Factors One Must Know Before Applying for a Personal Loan - Loan Trivia

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Wednesday, 16 January 2019

Factors One Must Know Before Applying for a Personal Loan

Facing a cash crunch owing to unplanned events and inevitable circumstances are quite common in every individuals’ life. Thus, if you ever find yourself stuck amidst such problems, keep your calm and avoid making any decision you might regret later. In all the other circumstances, you can come back and mend your mistakes but when it comes to money, a small mistake takes very little time turning into irreparable damage.

Along the same line, below are some things you or anyone else planning to take a personal loan should check. 

1) A good credit score is your best ally: Even though ensuring a good CIBIL score is quite difficult, having a good one is no less than a blessing in disguise. Approval for an unsecured personal loan is based on one’s credit eligibility which is highly influenced by their credit score. Hence, make sure your credit score is above 750. 

2) Choosing the right lender is almost undebatable: There are more than a 1000 registered loan providers in India but not all of them are equally credible. Thus, choosing the ‘right’, ‘credible’ lender to approve your loan is of foremost importance. This reduces the chances of you getting duped.


3) Select the right tenor for loan: As it can make or break your decision of taking a loan. If you take a loan without considering your repayment capacity, you might end up defaulting EMIs. And this would continue for a long time since you’ll never have enough to manage your EMIs. Thus, evaluate your repayment capacity and then select the right tenor for your loan.

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