Expenses and financial troubles rarely come knocking, and hence, it is often challenging to stay prepared for them at all times. However, modern banking has made provision for individuals to resolve their financial woes by simply applying for a personal loan. A personal loan can help you arrange for the money in time and in a hassle-free manner no matter your circumstance.
Be it a medical emergency or personal expense, marriage in the family or an international trip, you can simply opt for a personal loan to take care of these expenses. It has very fundamental eligibility criteria, like the applicant’s age, credit score, monthly income, current employer, liabilities etc., and the online process for loan application is hassle-free and quick!
Managing your personal loan
Once you apply for a personal loan, it is also essential to have a plan of repaying the EMIs. With the help of a personal loan calculator, you can have an estimate for the same as it will help you manage your personal loan at ease.
Here are a few things you must generally keep in mind to manage your personal loan:
- Remember to calculate your needs and assess your financial requirement before deciding on the loan amount.
- Plan your EMI repayment in advance.
- Pay your EMIs on time and keep tracking them routinely to avoid penalties or late charges.
- After certain months, you can opt to pay the top-up amount to reduce your monthly EMIs going forward and reduce your overall loan amount too.
It is important to develop a disciplined payment habit when it comes to loan EMIs, so you don’t face extra charges and maintain a higher CIBIL score as well.
Getting a personal loan at lower rates
When you apply for personal loan, it is critical that you try to get it at a lower interest rate as well, and there are a few ways you can ascertain that:
- Opt for a lending partner with a good relationship, where you have previously taken loans or have a recurring relationship. This way, you can get a better deal when you apply for a personal loan, as they already know your credit history, payment schedules and can help you smoothen the process too.
- Choose a co-borrower, so it can add to your credibility and help with your loan application process.
- Disclose your other income sources too, as this could help lower your interest rate. By doing this, you will be showing the lender your additional capacity to pay off the loan in time and letting them know how less is the risk involved.
At Finserv MARKETS, you can browse from the many lenders available and select the personal loan product by comparing their product offerings and interest rates. Remember to compare quotes from multiple lenders and opt for the one that offers a higher loan amount at reasonable rates.