A personal loan always comes handy whenever a financial emergency arises. If you are planning to apply for a personal loan, here are a few things you need to keep in mind:
- Credit Score – Firstly, ensure your Credit Score is in place before applying for a loan as lenders consider credit score as one of the most important eligibility factors. No one will want to lend money to a person who has a high debt ratio. Hence, a good credit score can smoothen your loan application process.
- Financial Position – It is primarily important to have a check on your financial standing before applying for a loan, as you have to pay the EMIs. There are online personal loan EMI calculators that help you plan your borrowings, and loan payments as per your needs.
- Alternative Options – Analyze all the personal loan options available before finalizing one. Don’t forget to compare the interest rates, fees and charges, tenure, terms and conditions, principal amounts etc while equating.
- The Principal Amount – Principal amount is the loan amount that you borrow from the lender. Do decide on this amount wisely, so that you don’t end up borrowing more than you require. Put down the purpose of the loan, and then calculate the figure required for that purpose.
- Read the Details Carefully – Read the loan document thoroughly. This is where you look up on the terms and conditions, and hidden costs in detail. Resolve all your issues and doubts at this stage itself. If you find any uncertainties at this stage, you can take a call for another loan provider.
Indiabulls Dhani, an online mobile application by Indiabulls Ventures, is something you can look up on. It has a simple 3-step procedure to get you a personal loan instantly, anytime and anywhere.