Have you been thinking of applying for a personal loan online to meet your medical expenses or to fund your trip abroad? While online personal loans are quick and easy to get, here are 5 important things to keep in mind before applying for an instant personal loan online.
- Look into the reputation of the lending platform
There is no dearth of digital lending platforms offering quick and easy personal loans online at competitive rates of interest. But not all of them are genuine or trustworthy. So before taking a loan, make sure you do your research and double-check the various claims made by the lenders. You can always read customer reviews or ask your friends and family for trustworthy referrals. You might also learn about reliable lenders from financial-influencers or high-quality financial publications.
- Know your credit score
Your credit history impacts your chances of getting a loan. Therefore, you should always check your CIBIL score to ensure that your loan request is not denied. You can get your score instantly by paying a small fee. Moreover, if you have outstanding credit card dues, clear it before submitting your application.
- Find out your credit eligibility
Just because you want an instant personal loan, doesn’t mean you will get it. There are certain eligibility criteria you are required to meet. Most lending platforms have eligibility calculators to determine your credit eligibility. Fill in your details to find whether you can avail the loan or not.
- Assess the overall cost
Apart from interest rates, you will have to pay additional charges like processing fee and prepayment fee. There are also penalty charges if you are unable to repay your loan on time. Consider the all-in cost of the loan and look for the best deal.
- Check the loan tenure & EMI
Before, submitting your application, think over the tenure of the loan and make sure you are comfortable with the duration. As far as EMI is concerned, most lending platforms have EMI calculators which you can use to know how much EMI you have to pay for the loan.
Taking these five points into consideration before applying for a personal loan online will help you make an informed choice and make sure you get the best deal. And if are looking for easy and instant personal loan online in Bangalore, contact Nitstone. We provide personal loans at the lowest possible interest rates in a simple and hassle-free manner.