Nowadays, opting for an instant personal loan is as easy as ordering groceries from your smartphone. However, you need to be well aware of the fact that all the checkpoints are checked in green before you finally sign the papers.
Long gone are the days when you actually had to travel to a nearby financial institution to avail such a loan. Now, it’s just you and your internet-enabled smartphone. Stashfin ensures you don’t need to get out of your comfort zone, and everything can be easily sorted with just a few taps.
What is a personal loan?
As the name implies, it is a type of loan granted to a potential individual borrower based on their creditworthiness and ability to repay the loan amount within a specific period. These types of loans are unsecured, which means that they don’t require any collateral and can be used for various purposes.
Now, the purpose can be consolidating debt, paying for a wedding or home renovation, or covering unexpected expenses. The loan terms, including the rate of interest, repayment period, and monthly payment, are typically determined based on the borrower’s credit score as well as other financial factors.
What are the five ways to choose the best personal loan in India?
Compare interest rates
This is one of the most crucial factors to consider while determining the overall cost of your loan. It’s essential to compare rates of interest from multiple lenders and choose the one that offers the lowest rate. Moreover, don’t forget to consider both fixed and variable rate of interest, as well as any fees or extra charges associated with the loan.
The tenure is the length of time over which you’ll be required to repay the loan. A longer tenure will result in lower monthly payments, but on the other hand, it may also result in higher overall interest costs. So, consider your budget and choose a loan tenure that works best for you.
Check Eligibility Requirements
Before applying for a personal loan, keep in mind to check the lender’s eligibility requirements. Each lender will have different eligibility criteria to fulfil based on certain factors such as age, income, employment status, and credit score. Therefore, do your research and choose a lender whose eligibility requirements match your financial situation.
Check the reputation of the lender
Before finally opting for the lender, it is important to research their reputation and customer service. Go on the web and look for reviews and ratings from other borrowers to get a clear picture.
Read fine print
Before signing the final loan agreement, ensure that you carefully read the terms and conditions, including any fees or charges associated with the loan. Also, remember to look for hidden charges, such as processing fees or prepayment penalties, which might significantly increase the overall loan cost.
If you are looking for the best instant personal loan in India, you just read the right article. Easy and instant that is what Stashfin offers for all its current and potential customers. Download the loan application from Play Store/App Store or simply avail of the loan facility from our website.