Loans are a tricky business. If you aren’t careful enough, you may end up with a lot of debt.
When you are trying to Get a Personal Loan in Ahmedabad for yourself, maybe for a medical emergency or a wedding, you would want to have the money without much hassle. But you should also be assured that you aren’t getting into something you would regret later on.
Personal Loans are unsecured loans, i.e, you don’t require collateral to avail these loans. The interest rates are a little higher than the secured loans, but there is a lot less hassle involved for processing.
A good credit score is however a pre-requisite for availing a Personal Loan from any of the mainstream lenders. Acquiring a loan from a reputed NBFC such as Bajaj Finserv Personal Loan entails multiple benefits:
Your loan is approved in a matter of minutes. As soon as you apply for approval and submit the documents requested, the approval takes hardly more than 5 minutes. This means you could save a lot of paperwork and bank visits, to get approval.
With Flexi Personal Loan from Bajaj Finserv, you could reduce the instalment by 45% by paying just the interest only EMIs. This also helps you frequently borrow rather than borrowing a huge sum upfront.
The documentation required is minimal which means you don’t need a pile of every document you have; just the necessary ones. It saves you a lot of trouble and energy. It also helps you keep everything in check.
The loan gets deposited in your bank account within 24 hours of approval, the fastest you could find. This comes as a blessing, in cases of emergencies and helps you collect your expenses on time.
The repayment tenors are flexible which helps you repay the amount at your convenience. You aren’t forced into a tenor, which could burden you from time to time.
All these benefits are making NBFCs popular among young Indians who are in the know-how of the businesses. It clears the air of uneasiness and misery surrounding the loans which existed a few years ago when banks provided loans with high rates of interest and a lot of paperwork.
However, before all that, it’s important to see which financial service serves you the best so that you could make a wise decision when choosing a lender to loan money from. Here are a few ways you could find if the financer is right for you:
Compare the rates of interest being offered by the many financial companies out there and choose the one you are most comfortable with, considering the tenor period of repayment as well.
Compare the loan amount. You may or may not know the exact amount of money which you need. It’s always better to see what all of them are offering based on your eligibility and decide on the one that you think would ideally fulfil your needs.
When you are given a document detailing the terms and conditions of the loan, read the fine print. Don’t just skim through it. Read it thoroughly and then take a decision. There could be something you didn’t expect to be there. It’s better to be safe beforehand.
Compare the processing charges. Most of the financial institutions charge 2-3% of the loan amount, but when you compare it, you know who is charging the most optimum amount.
Compare the prepayment charges and penalties. It helps you in paying a lower rate of interest and thus, should be considered as an important factor for choosing the right loan lender.
All these precautionary steps will help you choose the right loan provider so you could help yourself with your finances without worrying about the future. It’s always better to spend some time in research beforehand, and finding the best services than regretting not doing it afterward.
When you are ready to apply for a loan, it is as simple as saying it to apply:
Fill your details online. You are required to fill the details regarding your personal information, your employment details, and your financial information.
Select the loan amount that you need and the repayment tenor that best suits your requirements.
Submit a few documents you are asked to, and a loan specialist will get in touch with you and let you know about the details.
Get the money in your bank account. In less than 24 hours, your loan would be debited in your bank account; it’s that easy.
When you have the amount with you, make sure you spend it right and keep the repayment schedule ready. You would not want to miss any EMIs lest you be fined with a penalty. It affects not only your finances but also your credit score, and a decreasing credit score could mean you won’t be able to take a loan in the future, easily.
Maintaining a Credit Score is necessary and if you do that, your chances of taking loan increases as fast as the Credit Score rises. Thus, stay safe on the loan street and keep your pockets healthy and hearts worry free.
To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.