Getting Personal Loan is not an easy task. Whether it is a dream vacation or a lavish wedding of your child. It
requires a lot of steps and documents needs to be presented to the bank.
In addition to all it is better to apply now without wasting any extra minute. As banks conditions are changing day
by day and as per them they will change their eligibility and criteria. So put full stop to your search and get
Unsecured loans have maximum risks involved. While availing a personal is simple and affordable but yet it has some
drawbacks which need to be checked.
Before you apply for any personal loans it is required to follow some tips which are as follows-
- As we do research for any product when we buy from any store or online, same you have to do with personal loan.
Compare interest rates, terms and conditions and pre payments charges everything.
- With the interest rates on the conservative loan amount, banks collect their revenue. You have to go in detail
for interest rates and terms and conditions offered by banks. The interest rates which seem to be cheaper are
not that cheap because it involves certain terms and conditions. So, you have to be very careful. Generally you
have seen some advertisements like flat 6% off or interest free loan. These all are just misleading because no
any banks offer interest free loan or any flat offer on interest rates.
- Processing fees will be applied on your personal loan and this can be reduced if you know how to bargain. So,
when you are calculating total costs involved in your personal loans then add this charge also because most of
the banks would waive off the processing fee in the interest charge of the loan.
- The most important tip in the personal loan is selection of EMI. If your EMI costs lesser amount then the
tenure will be higher. And if you are selecting higher EMI amounts then the time span will be less for you. So,
this is the game changer thing if you can select right one choice.
- Every deal should be finalized in letter and on it interest rate, EMI, tenure, documents submitted, pre payment
charges everything should be mentioned clearly. And before final signature read all the documents clearly and
recheck to avoid any confusion.
- The documents which are being presented by yourself should be real and not be false or fake because in case of
fake documents you will be blacklisted and you will not be eligible for any type of loan in future. So, be
aware and careful with it.
- Sign only the form and the presented documents but don’t sign the blank pages. Fill the required areas by
yourself and don’t leave up to the executive.