When it comes to availing a loan, many borrowers are confused between secured loans vs unsecured loans. But which is the best option for you?
Let’s check out which is the best between secured loans vs unsecured loans in this quick post!
Secured loans vs unsecured loans
1. The rate of interest
Since you need to submit collateral for secured loans, lenders charge a lower rate of interest on them. It helps you pay reduced EMIs and manage the cost of the debt easier. On the other hand, the unsecured loan like the personal loan comes with a higher rate of interest and leads to the payment of higher EMIs. Your creditworthiness is the key parameter while approving the loan request. You don’t need to pledge any security. Having a higher credit score of 750 and more can help you get the unsecured loan approval fast and at a lower rate.
2. The loan amount
Between secured loans vs unsecured loans, the loan amount that lenders can approve depends on your overall eligibility and their policies. To know how much you will get, you can use the loan eligibility calculator on a lender’s website for free. Unsecured personal loans from top lenders can get you up to Rs.25 lakhs.
3. The repayment tenure
When it comes to secured loans vs unsecured loans, the repayment tenure of unsecured loans is lower than that of secured ones. Secured home loans may have a tenure of 20 years, and it could be up to 60 months for unsecured personal loans.
4. The money disbursement period
The money is disbursed into your bank account within 24 hours* in an unsecured loan. In a secured loan, it may take a bit of more time to get the approved amount credited.
Based on your needs, and your repayment capacity, you should decide to choose between secured loans vs unsecured loans.
Bajaj Finserv brings to you pre-approved personal loan offers, home loans, and more. It can ease off your loan processing and make it less time-consuming.
You can share your basic details like the name and the mobile number to explore your pre-approved loan offers today.
Additional Read: Choose The Better Option Between Secured and Unsecured Personal Loan
Are you aware of the personal top up loan? It is a financial facility that leading banks and non-banking finance companies (NBFCs) in India offer. But the facility is available only to selected customers.
If you have an ongoing personal loan account and want some extra funds to cover your needs, then the top up personal loan can help you. You can use the personal top up loan to cover any of your needs.
But what factors do you need to consider before applying for the personal top up loan? Read on!
Consider these factors before applying personal top up loan
2. You need to meet the lender’s eligibility
Other than being the existing personal loan customer with a lender, you should have also paid at least 12 EMIs for the active loan*. This can make you eligible for the personal top up loan.
What benefits can you enjoy while applying for a personal top up loan?
You can get amazing benefits while applying for the personal top up loan if you need additional funds for different needs. Take a look:
Bajaj Finserv presents pre-approved personal loan offers on and more. It can ease off the loan processing.
You can check out your pre-approved loan offers after sharing your basic details like your name and mobile number.
Additional Read: Must Know These Points Before Availing Top-Up Personal Loan
In recent years, unsecured advances like personal loans have gained immense popularity as viable sources of financial assistance.
NBFCs like Bajaj Finserv offer these advances to government employees to help them meet various funding requirements. With a sanctioned loan amount of up to Rs.25 lakh, such individuals can choose to finance the expenses for child’s education, vacations, medical emergencies and more.
Personal loans offered by Bajaj Finserv are free of any collateral and come with a tenure of up to 5 years. Moreover, once approved, these loans are disbursed instantly if an individual’s CIBIL score calculation reflects decent results.
Eligibility criteria to avail a personal loan
Government employees must fulfil the following eligibility criteria to avail a personal loan:
Documents required to avail a personal loan
Apart from meeting the eligibility criteria, government employees need to furnish the following documents to avail a personal loan from Bajaj Finserv:
Individuals might need to submit additional documents if required.
Government employees can apply for a personal loan online by following these steps:
Step 1: Furnish all personal, employment and financial details.
Step 2: Select the loan amount and tenure.
Step 3: Submit all necessary documents to the representative of the financial institution.
Post completion of the above-mentioned steps, the loan amount will be disbursed into the applicant’s account.
Availing a personal loan for government employees has never been more convenient. Apply for a personal loan with Bajaj Finserv if you require financial assistance urgently.
Allahabad is one of the major cities in the state of Uttar Pradesh. If you live in Allahabad, and are looking to apply for a personal loan, then you can do that.
