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How to Get the Most Suitable Personal Loan for You?

By: f2cpvtltd

Are you salaried in need of some urgent money? Or a working professional seeking quick access to funds? A personal loan can help you fulfill your desire. 

An unforeseen medical emergency, social occasion, or repayment of existing debts can be anything to consider a personal loan

Let’s take a look at the eligibility criteria to avail of a personal loan in India. 

  1. You must be an Indian Resident 
  2. Minimum Age must be over 23 but less than 55 years
  3. A stable income from an MNC, private or public company
  4. Minimum Salary as per the region

Lenders have different rules to consider the minimum salary. Now, you know the basic eligibility to obtain a personal loan, but the question remains the same. How to choose the best personal loan to dispose of the current cash crunch? 

We’ve uncovered the secrets to choose the right personal loan for you. 

Learn to Compare & Choose Carefully

After a credit card, a personal loan is the most common credit facility offered by creditors. Don’t rush & invest some time to find various options available. Never make a final decision based on affordable installments. Understand the foreclosure charge, EMI bounce & late fee, processing fee, etc.

Pay Attention to the Repayment Options

Most lenders may not offer you a flexible repayment option. E.g., lenders charge up to 5% of the principal amount when deciding to foreclose a loan before the tenure ends. Ensure your lenders support all payment channels for repayment, i.e., UPI, Net Banking, Bank Transfer, Cash, etc. Also, confirm if they charge over & above when you make repayment using these channels. 

For example, suppose you missed an EMI for any reason. You’ve cash and want to make the payment. When your lender arranges a pickup for cash or cheque, they may charge a fee up to Rs 300.00 for this facility. It’s better to confirm in advance rather than feeling sorry later. 

Always Strive for a Shorter Tenure

You may opt for a longer tenure to keep the installment an affordable affair. But remember that the long term invites higher interest and risk of late payment, EMI bounce, etc. Therefore, we suggest you opt for a shorter tenure. 

Don’t Prepare for a Debt Trap 

Think twice before signing up for a monthly installment. Don’t borrow what you’re unable to repay. If you already have an existing commitment, don’t form a debt trap yourself. Make sure you don’t pay more than 45% of your monthly income. Keep a buffer in between your monthly needs, desire & savings. 

Read the Offer & Agreement Carefully 

Your lenders knowingly include your agreement papers with glossary & internal jargon. We’re sure that you may not be able to comprehend. If you’re unable to understand it clearly, reach out to a Personal Loan Consultant to understand it better. 

Fair Fincorp is also one of the leading Personal Loan Consultants in Dehradun, serving the entire Uttarakhand, Delhi/NCR, for the last 14+ years. Call 9897666966 to choose the most appropriate option for you.

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