Benefits drawbacks of personal loan
How to get best personal loan 1. Applying For Personal Loan? www.afinoz.com 2. www.afinoz.com What Is Personal Loan Personal loans are meant to meet short-term financial needs i.e. you can borrow money for a minimum period of one year to a maximum of five years. The needs may vary as an unexpected medical emergency, going on a vacation, home renovation, buying consumer durables, or to repay credit card debt or any other personal exigency which has a temporary effect on your earnings. 3. Know About Common Mistakes While Applying For Personal Loan Applying Without Comparing One of the biggest mistakes people make when applying for a personal loan is that they go to the bank with which they have done most business, without shopping around for the best deal. There are things like interest rate, processing fees, prepayment charge, loan tenure and loan amount which may vary from lender to lender. So, it is important to research and make an informed decision to conclude the best deal. Unable to clarify the details for taking the loan One of the most common mistakes loan applicants make is that they canu2019t clarify the loanu2019s detail i.e. purpose, tenure and amount. Mostly it is because borrowers themselves are not fully aware about the same. www.afinoz.com/personal-loan-india 4. Ignoring the importance of credit history Lenders asses your eligibility based on your credit history. They check how you have managed your finances in the past. If borrowers have a proven track record in maintaining financial responsibility, they are likely to have a good credit score. A good credit score plays a vital role in determining your eligibility for a loan and the interest rate thereon: Hiding details of an existing loan It is imperative that you should inform your lender about your existing financial transactions and liabilities. You must be honest about your financial status because concealing such information from lending companies will only make it difficult for you to avail of a loan Signing blank documents or form Once we start the loan application process and meet the banku2019s representative, we become lazy. For example, the executive comes to our doorstep to collect the required documents and get the form signed. https://www.afinoz.com/personal-loan-check-eligibility?step=1 5. Ignoring the fine prints When applying for loan most people donu2019t read the fine print under the impression that it does not contain important information. This fine print, generally, contains the fees and charges which borrower needs to pay in certain conditions. Skipping this step may land you in trouble later. For example, if you have applied for Rs. 5,00,000 loan, you will get Rs. 4,90,000 to your account. A personal loan application without any mistakes and discrepancies will lead to a faster and hassle-free approval. For more information about personal loan, you can go over to personal loan page on Afinoz.com. www.afinoz.com/personal-loan-india 6. About Afinoz Personal Loan Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. www.afinoz.com/personal -loan-india 7. www.afinoz.com
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