A personal loan helps meet numerous financial requirements, such as medical emergencies, weddings, and even business expenses. Therefore, awareness of how to avail a personal loan is crucial.
Credit Score:
It is beneficial to have a minimum credit score of 750 to avail a personal loan in Jaipur. It is also possible to avail of a lower interest rate if your credit score is good as it shows your creditworthiness.
Required Documents:
It is vital to keep all the required documents at hand when applying for a personal loan. These documents include address and identity proof, salary statements, bank statements, and more.
Eligibility Criteria:
It is wise to check whether you are eligible for applying for a personal loan and meet the following criteria:
- To avail a personal loan, you must be a salaried individual employed with a private or public company. The turnover should meet the requirement in case of a business.
- It is required that you are between 21 years and 60 years of age.
- You need to be an Indian citizen to be eligible to apply for a personal loan.
- A CIBIL score above 750 is required to be eligible.
- A minimum earning of INR 25,000 is needed to be eligible to apply for a personal loan.
Interest Rate:
One of the crucial factors while taking a personal loan is the interest rate. Depending on multiple factors like your income, age, credit score, and existing EMIs, the interest rate varies. A personal loan EMI calculator can calculate the total cash outflow if you know the interest rate. However, the wise thing to do is compare the interest rates from multiple lenders to ensure that you get the best and reasonable interest rate.
Consider all the Costs:
It is wise to consider all the extra costs, including the processing and late payment, or prepayment fee to keep track of the amount you will be spending.
Decide on the Loan Amount:
It is one of the crucial factors before applying for a loan. It is wise to ensure that the loan amount matches your needs and that you can repay it later with ease because defaulting would lead to a bad credit score. The loan amount is based on income and other factors.
Repayment of the loan:
Before taking a personal loan, it is advisable to check your repayment capacity to ensure that you don’t default.
Tenure:
Although a five-year tenure is a maximum for a personal loan yet, it is beneficial to keep the tenure shorter. Opting for a longer tenure will reduce EMIs, making repaying the loan comfortable, whereas the lower tenure will increase EMIs.
Repayment Flexibility:
It is advisable to ask if there is a provision of repaying the loan sooner with its cost. Paying the loan before time will give you a sense of satisfaction and help you manage personal finances.
Terms and Conditions:
It is important to check the terms and conditions to ensure that you make a wise and the right choice. It will also avoid issues and will provide you with a hassle-free experience.
You can alternatively choose to apply for a personal loan online through the following steps:
Avail Personal Loan Online with the following steps
- You are required to verify your number with the OTP.
- Your details, including personal, bank details, income, and employment details, have to be filled.
- The documents, as mentioned above, then have to be uploaded.
- You will receive updates about the approval and rejection of your application once you submit it.
- You will receive a tracking number for you to track the status once your application is approved.
- The representatives are always available to clarify any doubts you may have and any additional details.
On verification of all the documents, the amount will be transferred to your bank.
