Anyone who is a salaried individual, working for a reputed firm with a decent employment record, and a robust CIBIL score can apply for personal loans online.
Being a salaried employee, you may have many aspirations and goals to meet.
But, your salary may not suffice some urgent needs, and that’s when you can get a loan online.
The personal loan criteria related to eligibility, processing, approval, and disbursement of money are easy and hassle-free. Hence, you can apply for personal loans online and get a loan approval of up to Rs.25 lakh.
However, you just can’t go ahead and apply for personal loans online to any lender. You need to consider some features of the loans being offered by them before signing the deal. Go through this post and know some easy steps that will help you find the right personal loan offer.
When urgency strikes, you may need a large amount of money to cover your needs. Hence, the first thing to check is the total loan amount being offered by a lender. It may happen that you need Rs.20 lakh, but the lender may approve only up to Rs.15 lakh. Hence, being well-informed about the maximum loan amount is a must. Most of the leading banks and lenders offer up to Rs.25 lakh as per their personal loan criteria.
Loan repayment is something that will affect your monthly income directly. Hence, you need to spread the loan cost over a loan so that you can pay smaller EMIs. As a result, it is better to check a lender’s repayment tenor for availing personal loans online. Many lenders provide a flexible tenor ranging 12 months to 60 months to repay the loan. But, you should opt for a shorter tenor which may increase your EMI amount but will help you to save paying extra interest to lenders over a longer tenor.
You should also be aware of the exact EMI amount that you will pay against securing personal loans online. When you do that in advance, you will be able to make prior adjustments in your budget to ensure that you can repay the loan EMIs easily. As a result, you should check if a lender is offering the facility of the EMI calculator or not. The personal loan EMI calculator is an online tool that will help you know an exact payable EMI amount against the desired loan amount. Many lenders provide this facility free of cost on their portals. Hence, before making the personal loan application, it would be smart to know an EMI amount that you will repay against the loan amount.
Once you are aware of the amount being offered by a lender that you wish to apply for, the next thing is checking your eligibility for an amount. Your personal loan eligibility will depend on some factors such as your age, income and existing debts. To know about an exact eligible amount, you can use the personal loan eligibility checker. The tool is available free of cost at a reputed lender’s website free of cost.
The next thing that will help you opt for the right personal loan is comparing all offers being made available by leading banks and non-banking finance companies (NBFCs). To do that, you can land on a third-party website and compare all loan deals. This way, you can compare all easily and opt for one suiting your needs and repaying capacity the best.
You should also be aware of the hidden charges and other fees related to defaults, late payments, foreclosures, prepayments and more. You should go through a lender’s loan fine print at least once so that you don’t get surprised when you need to pay extra.
If you want to get a loan online, you may find many deals online which may confuse you. Hence, the easy way to decide on a best personal loan deal is by checking what a lender is offering and matching it against your needs and repayment capacity.
You can easily fill the personal loan application form online on a lender’s website and start managing your multiple needs super easy.