How to Use Online Loan Assistance for Best Interest Rates

Updated on: 26 Dec 2023 // 4 min read // Home Loans
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Just a decade ago, finding the apt loan meant numerous rounds to various banks and an excruciating process of arranging the documents required for the approval. Thankfully, times have changed, and we now have access to the internet, which implies online loan assistance is just a click away!

With the advent of online lending, it has become increasingly convenient to get access to the Best Home Loan Interest Rates.  Not only does this approach help in saving a substantial amount of time and effort that would otherwise go towards visiting each bank or lender personally, but also ensures quicker loan approvals, making the process genuinely expedient.

If you happen to be looking for a Home Loan, let us help you with some simple tips which can assist you in finding the right one in a matter of minutes! 
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1. Browse and Browse Some More

With the internet becoming all-encompassing in the truest sense of the word, it wouldn’t be wrong to say that you can conveniently find a wide variety of Home Loans offered by numerous lenders. You should, therefore, take the opportunity to take a quick look at each of the alternatives that seem to pique your interest, and compare them with each other. While doing so, rather than simply concentrating on the rate of interest, we suggest you also look at other significant aspects such as tenure of the loan, additional charges levied towards prepayment and foreclosure, as well as the pre-requisites for the loan agreement.

More often than not, you will find various loan alternatives including fixed-rate mortgages, variable rate mortgages and refinancing amongst others. In order to take the right pick, it is crucial that you know and understand the implications of each of these loan types, complete with their limitations. If you aren’t aware of their nuances, try gaining the required knowledge through trustworthy blogs, or through the assistance of a financial advisor. Or you can call MyMoneyMantra’s Mortgage Specialists for unbiased advice and assistance.

2. Make Use of Various Hands-On Tools

In order to make the experience of shopping for loans as advantageous as possible, most lenders have gone out of their way to offer highly interactive tools to prospective customers. One such tool is the EMI Calculator. Using this tool, you can conveniently calculate the equated monthly instalment (EMI) that you will be expected to pay, if you have a fair idea of the loan amount you wish to take, and the tenure that you want to procure the loan for. If you think that the estimated EMI is higher than your expectation, you can quickly increase the tenure, or decrease the loan amount to arrive at a suitable EMI.

You can also rely on various mobile apps released by online lenders to do these calculations. As a matter of fact, these apps can even help you upload the requisite documents, edit your information, and check the status of your loan application. All of this, while you are on the go! The flexibility and control such tools offer are simply remarkable for making loan acquisition more accessible than ever before.

3. Take Your Decision in a Hassle-Free Manner

As mentioned earlier, you now have the power to browse the alternatives online. Once you do that, narrow down to three offers that seem the most appealing to you. You can then pick one amongst them. More often than not, your chosen lender will allow you to scan and upload the verification documents online or will pick-up the documents from your doorstep, without the need for you to take leave of absence from work to simply visit the lender. Since the process is fairly automated, you can expect a faster approval as well.

4. Get Easy Access to Assistance

The modern-day online lenders have devised numerous ways, wherein you can get in touch with a financial advisor, right from the point where you start searching for an apt loan, to the time, when your application is approved, and the loan amount is disbursed. Some lenders even offer the facility of staying in touch with the advisor throughout the tenure of your loan, as a way to help you manage your finances more efficiently.

This helps take the burden off your shoulders while giving you the peace of mind that sound financial advice is just a call away. Needless to mention, this facility is offered as a fringe benefit, and usually comes free of cost.

5. Enjoy an Unprecedented Flexibility

Consider that you have already acquired the loan, and even began the repayment. However, some time down the line, you feel the need to change the terms of your loan in a bid to manage your finances better. To do so, all you will need to do is get in touch with your online mortgage provider, and through a simple chat or phone call; certain agreeable changes will be made. This isn’t the case with conventional banks, which usually don’t offer the required time, assistance or flexibility needed to make such changes.

Also Read: Planning to Purchase a Property in India? Learn more about GST Rates

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 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.