Over the past few years, more individuals have been opting for personal loans to finance various expenses such as higher education, weddings, vacations and such. To meet the rising demand, financial institutions in various Indian cities are extending this advance against favourable terms.
For instance, residents of Mumbai can avail a personal loan of up to Rs.25 lakh to fulfil their financial requirements. These loans also come with flexible tenures which allow individuals to repay the loan EMIs as per their financial capacity.
Nonetheless, before applying for a personal loan, here are 4 pointers that all individuals should keep in mind:
1. Maintain a high credit score
Apersonal loan is an unsecured advance that can be availed without any collateral. Nonetheless, it is sanctioned based on the CIBIL score of an applicant. Applicants must, thus, keep a decent track record of repayments and maintain a high credit score.
2. Eligibility criteria
To avail a personal loan in Mumbai, individuals must meet the following criteria:
He/she must be between the ages of 23 and 55 years.
He/she must be a salaried individual.
Their credit score must be 750 or above.
Moreover, applicants must also produce the following documents:
Salary slips for the past 2 years
Salary account statement for the previous 3 months
Before availing a personal loan, individuals must assess whether they will be able to repay the loan EMIs on time. They can use an online personal loan calculator offered by the lender to know the exact amount of EMI to be paid.
4. Look for the best offers
Individuals must compare the different personal loan offers available and choose the most convenient option. This enables them to pay lower interest rates and choose an option that’s in accordance with their financial capacity.
By keeping these suggestions in mind, individuals in Mumbai can avail the best personal loan option to finance their expenses.