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Essential Things You Should Know Before Applying For A Personal Loan

http://teemey.com/2020/09/essential-things-you-should-know-before-applying-for-a-personal-loan/

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Essential Things You Should Know Before Applying For A Personal Loan

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  1. PERSONAL LOAN EMAIL- INFO@AFINOZ.COM WEBSITE-HTTP://TEEMEY.COM/2020/09/ESSENTIAL-THINGS-YOU-SHOULD-KNOW-BEFORE-APPLYING-FOR- A-PERSONAL-LOAN/

  2. ESSENTIAL THINGS YOU SHOULD KNOW BEFORE APPLYING FOR A PERSONAL LOAN • Technology has made everything easy. Things appearing confusing before the internet era are now clear because of it. Take, for example, taking a loan was a long and tedious process. Now, a borrower can avail of the loan with few clicks. • The number of lenders has risen in modern times. Lenders such as LoanTap personal loan, India bulls personal loan, or Afinoz helps the borrowers to take a personal loan in no time. However, the majority of the borrower does not have enough knowledge to apply for a personal loan. • In this post, we will shed light on those things. If you are a first-time borrower, It will surely help you out

  3. THE REAL COST OF PERSONAL LAON • many first time borrowers focus on the rate of interest of a personal loan. They tend to think; it is the only cost matters. However, it is not the case. The rate of interest is only the starting point. There is a processing fee, the prepayment fee, the cancellation charges, the late payment charges, and other charges. • When you combine all these charges, the personal loan’s real cost will appear in front of you. Make sure to do the calculation for every lender you choose

  4. TAKE ONLY HOW MUCH YOU NEED • If you have a good credit score, a lender will offer you a considerable loan amount when you check the eligibility. This is where you should not get tempted to see the loan amount. Before you apply, calculate how much you will need. • Let’s say you need 3 lakhs, but it shows you are qualified for Rs 5 lakhs when you check the eligibility. A lot of people would say, why not take the whole loan amount. But you should not make this mistake. Above, we have mentioned the real cost. The lower is the loan amount, the lower will be the real cost.

  5. THE RATE OF INTEREST • Borrowers choose a lender based on their personal loan interest rate. Currently, the lowest personal loan interest rate is presented from the SBI. You will have to do more in- depth research in finding out the best lender offering the interest rate. • The interest rate is affected by several factors, such as the credit score, the monthly income, the repayment history in the past, and other factors.

  6. EMI • What will be monthly EMI When you begin repaying. You have to find out even before you apply. It is going to affect your monthly expenses, adjusting the lifestyle. So, to know the EMI, you could use the personal loan EMI Calculator 2020. • You will need three things to do it. Open the EMI calculator, enter the loan amount you need. The rate of interest you anticipate and the loan repayment. When you enter these factors, the calculator will show the monthly EMI. • These are the things you should know before you apply for an instant personal loan. Apart from these points, you should check the loan repayment tenure, getting the loan, and the lender’s credibility. In case you feel you need help, feel free to contact us.

  7. THANKING YOU • Email- Info@afinoz.com • Website-http://teemey.com/2020/09/essential-things-you-should-know-before-applying- for-a-personal-loan/

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