4 Tips to Choose Right Personal Loan Option For You

Author : rahulkumar27
Publish Date : 2021-02-20 12:27:57
4 Tips to Choose Right Personal Loan Option For You

A personal loan is a convenient financial option for you to choose if you are caught in some financial emergency. Getting a personal loan is easy, as it does not require you to pledge any collateral. Lenders can offer the loan within 24 hours of approval, with no spending constraints. You can use the personal loan for financing your wedding, meeting emergency payments, or planning a vacation. 

A personal loan is an excellent financial instrument, but it is essential to choose the right plan through some of the tips mentioned below.

Tips for Choosing the Right Personal Loan 

There are multiple lenders available online who can provide you with the loan amount with a few clicks but making a hasty decision can be harmful. Here are four factors to pay attention to, so that you can be sure of choosing the best personal loan for you.

  • Eligibility Criteria: The first and foremost point that one must keep in mind is the eligibility criteria. It would be a good idea to go through these and make sure that you are eligible to apply for the loan. One such criterion is the credit score. A good credit score makes you a desirable loan candidate and may help you get the personal loan at a lower interest rate and further negotiation with the lender (subject to satisfying other eligibility criteria including monthly income, nature of employment, availability of documents, age, location, etc.). 

For Fullerton India instant personal loan, the eligibility criteria are:

Field

Criteria

Profession

The loan is for salaried employees of a private limited company or public sector undertaking, or self-employed with a minimum turnover as per the current policy. 

Age limit

21 years to 60 years

Minimum income for loan eligibility

For salaried individuals: Rs 25,000 per month in the case of Mumbai/ Delhi, Rs 20,000 per month for all other Indian cities

For self-employed individuals: A minimum yearly profit after-tax is determined based on profession/industry

Minimum CIBIL score

750+

Through the information available on the Fullerton India website, you can check your eligibility for a personal loan. 

  • Repayment flexibility:  Leading lenders like Fullerton India provide a flexible tenure between 12 – 60 months for repayment of personal loans. This allows you to distribute your EMIs over a convenient period and to repay the loan within your monthly budget.

  • Additional fees: Many times, lenders levy additional charges apart from the interest rate – it would be advisable to be aware of these before applying. Most of the lenders charge a processing fee upon disbursal. Therefore, don’t pick an option simply based on a low personal loan interest rate. Make sure to consider other factors such as processing fees, bounce charges, insurance, and service fees as well.

  • Loan terms: The loan terms include the loan amount, interest rate, and repayment tenure. Each of them matters equally and should be taken into account before applying. 

A. Loan Amount:  Please remember that the actual loan amount which gets approved will depend on your eligibility – in particular your repayment capability.

B. Interest Rate: Based on your, eligibility and the loan amount you need, as well as the lender’s policies, the interest rate offered to you, will be finalized.

C. Repayment Tenure: Lenders like Fullerton India offer a choice of repayment tenures between 12 – 60 months for personal loans.

Considering all the above factors in mind, you can use the personal loan EMI calculator to estimate your monthly EMI. It will help you select an optimal tenure so that the EMI can fit within your budget. If you find it difficult, consult the lender to lower your interest rate, or go for a smaller loan amount.

Apply for a personal loan 

Once you are sure about the lender, you can apply for the personal loan using the steps mentioned below.

Step 1: Apply on the lender’s website and fill up the online application form. 

Step 2: Choose your loan amount and repayment tenure to receive instant approval.

Step 3: Upload documents and submit

If you are eligible for the loan, a customer care representative will contact you for further procedure. 

Conclusion

While the above factors are important, it is beneficial to choose a lender that has less processing time for your application and provides reliable customer support. For this reason, you can choose the Fullerton India instant personal loan which gets disbursed within a few hours of loan approval.



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