Here’s a Quick Guide for Personal Loans in India

518 min


2051
Personal Loan
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Personal loans are instant financial solutions when you’re running short of funds, and can be procured easily without much processing time. Today, top banks, credit unions, and fintech companies offer personal loans to individuals with attractive interest rates and flexible repayment tenure. The loans are given out to salaried or self-employed professionals without having to pledge any collateral. They are usually taken when you need instant money to fulfill your financial goals or meet any emergency situation.

It’s the interest rates and other eligibility factors based on which lending firms will give the loan amount. Top banks like HDFC, Citibank, Kotak, Bank of Baroda, RBL bank, and NBFCs like Tata Capital, Fullerton India, etc. come up with attractive interest rate deal with quick e-sanction and disburse the loan in 1-2 working days. The interest rates range between 10.99% to 16% which can be further negotiable based on your communication with the lenders. You can avail as low as Rs 50,000 and can go up to Rs 30 lakhs. Leading aggregate sites let you compare quotes under a single umbrella, and pick the best personal loan based on your eligibility and requirements. You can get flexible loan repayment tenure of 30-60 months, and you can choose affordable EMIs within this timespan

They have a simple online application form where you can fill in your details and get the best quotes in a couple of minutes. Their representative will get in touch with you to understand your loan requirement, and as per offer a customized solution to you. Short term personal loans in India don’t require any collateral and documentation becomes much easier. All you need is some documents related to your income source, address proof, identity proof, bank statements, and the lender will sanction your loan in just a few minutes. Right from the cozy corner of your home or office you can compare quotes, apply online. Thus, you can avoid the embarrassment of borrowing from friends or relative, hassles of visiting branches for form fillup, submission and lastly, stay back at home or office to get your loan verification done.

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Few tips to consider while choosing your Apnapaisa personal loans

  • Before applying for a personal loan, try to gauge the maximum amount you’re capable to borrow and make comfortable repayments. Try to check you can easily repay it off after you meet other daily expenses. Apply for an amount that will fit into your budget.
  • Go for a loan amount that will not impact your financial health and don’t derail your finances under any circumstances.
  • The monthly EMI should not exceed more than 30-40% of your income source.
  • If there is an existing loan, try and consolidate it for easy repayments. It will significantly save costs on the interest incurred.
  • If you get any incentives or bonus, you should immediately try to pay in a lump sum. It will help you bring down the overall loan costs.
  • Lenders will evaluate your CIBIL score and repayment history to decide the loan eligibility and interest rate. A healthy score and timely repayment of earlier debt will help you fetch attractive and low-interest rate deals.
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2051

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