PERSONAL LOANS

Key Considerations for Personal Loan

Before applying for a personal loan, check your credit score, compare rates, clarify loan amounts, and review eligibility and prepayment policies.

Here are some points to remember before applying for personal loan

Understand Your Credit Score 

A strong credit score (above 750) is crucial for securing favourable loan terms. Check your credit report for errors and improve your score if necessary.

Compare Interest Rates and Fees

Shop around to find the best interest rates and understand the total cost of borrowing, including processing fees and the APR.

Determine Loan Amount and Tenure

Be clear about how much you need and choose a repayment tenure that fits your budget, balancing EMIs with the total interest paid.

Check Eligibility Criteria

Review different lenders’ eligibility requirements, including age, income, and employment status, to avoid application rejections that can harm your credit score.

Review Prepayment and Foreclosure Policies 

Understand the lender's policies on early repayment and any associated charges, as this can save you money if your financial situation changes.