A personal loan is one of the most important financial tools as it helps the customers to meet their immediate financial needs such as holiday trips or medical emergencies. However, a single mistake while applying for the personal loan can lead you to a debt trap or a higher interest rate. Therefore, one must be aware of a few things before applying for the loan.
Also Read: Must Know Things to Get a Personal Loan at Low-Interest Rate
Before applying for a personal loan, you must check your credit score. A credit score of 650 and above is required for easy approval and better offers on personal loans. Also, it is advisable to compare interest rates across various lenders. Interest rates can differ widely from lender to lender, so explore your options. Further, make sure you have all the required documents before applying for the personal loan. You are also required to fulfill certain eligibility criteria in order to avail a personal loan such as your age must be 21 years or above at the time of application and repayment have to be completed before the age of 60. You must have a net monthly income of Rs. 20,000 along with 2 years of total work experience with a minimum tenure of 1 year with your present employer. Several banks and NBFCs offer personal loans at affordable interest rates.
Also Read: Must Know Things to Get a Personal Loan at Low-Interest Rate
Before applying for a personal loan, you must check your credit score. A credit score of 650 and above is required for easy approval and better offers on personal loans. Also, it is advisable to compare interest rates across various lenders. Interest rates can differ widely from lender to lender, so explore your options. Further, make sure you have all the required documents before applying for the personal loan. You are also required to fulfill certain eligibility criteria in order to avail a personal loan such as your age must be 21 years or above at the time of application and repayment have to be completed before the age of 60. You must have a net monthly income of Rs. 20,000 along with 2 years of total work experience with a minimum tenure of 1 year with your present employer. Several banks and NBFCs offer personal loans at affordable interest rates.
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