But since personal loans are unsecured, you may be concerned about higher interest charges. But if you can follow a few steps, then you can avail the instant personal loan in Allahabad at a lower rate.
2. Compare available loan offers online
While applying for the personal loan in Allahabad, you may come across many lenders’ offers. It may confuse you which one to choose and not. The best thing would be landing on a third-party website and comparing all available offers. This way, you may pick one that best matches your needs and the budget.
3. Go for a smaller tenure
You can also go for a shorter loan tenure to pay affordable interest charges on personal loans in Allahabad. The only thing is that your EMI amount will increase. On the other hand, opting for a longer tenure may reduce the loan EMIs. But that would increase the interest payment and the loan cost.
By implementing the discussed easier steps, you can easily avail the personal loan in Allahabad at a lower rate.
Bajaj Finserv presents pre-approved personal loan offers on personal loans and more to ease off the loan processing.
You can check out your pre-approved loan offers by sharing your basic details like your name and mobile number.
Additional Read: Know How You Can Avail Instant Personal Loan In Allahabad
The expenses of the Indian wedding can never be estimated earlier. No matter how well you plan in advance, the chances are that you may be short of funds.
To cover your immediate needs, you don’t have to use your savings or liquidate assets. It is because you can apply for a personal loan for a wedding.
Do you want to know why the personal loan for wedding is the perfect funding solution? Read on!
1. It comes with a considerable loan amount
The personal loan for the wedding of a known lender can help you get up to Rs.25 lakh to fund your multiple expenses with a single solution. The final amount is dependent on your eligibility and your repayment capacity.
2. It offers super fast approval
The wedding personal loan comes with instant approval if you are the right candidate. Leading creditors take only minutes to sanction the loan request. You also get to access the funds within 24 hours into your bank account.
3. It helps you save time and efforts
The entire loan application procedure is paperless. You can land on the website or app of the lender and start applying online. In turn, it saves your time and keeps you protected from COVID-19 as you stay home.
4. The loan eligibility and the required documents are less complex
The personal loan for wedding eligibility and the required documents are basic. You can check out the entire eligibility conditions on the lender’s website to be sure. You can also use the personal loan eligibility calculator to know an amount that will be approved.
5. It helps you repay over a flexible tenure
Famous lenders permit you to spread the loan cost over the longer tenure of up to 60 months. It can help you repay smaller EMIs and plan your finances better.
6. It does not require any collateral
Since the personal loan for a wedding is unsecured, you don’t need to submit any collateral. It means that if you default, then you don’t run the risk of losing your security. If your cibil score is good and you are well employed, then you can get the loan approval faster and at a lower rate.
The benefits of applying for the personal loan for a wedding are now enlisted. If you are short of funds for the marriage, then you can turn to the wedding personal loan today.
Additional Read: Know How You Can Avail A Personal Loan For Wedding
Prospective credit card owners can look for instant approval credit cards online, thanks to the presence of some virtual cards. As their name suggests, these options are perfect for online shopping. However, one cannot use such cards for offline transactions at stores and outlets.
Virtual credit cards remain active for just one transaction. Even if users do not transact, such cards expire within 48 hours. Thus, users have a very limited window to buy products with these cards. Due to their online-only utility, these cards are not suitable for everyday use. Instead, applicants should look for regular credit cards with a faster approval process.
To ensure instant approval of credit card applications, one would need to follow these tips mentioned below –
They should provide instant approval credit cards online pre-approved offers from reputed financial institutions. These offers are available to eligible applicants with credit scores above 750. Pre-approved offers can not only improve the speed of credit card approvals but also ensure access to premium cards, such as the Bajaj Finserv RBL Bank SuperCard.
Another simple way through which one can ensure credit card approval is to build his/her CIBIL score to a respectable threshold. While 750 is the minimum score required to avail cards from most NBFCs, higher scores may help you reduce some of the formalities, and thereby acquire cards with ease.
Lastly, arranging all of the necessary documents beforehand should also help matters. Submitting each piece of paperwork necessary during application can help NBFCs verify your details quickly and approve credit card requests.
In the last few years, India has experienced significant growth in its unsecured lending sector. In fact, as per RBI data, approximately 28% of the country’s total credits comprised personal loans. The data testifies that personal loans are one of the most popular forms of financial assistance among borrowers.
