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Check these points before availing a Personal Loan

    Personal Loan Features

    Personal Loan Eligibility Criteria Details
    Personal Loan Interest Rate 9.75% p.a.
    Personal Loan Lowest EMI per lakh Rs 2112
    Personal Loan Tenure 12 to 60 months
     Personal Loan Processing Fee 1% to 2% of Loan Amount
    Personal Loan Prepayment Charges Allowed after 12 Months (2 – 4 %)
    Personal Loan Part Payment Charges Allowed after 12 Months (2 – 4 %) 
    Personal Loan Min Loan Amt ₹ 50,000
    Personal Loan Max Loan Amt ₹ 75 Lakh

    About Personal Loan

    A personal loan can be utilized for pretty much anything. Since a personal loan frequently holds no security it is “unsecured” the loan fee will likely be higher. Being a fresh borrower, once you need to check these points before you avail a Personal Loan.

    Focus on your needs, not eligibility:

    Before applying for a personal loan, we recommend you focus on your needs not on eligibility.  Such an approach doesn’t overburden and inflict significant damage on your money related prosperity. This is important once check out your monthly flow first then apply. This is a decent time to be practical with yourself since no one else knows your reimbursement limit superior to you. The goal isn’t to go over the edge which can possibly risk other long-haul money related objectives, for example, your retirement. Preferably, your month to month obligation responsibility ought not to surpass 40% of your gross salary.

    Discuss with your family before you avail a Personal Loan:

    If you’re about to get a personal loan then it’s compulsory to discuss it with your family. Offering your method of reasoning to them will keep them all around educated and their suppositions will enable you to pick up a superior point of view. Furthermore, amazingly, in the midst of a transient money crunch, they may even act the hero. Whatever be the situation, keeping your family oblivious may not be to their greatest advantage. If we’re constantly saying check these points before availing a Personal Loan because financial decision sometimes need everyone’s advice. 

    Get ready with your documents before you avail a Personal Loan:

    If you think you’re ready to avail a loan and you’re ready with your requirements then wisely collect your documentation and official papers. If you’re fully aware of procedure regarding [How to apply for a personal loan] and eligibility criteria then you can step ahead. It’s compulsory to understand the whole process; this will help in reducing your rejection chances.

    Don’t miss your EMIs:

    Remember availing personal or any type of loan is a systematic process so you have to be punctual while paying your monthly instalments because if you miss any EMI then it will cost bad in the form of penalty, late fees, and other linked charges. We recommend you once check these points before availing a Personal Loan. Sometimes haste makes you face a financial obstacle in coming time.