With growing financial needs, personal loans have become a common financing option to fund big-ticket expenses. 90% of the population in India belongs to the middle class, and they constitute the largest customer base of such credits. However, choosing the best NBFC for a personal loan can be a challenging task.
Personal loans come under one of the fastest-growing debt categories. It can be utilised for any financial purposes, including marriages, travelling, medical emergencies, etc. This can be availed from both private and public sector lenders.
NBFC’s are more flexible with their terms and conditions to provide a loan. Yet, people still face multiple questions before choosing the best NBFC for a personal loan. Before that, there are various eligibility criteria one needs to fulfil for a loan.
Let’s discuss in more detail about procedures and eligibility criteria a person needs to fulfil before applying for credit. Points to keep in mind before applying for a loan are:
Eligibility criteria
Eligibility is the major point to consider before applying for a personal loan. Bajaj Finserv personal loan offers up to Rs.25 lakh as unsecured credit against flexible repayment tenure of up to 60 months. Some of its easy-to-meet eligibility standards are:
A person has to be a residing citizen of India
Ageing between 23-55 years
He/she shall be working in any MNC’s or private or public sector
Other than that, Bajaj Finserv also extends pre-approved offers to eligible customers to simplify the application process. These offers are available on various financial products, including personal loans, business loans, credit cards, etc. You can check your pre-approved offer online by sharing only some essential details.
Documents needed
Any reputed organisation would look for proper documentation to attest to an applicant’s eligibility before providing a loan. So, to apply in the best NBFC for a personal loan, one needs to carry:
Proper photo identification proof, i.e. Aadhaar Card, passport, driving license, Voter ID (any of the one).
Latest salary slips of the applicant.
Two passport size photos.
EMI per month
Personal loan calculator helps to plan one’s payments and savings accordingly. It also reduces the risk of late repayment and allows streamlining one’s budget. There are various methods or tools available for calculating EMI, including personal loan EMI calculator. This requires one to input loaning amount, tenure and interest rate, and the EMI will be displayed.
Rate of interest
Interest rate is probably one of the essential factors borrowers should look for before availing a personal loan. It is integral in deciding the extra amount one will pay by the end of the tenure. There are two types of rate of interest, namely:
Floating interest: Floating rates usually fluctuate depending on the condition of the market. One has to be experienced enough to predict the market before choosing such a type. It is also called variable interest.
Fixed interest: Here, the interest rate is set for the entire repayment tenure. Fixed interest rates can prove helpful for maintaining a budget.
Tenure period
The tenure period is the duration by which a borrower has to repay a loan. For comfortable payback of the best personal loan, a longer tenure can be opted for. But, longer-term increases the overall interest payable.
NBFC’s are providing personal loans against borrower-friendly terms and affordable rates of interest, helping borrowers reap maximum benefits. However, one needs to be watchful enough about their prioritisation and budget. The above points can help one decide the best NBFC for a personal loan. On top of that, maintaining the CIBIL score of more than 750 is advisable to secure the best terms. To apply for a loan, one needs to fill the registration form online, and follow the simple application process thereafter.
Must Read: Know How You Can Avail Loan From NBFC
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