Nonetheless, when availing a loan, you must know how to manage your debt effectively to avoid any negative impact on your credit report. Failing to pay a single EMI can bring down your credit score, which can significantly diminish your chances of availing credits in the future.
How to manage debt effectively?
Here are some pointers that can help individuals formulate a strategy to manage debt efficiently:
Reduce your EMI burdens and manage your debt effectively by implementing the techniques mentioned above.
Must Read: Smart Ways To Manage Your Loan Debt
Do you have an ongoing personal loan and managing a higher interest rate leading to the payment of bigger EMIs?
If yes, then you can always go for the personal loan balance transfer facility.
The personal loan balance transfer lets you switch your loan account to a lender offering a lower rate. In turn, it can help you pay lower EMIs and manage your outlays better.
But before you go ahead with the personal loan balance transfer, you should consider a few points. Read on!
2. Check if you are availing a lower rate of interest
The biggest reason for going for the personal loan balance transfer is enjoying the lower interest rate. And if that does not happen, then there is no purpose of doing that. Hence, you should check the charges by using the personal loan balance transfer calculator. It is available on the website of the lender that you are applying with.
3. Go through the fine prints
The new lender that you are applying for the personal loan balance transfer will have new terms and conditions for new customers. Hence, you need to go through the entire fine prints of the loan before making the switch. This way, you will come to know of any extra charges that you may have to deal with the personal loan balance transfer.
By considering these aspects, you can easily approach the ensuing personal loan balance transfer and avoid paying extra.
Who does not want his or her wedding to be one of the stupendous days of life?
Yes, everyone wants that to happen!
But not all have the affordability to fund the expenses of such elaborate events.
But you don’t need to lose your heart. It is because you can rely on many modes to do that. And one of them is opting for the wedding loan. Read on and know more!
2. Loan against property
If you don’t want to face the risk of paying higher interest charges on repayments, then you can opt for the secured debt like the loan against property (LAP). It is because LAP comes with a lower interest rate on personal loan as your property is the collateral. LAP helps you get an amount in crores with a repayment tenure ranging 2-20 years.
3. Using other assets
You can also use your multiple assets like the gold, PF and more. This way, you can get funds to cover your needs for an upcoming wedding. The benefit of this will be keeping your assets invested. And at the same time, you may use the same to avail an amount against it.
You are now aware of the ease you can get funds to make way for a wedding of your dream. You can go for one of the ways like the wedding loan and get started today.
If you were looking to avail some funds to renovate your home, then you can apply for home improvement loans. You can get an amount up to Rs.25 lakh from known lenders depending on your eligibility.
But what are the ways to choose the best home improvement loans?
Read on and know more!
1. Maintain a robust credit score
You may come across one of the best loan deals in your city and still may not apply for it. It is considering that you may not have the eligibility for it. But when your credit score is higher, the best lender may be willing to offer you the loan approval. Hence, you should always maintain a credit score of 750+ to get loan approval in a flash.
2. Compare all loan offers online
The next thing that can help you get the best home renovation loan is by comparing all loan deals online. You can do that on a third-party website and pick the offer that suits your needs and repayment capacities the best.
3. Check if the lender offers you the repayment flexibility
The best lender should help you repay the loan over a flexible repayment schedule of up to 60 months. This way, you should be able to repay the loan by paying reduced EMIs and manage your outlays better.
4. Check if you can service the EMIs
The best lender will be the one whose EMIs you will be able to repay without issues. You can use the personal loan EMI calculator and know the exact EMI figure that you can repay easily. You can increase or decrease the loan value to make the loan EMI amount affordable.
5. Go through the loan fine prints
It is always good to be aware of the loan fine prints so that you don’t get shocked when you are asked to make some payments.
By considering these vital aspects, you can help yourself opting for best home improvement loans in the market.
Must Read: Know How You Can Avail Home Improvement Loan
Be it an upcoming wedding, debt consolidation, business expansions, medical emergencies and more; you can use the personal loan facility to do all.
If you have the required eligibility, then you can get an amount up to Rs.25 lakh by leading lenders. But the current personal loan interest rate may be a bit higher as there are no collaterals involved.
If you wish to know more about tenure, EMIs and loan interest rates, then continue reading!
