PERSONAL LOAN
THINGS YOU SHOULD KNOW BEFORE APPLYING FOR A LOAN
Published By Livemint | 28 Mar, 2023
Personal loan
Personal loans can be useful if used responsibly, but it is important to know the rules before applying
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Here are some important things to know before taking a personal loan
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Credit score
Taking personal loans can positively impact your credit score if repaid regularly
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Total cost
Borrowers should inquire the total cost by asking the loan provider about interest rates and other costs
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Interest rate
Comparing interest rates of different lenders can save borrowers from paying more
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Negotiate better
Consider having sanctioned letters from 2-3 lenders to negotiate better
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Lower charges
Checking in with your existing bankers can lead to lower charges or waivers
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Disclaimer
Take personal loans only when necessary and repay them on time to preserve credit worthiness
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