Discover Your Personal Loan

For a working-class individual, financial shortcomings could arise at any point due to a variety of reasons. Indians are increasingly getting comfortable with the idea of taking an emergency personal loan for such events. Last year, the growth of personal loans in India was an impressive 15-20%.1 There are ample options to choose personal loan from, be it for a wedding, house renovation, medical reasons, debt consolidation, or any other emergency.

 

How to choose the right personal loan

With a lot of options to choose from, a method needs to be followed for choosing the best personal loan suited to your needs. Here are a few basic steps that you can follow for making the decision.

 

Profile assessment

Before you evaluate the features of a personal loan product, it would be prudent to evaluate your eligibility status. Usually, credit score is a primary deciding factor. Check yours before you apply for an emergency personal loan, and take steps to improve it if it is below 700, the usual threshold for a good score. Apart from this, having a credible job or business helps for sure. Since there are a lot of options, look for one with an easy eligibility criteria.

 

Product research

There are quite a few loan aggregators online which will help you compare multiple loan options and choose a personal loan from amongst them. However, it is important to conduct individual research on all the loan providers you are considering, based on credibility of the company, interest rates, EMIs, etc. It might seem like an uphill task especially while looking for an emergency personal loan, but it is essential as a loan is a long-term debt that you end up with. Also read the terms & conditions in which you can avail personal loan tax benefits only at Dialabank.

 

Compare interest rates

Comparing interest rates is as easy as visiting websites of prospective lenders. Alternatively, you can also visit websites which compare loan products. Needless to say, lower the interest rate, better the choice of loan provided that other factors are also fulfilled.

 

Check all charges involved

The best personal loan isn’t just the one with a low interest rate and easy eligibility criteria. There are bounce charges, processing charges, penalties, secure fees, and other charges depending upon the specific lender. Even with a low interest rate, higher charges can increase your cost substantially. So, make sure you take all of them into account while comparing loans.

 

Flexibility in repayment

Your job isn’t done with checking interest rates and eligibility criteria. You also need to think of what happens after you acquire the loan. You should ideally choose a personal loan based on the suitability of the repayment process for you. Check for prepayment and foreclosure charges. You should be able to pay back your loan as early as possible without hampering your regular financial needs. Dialabank Personal Loan, available on Dialabank, gives you a wide range of tenure options ranging from 12 to 60 months, so that you can pay back at your convenience.

 

The right EMI

This is probably the most crucial aspect of choosing the best personal loan yourself. Your EMI should ideally not go over 50% of your monthly income. Even at 50%, it could mean that you have to compromise on your daily life expenses. That is not sustainable in the long run. Before you apply for a loan, you can check your EMI amount with an online EMI calculator, like the one available at Diaabank. Choose the best plan as per your repayment capacity.

 

Advantages of Discover Your Personal Loan

There are some advantages to getting a personal loan online.

If you have a very busy schedule and there are some changes to make your EMI’s online then you can adopt the option for “have your monthly payments automatically made”. In this way, your monthly payments can be automatically and you don’t have to pay any late fees for the payments.

So you can easily discover your loan with Discover.

 

You can use the funds of the personal loan according to your needs. One can make use of the loan amount to meet any of his requirements. The good thing about the SBI personal loan is that the bank wouldn’t ask you the reason to get a personal loan, neither the bank puts any restrictions on the use of the loan amount.

HDFC Bank offers different types of loans. The process is very simple. Just click the link below.

 

 

Apply for personal loan at Dialabank

Apply for SBI personal loan

Apply for HDFC personal loan

Also read this: Personal loan for Pensioners