The personal loan is an unsecured facility that does not need you to pledge any collateral. It is given on the basis of your creditworthiness. Anyone having a cibil score of 750 or more and by meeting some other norms can get the loan approval. You are also free to use the loan amount for everything as per your need and to the tune of Rs.25 lakh.
The tenure of the personal loan is typically for a period of up to 60 months. You can stretch the loan amount over longer tenure to pay reduced EMIs and manage expenses.
The current personal loan interest rate could be around 12.99% by known lenders. But having a stable repayment, employment history and cibil score may let you negotiate for a lower rate.
You can also choose to make time to time prepayments to lessen your EMI amount + interest figure during the tenure.
You can use the personal loan EMI calculator in advance to know about the exact payable EMIs. This way, you can manage your outlays beforehand.
But before doing so, you should always check if there are any charges for it being levied by your lender.
Many modern-day lenders may not ask you to pay prepayments charges.
If you are ready to avail the personal loan, then you can pick the best offer by comparing all deal on a third-party platform free of cost.
Since CIBIL score is a reliable indicator of an individual’s financial behaviour, most NBFCs check the score before sanctioning any loan or credit card. Therefore, it is vital for individuals to learn about the nitty-gritty of CIBIL score calculation and the ways to check it for free.
Steps to check CIBIL score for free
Following is a step-by-step guide to assessing the CIBIL score for free. Note that financial institutions require applicants to meet the specified CIBIL score requirement for unsecured financing. For instance, the Bajaj Finserv CIBIL score requirement is 750 and above when availing a personal loan.
Moreover, selected financial institutions offer online CIBIL score calculator that allows individuals to check their CIBIL score as per their present financial and credit profile.
Importance of CIBIL score
CIBIL score is a three-digit number that ranges between 300 and 900. Higher the score, better the eligibility for availing a personal loan and such other credit options. However, individuals can also avail a personal loan with bad CIBIL score, following the below-mentioned tips.
Hence, irrespective of the purpose, one needs to know about CIBIL score calculation for free and check the same periodically to stay updated.
Are you aware of fast personal loans?
Fast personal loans are a type of personal loan that a lender can approve instantly. All that you need to do is – maintain a higher credit score, repayment and income record.
Based on your eligibility for fast personal loan, you can get an amount as high as up to Rs.25 lakh by known lenders.
Let’s unearth 5 aspects of the fast personal loans in this quick post!
1. Fast personal loans provide a large amount
One of the key aspects of the fast personal loans is that you can get a bigger loan amount. You can get an amount up to Rs.25 lakh. You can use the loan money to cover your needs minus the hassles.
2. Fast personal loans come with instant approval
If you are loan eligible, then you can get the approval for the same without waiting for ages. It means that if you are eligible, then you can get the loan approval and start meeting your needs easily.
3. Fast personal loans give access to funds within 24 hours
After you have the loan approval, then you don’t have to wait for a long time for the funds to use. Leading lenders in India disburse the loan amount into your bank account within 24 hours.
4. Fast personal loans do not need you to put any collateral
Fast personal loans are unsecured, and it means that you don’t have to submit any collateral for the loan approval. Your creditworthiness is determined by your credit score, repayment and employment record.
5. Fast personal loans come with a flexible repayment tenure
While availing fast personal loans, you don’t need to bother about making repayments quickly and hamper your outlays. Known lenders let you repay over a convenient tenure of up to 60 months to do that. This way, it becomes easier to manage your monthly outlays.
The five aspects of fast personal loans are now mentioned. If you want to apply for it, then you can do that online and get going.
No matter if you live in Delhi or elsewhere, the need for funds may crop up out of nowhere. Nowadays, many leading lenders are offering the unique facility of the digital personal loan that you can rely on to meet your needs.
If you need the instant loan in Delhi, then you can apply for the digital personal loan and get it in 2 clicks at home.
Do you want to know how? Read on and explore more!
Here’s how you can avail the instant loan in Delhi in 2 clicks
When it comes to availing the instant loan in Delhi, then you can enjoy the benefits of it by not standing in a queue, no processing delays, no collateral and no documentation.
Yes, it is possible when you check your pre-approved loan offer of top lenders in Delhi. If you are eligible for it, then you can get the pre-approved funds into your bank account within seconds.
