Personal loan is normally used for personal purposes like holiday, marriage, personal expenses, home renovation, consolidation of credit card debt etc. Personal Loan is used for home renovation; child’s wedding, paying off the credits etc.
Before applying for Personal Loan some points are there to keep in mind:
- Security
The loan can be against the jewellery or against securities such as mutual funds, debentures of major companies/ public sector companies, life insurance policies with large surrender values, National savings certificates, etc. it can be often quicker and cheaper.
- Credit Report
Check your credit report thoroughly too spot errors. If you need some advisory advices on CIBIL Report to get any of the errors will be corrected. If no error will be there for credit report, it can reduce your chances of getting a good personal loan offer.
- Interest Rate
Personal Loans are presented at fixed rates of interest for the whole tenure. You should be clear in mind that the personal loan you are taking should be fixed for the whole tenure of the loan.
- Processing Fees and Pre-Payment Charges
Mostly Personal Loans have processing fees ranging from 0.50% to 3% of the loan amount. Lenders will not allow pre-payment for the first 6 months and most of the lenders do not accept the partial pre-payment.
Do not sign blank application forms or documents and keep a copy of all documents submitted to the lender for your future reference. Any promise made by the DSA or even an official of the lender has no value unless it is in writing or at least on email.
With the EMI Calculator, you can cost the personal loan EMI for each month. You can also settle on the budget according to that.
Personal Loans are Cash flows
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