Personal loans can help you avoid unnecessary financial stress by becoming a source of emergency funds when your savings are insufficient. However, before opting for an online personal loan, you should check the following factors to ensure speedy disbursement and convenient repayment. 1. Loan Amount You need to determine the loan amount you require from the lender. Even when you are eligible for larger sums, you should stick to availing just as much as you need and not more. 2. Calculate EMI Do not let your monthly instalments get out of hand. Make sure you exactly know how much you need to pay the EMIs in time. Online personal loan EMI calculator can help you in this regard. 3. Loan Tenor Selecting the appropriate tenor for loan repayment is crucial. Ensure you are comfortable with the period for repayment and that it does not burden you excessively. Picking a suitable repayment tenor is one of the simple ways to manage your debt. 4. Prepayment and Foreclosure Options If you happen to come across a substantial sum of money during loan repayment, you can clear off your entire debt at once. This is foreclosure. If you decide to pay a substantial portion of the loan, but not the entire sum, it is prepayment. Several lenders often charge a fee for both prepayment and foreclosure. Learn about these fee details before opting for the loan. 5. Check Eligibility Criteria When opting for an online personal loan, you can easily check the criteria you need to meet to acquire such a loan. Understand which documents you need to furnish, at the same time. 6. Loan Approval and Disbursement Procedure You should inquire to the lender about the exact loan processing method, including the time taken for approval and disbursement of the same. Keep an eye on these factors to manage your personal loan better and to ensure easier repayment. Must Read: 7 Things to Check When You Apply For Personal Loans
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AuthorAman 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. |