This way, you can fund your needs without going through the hassles of a conventional loan. One-click is when you enter your basic details like your name and mobile number on the pre-approved personal loan offer on the form.
If you are eligible, then you will see ‘Disburse the loan money now’ button or something like this. If you click on it, then the sanctioned loan amount will be credited into your bank account within seconds.
Key benefits of 2 clicks instant loan in Delhi at a glance
If you want to avail the 2 clicks instant loan in Delhi online, then you can check out if you are pre-approved for the same on a lender’s website.
An instant personal loan is one of the best financial solutions that you can avail of. Yes, you can rely on it to help you cover your many needs without issues. Since it is an unsecured loan, you only need to have a good CIBIL score to get the approval.
Other than a large loan amount, the advantages of personal loan are many. Let’s know in this quick post!
One of the best advantages of personal loans is that you can repay the loan amount within 60 months. That means being able to repay the loan without stress and managing other expenses easily.
The best advantages of personal loans are now discussed. If you are ready, then you can save your time and efforts by applying online.
Must Read: Know The Benefits Of Instant Personal Loan
Kolkata, the capital of West Bengal, is one of the ancient cities of India. It has an awesome history, culture, tempting cuisines and more. The ‘City of Joy’ boasts of some incredible places that you can visit here.
If you have some shortage of money to visit the city, then you can apply for an instant personal loan in Kolkata. Let’s list out 5 amazing places to throng when you visit Kolkata in this post!
1. Victoria Memorial
Victoria Memorial is spread across 57 acres and was built in the memory of Queen Victoria. It has 21 gardens, 3900 paintings and 28, 394 artefacts. The monument looks best in the night when it is illuminated. It is one of the key places to visit and has more than 20 lakhs in attendance here. The instant personal loan in Kolkata can give up to Rs.25 lakh so that you can plan your Kolkata visit now.
2. Howrah Bridge
Howrah Bridge is the trademark of the city that you may have been in many Bollywood and other movies. The bridge has traffic of more than 1 lakh daily. It has to be on the bucket list of the places to visit Kolkata.
3. Fort William
The next place in our list is the Form William located on Hooghly River! It is now serving as the headquarters of the Eastern Command! You can’t get an entry here, but you can always enjoy its majestic exteriors. For enjoying the Kolkata visit, you can rely on a quick personal loan for instant approval.
4. Park Street
Park Street is one of the popular locations here with many historical landmarks. It also houses many eateries and entertainment centres. The city goes there for recreational purposes.
5. Belur Math
Belur Math is the headquarters of the Ramakrishna Mission. If you are a bit spiritual, then it is a must-to-visit place. You will get inner peace if you visit it.
Additional Read: Know The Best Places To Visit In Kolkata
When it comes to covering urgent financial coverings, personal loans are among the best solutions these days. From the application to approval to disbursement of funds and repayments, everything is hassle-free.
If you have the required eligibility, then you can get the loan approval for a large amount. Finding your eligibility is easier via the personal loan eligibility calculator.
Many people apply for the personal loan as it is an unsecured facility and does not need any collateral to be kept.
But when it comes to applying for personal loans, many borrowers face rejections. Let this post help you know easy ways to avoid personal loan rejections.
Must Read: Smart Ways To Avoid Personal Loan Rejection
Personal loans have become a go-to choice for individuals requiring funds at short notice since it involves a brief processing period. Furthermore, with financial institutions and NBFCs like Bajaj Finserv offering facilities of checking loan application status online, availing a personal loan has become even more convenient.
You can check your loan status online via the two modes mentioned below -
Via Experia app
Borrowers can also check their personal loan application status offline by visiting the NBFC branch or placing a call on the customer care number specified on the website.
How to get the loan approved fast?
Borrowers can adopt several measures to improve their chances of getting their personal loan status approved quickly. For instance, they need to maintain a healthy credit score to gain quick approval on a personal loan. The ideal CIBIL score to avail a personal loan is 750 and above.
Additional Read: Know How You Can Track Bajaj Finserv Personal Loan Status
Money is one factor that is surely an indispensable part of your life. You may need money during many stages of your life. If you need some large amount to meet any urgent needs, then you can always rely on the personal loan facility. Based on your loan eligibility, you can avail a loan amount of up to Rs.25 lakh from top lenders.
