Tips & Tricks Must Have to Know Before Availing Loan Online
An online loan now becomes a trend. To avoid all the hassle of visiting the lender in-person, individuals prefer to apply online with ease and simplicity. It not only saves times but also allow them to explore the various options available for getting fund.
However, before you apply through the personal loan apps, it is important to know some tips and tricks that will help you get the best deal on the loan. Let us discuss these tricks.
Tips & Tricks Must Have to Know Before Availing Loan Online:
- Know Your Requirements: When you are looking for a loan to apply for online, make sure to know the amount you need and only apply for that. If the loan amount is more than the required amount then it might cause extra financial pressure on you, whereas a lower amount will not fulfill your need.
- Be aware of your credit score: Credit score is an important parameter for a loan. A three-digit number, credit score determines the creditworthiness of an individual by taking into account the financial transactions, loan repayments, credit card payments, and more. A higher credit score increases your chances of getting favorable terms on your loan. So, make sure you check your credit score frequently to avoid any unnecessary hassle later.
- Always compare lenders: Do not just apply to one lender, instead compare the different lenders. Check the lending terms, loan details, special services, and other necessary detail before opting for the right lender.
- Assess all costs: Apart from the interest rate charged by lenders, various other fees and charges are also levied but the lenders on the applicant, make sure to check them too. Keep in mind the interest rate, the processing fee, a prepayment fee, and late payment fee or bounce charge. This will go a long way in ensuring your loan doesn’t become a burden in the future.
- Consider an online lender of repute: There are various online lenders available, but considering a reputed one will offer you lots of benefits. It can also help you get tax benefits apart from any others. Also, online lenders do not charge heavy prices and are more likely to get better loan terms. Choose a trustworthy brand and pick a lender that suits your requirements and meets your needs.
- Check out personal loan apps: Though lenders are available in-person too, downloading the app will make it easier for you to get the loan. The best is that it lets you procure financing from the comfort of your home, or even when you’re on the go.
- Check Eligibility: Before applying for the loan, do check the eligibility criteria being offered by various lenders. Though different lenders may have different criteria some common ones include:A.) The applicant must be a resident citizen of India.
B.) The applicants must be between 21 to 60 years of age.
c.) The applicant must be either salaried professionals or self-employed personnel.
D.) The credit score must be over 650.
- EMI calculator: Based on the amount you require, the interest rate being offered by lenders, and the tenure of the loan, you can use the online EMI calculator to know the monthly debt you are required to pay. This will give you an idea about your expenses.
- Plan your expenses: by getting an idea about the EMI you will get a good insight into your monthly expenses. Accordingly, you can plan your expenses and keep everything balanced.
- Application process and Customer Service: You can check for the application process of the loan. An easy and simple application process will make it comfortable for you to apply. Also, make sure to check their customer service. A 24*7 customer service will help answer all your questions about the loan.
Keeping all these points in mind, you can now apply for a loan to various personal loan apps. Some of the best loan apps are Fullerton India, Paysense, Early Salary, and many more. If you too are looking for a loan, Apply Now.