Be it planning for your next vacation, paying for higher education, or funding a destination wedding – your dreams come at a price. But that doesn’t mean you have to give up on them. A personal loan comes to your aid when it comes to fulfilling your dreams.
Choosing the right loan option involves looking at several factors. Find out all you need to know to choose the best personal loan in this article.
Understand Eligibility Criteria
Financial institutions have certain eligibility criteria you need to meet for taking a loan. You could find yourself in a situation where you need to arrange finance at the last minute. Under such circumstances, choosing a lender with basic eligibility criteria and minimum documentation requirements can speed up the entire process.
Additional Read:- Tips to Save Money Through Personal Loans
Repayment Option Flexibility
You must also consider loan repayment flexibility while deciding on the right loan product. Many lenders today offer flexible tenures for repayment. With this flexibility, you can customize your EMIs to suit your financial situation.
For instance, Tata Capital offers a step-up flexi EMI option. This means you can start with paying lower EMIs in the beginning and as your salary increases over time, you can pay more.
This perhaps serves as the most important when choosing the bestloan for you. Different financial institutions will offer different personal loan interest rates depending upon multiple criteria like a borrower’s credit score, income level, etc. You can compare different lenders to understand the different rates being offered and use this information to make the final decision.
Work on EMI Affordability
Before applying for a loan, you need to be sure that you can pay your loan amount on time. Thus, it makes sense to understand your monthly EMIs that will come with the loan. This can be easily done with the help of a personal loan EMI calculator, most of which are available for free online.
This automated tool gives you a brief idea about the amount you will be paying every month. This gives you a clear picture of your EMI affordability, helping you make the right loan decision.
Charges Applicable by Lender
Lenders levy additional charges on your loan, apart from the interest rate. You may find a lender offering a loan with lower interest rate but charging higher processing fees. So, apart from considering interest rates, you must also consider other applicable charges like bounce charges, processing charges, pre-payment fee, etc.
Additional Read:- Here are Some Myths About Personal Loan Which You Should Ignore
An in-depth understanding of the above factors will help you make the right decision. We, at Tata Capital, bring you the best loan options, tailored to meet your specific requirements. No matter what the occasion or event is, our loans help you meet all your financial needs with ease.
With us, you can avail of loan amounts ranging from Rs. 75,000 to Rs. 35 lakhs at attractive personal loan interest rates. Visit our website today to find out more about our affordable and flexible loans!