Using the personal loan calculator, you can know an amount that a lender can sanction. It can help you in applying for an exact amount that you can get the approval easily.
A personal loan is an unsecured finance. It carries two types of interest rates. It is either reducing or the flat rate. Let’s know which option is better for you in this post!
As the name suggests, the rate of interest charged in this scenario is fixed for the entire tenor. You are aware of the exact interest payment that you will make.
Even after you have paid a few EMIs and the principal has reduced, you continue to pay interest on the entire amount.
On the other hand, the reducing interest rate applies to the remaining principal amount. The reduced rate of interest gets calculated on the outstanding amount.
When the principal amount gets reduced year after year owing to EMI payments, the total rate of interest also keeps on lessening.
You are aware of the differences between the reducing rate and the flat rate. You should choose a personal loan with an interest type as per your needs.
The best way to opt for the personal loan is by comparing the offers on a third-party website. This way, you will be able to pick the best deal as per your needs and repayment capacity.
Must Read: Choose Better Option Between Reducing and Flat Interest Rate
Are you a resident of Gurgaon and have many needs for money? Do you want to consolidate your debts, get funds for your business expansions and more?
If yes, then you can count on one solution for all. It is called the quick personal loan in Gurgaon. Let’s know what the quick personal loan in Gurgaon can provide you with!
What is the quick personal loan in Gurgaon?
The quick personal loan in Gurgaon can cover your entire needs under the sun. You can relax by accessing a large loan amount and fund all needs. Based on your loan eligibility, you can get an amount of up to Rs.25 lakh from top lenders.
What benefits do the quick personal loan in Gurgaon offer?
1. Loan up to Rs.25 lakh
If you meet the lenders’ eligibility, then you can get an amount of up to Rs.25 lakh. The loan money is sufficient to meet you small and big-ticket requirements.
2. Super fast money disbursement
Once your loan application gets approved, then the lender can credit the money in your bank account within 24 hours.
3. The tenor of up to 5 years
Online lenders permit you to repay over a flexible tenor of up to 60 months. It is to help you manage other outlays in your life smoothly.
4. Quick approval
If you have a robust cibil score, repayment and income record and can match the lender’s eligibility, then you can get quick loan approval.
5. Easy eligibility
The quick personal loan in Gurgaon is easy to meet. Take a look at the standard eligibility norms:
No matter what your financial need is, you can cover all and repay over a flexible tenor with the hassle-free quick personal loan in Gurgaon.
Additional Read: Everything You Should Know About Quick Personal Loan
A personal loan is among the most sought-after and easy to apply financial facilities that you can go for if you wish to meet many of your needs without funds restrictions.
But many people are concerned about managing the higher personal loan interest rates and higher EMIs; hence, they avoid applying for it.
But what if we tell you that you can calculate your personal loan interest rates and EMIs beforehand to manage it easily? Yes, that’s possible! Read on!
Calculating your personal loan EMI and interest rate is super easy
Many leading lenders want you to apply for a personal loan and cover your needs. At the same time, they also want to take control of how much you are paying on loans. They have made it possible for you to do that by using their personal loan tool. The personal loan EMI calculator is the one that you can go to.
Using this calculator, you can calculate your personal loan interest rates as well an exact EMI that you will pay. This way, you can be sure of how much you will be paying and manage things accordingly.
How to use the personal loan EMI calculator?
The personal loan calculator is available on a leading lender’s website free of cost. It lets you calculate your exact EMI amount and total interest payable on it. It makes you aware of the loan figures that you can be sure of managing or not beforehand. You can use the personal loan EMI calculator in 3 steps such as:
Must Read: Learn About The Use of Personal Loan EMI Calculator
The personal loan interest rate is one of the key aspects that borrowers want to be double sure before applying for the same. It is because personal loans are unsecured and carry a higher rate of interest.
The final rate at which the personal loan is offered is dependent on your credit score, age, loan amount and the tenure.
Other than negotiating the loan rate, you should also check the way the interest rate is calculated. Personal loan rates are calculated on flat interest and reducing balance.
If you wish to know about the flat interest rate on the personal loan, you should go through this post!
What is the flat interest rate on personal loans?
As the name suggests, the flat interest rate gets calculated on the entire amount and for the whole tenure.
