Digitization has revolutionized the financial sector, making many instruments more accessible. Today, you can easily find and avail personal loan offers from reputable lenders from the comfort of your own home. Gone are the days of having to go to a physical branch to avail such loans, as some lenders even offer instant financing online. However, despite this convenience, one should not give up the research stage.
This is when you take the time to pre-screen personal loan offers from the best lenders based on their features, benefits, and affordability. Skipping this step is not a good idea and can cause you to miss out on offers that could save you money down the line. Follow this simple guide to identify the best personal loan that match your profile and financial needs.
Look for personal loan offers with a high maximum penalty
Sanction is one of the key factors in a loan and you need to make sure that the loan you choose can comfortably meet your needs. You will find personal loan offers with a maximum penalty of up to Rs. 25 lakh or even more in some cases. This is an adequate amount because it can accommodate several large expenses, whether:
- home renovation
- Medical emergencies
- Professional purchases
- Tuition fees
Also, when choosing a loan with a high maximum penalty, consider whether you need to pledge any assets. You should look for unsecured personal loan offers that allow you to easily borrow the amount you need.
Search for offers with relaxed personal loan eligibility criteria
You should look for loans that have lenient criteria. Responding to a long list of terms can be quite complicated and can even lead to delays if there are discrepancies. Ideally, the lender you choose should have minimum requirements so you can easily qualify for financing. Look for lenders who rate your profile on just 3 factors, namely:
- Annual revenue
Note that your credit report and credit score are also crucial parts of your profile. Generally, you may need to maintain a CIBIL score of at least 650 and have a clear repayment history.
Make sure you have access to a flexible duration
Reimbursement is a very important part of the whole process and you should take this into account from the start. A simple way to ensure you don’t run into long-term problems is to find a lender that offers flexible repayment options. You should be able to choose a duration and amount of EMI based on your financial capabilities. Ideally, you should research long-term personal loan deals so you can easily find the right repayment schedule.
Find out about applicable charges and fees
When you borrow money through a personal loan, you will have to pay certain administrative costs. This includes processing fees, processing fees, statement fees and others. You should know all applicable fees before borrowing. Failure to perform this check can lead to hidden costs, which can be very expensive. In addition, you must calculate the total cost of borrowing after taking into account applicable fees. In some cases, you may have to pay hefty processing fees, which can easily turn a good offer into an unworkable one.
Check the availability of a pre-approved loan offer
Pre-approved offers are personalized offers designed to fit your profile. Depending on the lender, this may be the best personal loan offer for you because you are already approved for a given sanction. These offers are usually easy to get and may even have exclusive terms.
take the time to find personal loan offers that really offer value. Borrowing wisely is essential and this guide should help you make the right decision. In this regard, one instrument you cannot go wrong with is the Bajaj Finserv personal loan. It has some of the best features and gives you the flexibility to make sure repayment never becomes a burden.
With this loan, you can get up to Rs. 25 lakh as sanction at a competitive and long-term interest rate which can last up to 60 months. Moreover, you can easily avail funds through the lenient personal loan eligibility conditions. As such, you get the money you need with no processing delays. Another important advantage is that Bajaj Finserv maintains 100% transparency on applicable fees. There are no hidden fees. Get started today, check your pre-approved offer and easily access funds.
This is a publication in partnership
Read all the latest Assembly news, breaking news and live updates here.