Here are some tips to help you get the right deal on your personal loan.
Interest Rate: Banks offer different interest rates directly affecting your EMI. An online EMI calculator can help you find the EMI based on your loan amount, interest rate, and repayment tenure.
Choose Right Lender: The terms and conditions differ for Banks, NBFC, Fintech, etc. Hence you must read the T&Cs of different firms before finalizing the lender.
Check Your Credit Score: Before applying for a personal loan, check your credit report and ensure you have a good credit score. The loan approval and disbursal process are quick for people with high CIBIL scores..
Overall Charges: There are multiple costs associated with a personal loan, like processing fees, late fees, foreclosure charges, etc., which you must know before submitting a loan request.
Authenticity of Lender: You must check online reviews of a lender before selecting and proceeding with your personal loan request. You can ask your connections or research online to ensure the lender is legit.