure in now online.

6) Check Lender’s Eligibility and Documents Required

Another aspect that will help you get a loan online quickly is checking out a lender’s eligibility and documents in advance. Knowing about the same will help you what’s required, and you can prepare to fulfil the eligibility requirements. Here are some standard personal loan eligibility criteria and documents required by reputed creditors:

  • The applicant needs to be a resident citizen of India
  • Your age should be under 23-55 years
  • You should be working for an MNC, public or a private limited company
  • Employee ID Card
  • KYC documents
  • Last 2 months’ salary slips
  • Previous 3 months’ salaried bank account statement

7) Can You Access Your Loan Details Online?

With everything available over the web, even your personal loan details should also be available, right? Hence, it is vital to check if your lender that you wish to apply for a loan offers online loan access to your loan account or not. Many renowned lenders offer this facility to help borrower access all loan details via their digital customer portals. As a result, you can track the loan details right from anywhere and don’t need to visit the lender physically.

Considering the discussed aspects will help you apply for personal loans with confidence and manage it without issues.

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