It denotes that they do not consider the EMIs which bring down the principal amount gradually.
As a result, the effective rate of interest is higher than that of the flat rate quoted initially.
But, in the reducing balance interest rate, the interest is calculated on the outstanding loan value.
Compared to the diminishing rate of interest, the interest rates get fixed at a lower percentage in the flat rate calculation method.
Before you apply for the personal loan, you should check your lender’s method of interest calculation. It is vital to know that in advance as it may impact your finances.
It is also good to compare all available flat interest rate offers online and pick one that is best for your needs and repayment capacity.
Bajaj Finserv offers pre-approved personal loans and also deals on home loans and more to simplify the loan processing and other formalities.
You can share your basic details like name and mobile number to check out your pre-approved loan offers today.
When it comes to covering your needs and wishes, you can trust an online personal loan to help you without dealing with many complexities. But what measures should you take to avail the best personal loan to meet your needs? Read on and explore more!
2. Shop around and compare the best offers
The next thing is shopping around the best offers in your city so that you can pick a loan offer that is just best for your needs and repayment capacity. You can do that by landing on a third-party site for free.
3. Select a suitable tenor
You can make or break an online personal loan by choosing a suitable loan tenor. If you choose a short tenor, then you will need to pay higher EMIs, but your debt will finish off quickly. On the other hand, choosing a longer may let you pay lower EMIs, but you will need to manage more as compounding interest.
4. Use your professional credentials
You can get the best quick personal loan offer by using your professional credentials. If you work for a known company and draw a high salary, then the leading lender will be happy to award you the loan approval at a lower rate.
5. Be aware of all loan costs
You should be aware of charges such as loan processing fees, prepayment and foreclosure, including loan defaults and late payment charges. This way, you can manage what and how much to pay you to deal with any such issues.
By implementing these easy to follow tips and tricks, you can easily get to the best online personal loan in your city.
Additional Read: Know How You Can Avail Best Personal Loan
A recent report indicates that despite a weak economy, personal loans have shown a substantial growth rate compared to other forms of credit, as of January 2020. Such loans are always helpful to individuals as they offer financial assistance for any urgent monetary requirement.
Personal loans not only have a fast disbursal rate but also their lack of end-use restriction adds to the convenience of borrowers. Moreover, if you opt for pre-approved personal loans from lenders like Bajaj Finserv, you can avail instant approval along with added benefits.
What are the benefits of a pre-approved personal loan?
Reputed financial institutions in India provide pre-approved loan offers to their existing customers, which simplifies the loan application process substantially. These offers usually come with the below-mentioned features and benefits –
1. Customised loan availability
If you know what is pre-approved personal loans then borrowers can move forward to avail customised funds. Such advances are tailored to suit your financial profile.
2. Reduced hassle
As an existing customer of a financial institution providing such an offer, you can avail pre-approved loans upon meeting simple and minimum eligibility terms. Your loan application does not undergo further scrutiny as your personal, financial and employment details are already accessible and verified with the lender. It makes the overall loan application process easier.
Also, when availing personal loans through a pre-approved offer, you are not required to go through any documentation procedure.
3. Fast disbursal
Reduced eligibility, verification and paperwork requirements means borrowers can receive the loan amount disbursed to their account within 24 hours of approval.
Lenders providing pre-approved offers make them available to their existing customers on personal loans as well as numerous other financial products. You can check your pre-approved offer by only providing personal details such as name and phone number.
Additional Read: Know How You Can Avail Per-Approved Personal Loan
Are you paying too many credit cards and other loan EMIs in a month and is it taking almost 50% or more of your monthly income? If yes, then you must be having a tough time managing timely repayments and smooth monthly outlays.
But after having said that, you can avail a personal loan to repay all debts and pay just 1 EMI in the month. Yes, if you do that, you will only pay a single EMI and be able to manage your monthly expenses with some savings.
What is the best time to pay off credit card debts using a personal loan?
When the repayments of your debts start consuming more than half of your monthly income, then you must pay off all debts using a personal loan. To do that, you can apply for a personal loan for debt consolidation – a loan designed for the purpose. It is an extension of the personal loan that you can use to clear all debts at a time.
What are the advantages of applying for a personal loan?
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.