Personal loans are the easiest options when you need some urgent cash. In the market, different lending options are available to get a personal loan. To choose the best one, you must know the basics of comparison. Compare the available products and get the best Personal Loan according to your requirements. Here are some must read points:
Compare Interest Rates: Personal Loan can be compared primarily on the basis of interest rates offered which may vary across banks depending on your profile that is further linked to your occupation, income, credit history, etc. The personal loan interest rates range from 13% to 25%; you must go for that loan that is offering you at the minimum rate.
Other Charges: You should also check the other charges included like processing fee, pre-payment charges, and documentation charges because they may increase the overall loan amount and may vary from bank to bank.
Evaluation of Loan Offers: You must first calculate the entire loan cost across different banks which constitutes the rate of interest and banks' other costs. Evaluate offers to keep the tenure of the loan constant and compare the rate of interest, EMIs & other costs. This process will help you get the best deal.
EMIs: EMI is the Equated Monthly Installment, which constitutes the loan amount and the interest on the amount equally divided across every month in the loan tenure. Use our EMI Calculator to compare the EMIs across different banks.
Tenure: Tenure is the period in which the personal loan is paid back to the lender, which varies from minimum 1 year to maximum 5 years. If you have a longer tenure then you will end up paying more interest and will have lower EMI, on the other side, shorter loan tenure will carry higher EMIs, and the interest amount will be less. You must compare the personal loan offers by keeping the tenure constant.
Eligibility: Before applying for a personal loan, you must know the eligibility criteria of various banks on the basis of which they offer loans. Checking the eligibility parameters will assist you find the best personal loan deal.
Turn Around Time: It is the most important factor in the evaluation of your loan application when you are in an urgent need of money. Turnaround time is the time that banks take in processing your loan application; you must check this parameter that may vary from bank to bank.
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