APersonal Loan is an unsecured kind of lending that comes with restriction-free end-use i.e you can use the funds for any purpose you want. There are numerous Personal Loan apps that have made the process of availing an instant Personal Loan easier & quicker than before.
1) Be certain of the amount that you need and the purpose for which you want to spend it. This might help you stay focussed on spending the amount in the right direction.
2) Your CIBIL score is a significant parameter that is taken into consideration before the approval of your Loan. It is important to analyse your Credit Health Report and improvise on your shortcomings. An ideal score would be 750 and above.
3) Your salary gets spent on several things. You must ensure that there is enough amount remaining to pay an EMI; AFTER fulfilling your basic needs. Only after thorough planning, you can ensure that you would be stably paying your EMIs for Personal Loan on time.
4) Most of the Personal loan apps have EMI calculators available that can help you get an estimate of the EMI, interest, and tenure of your loan. Hence, get a rough estimate of your instant personal loan beforehand.
5) In order to get a speedy approval of your Personal Loan, you must have all the documents that are requested by your lender ready to be produced. Get a complete list of documents from your lender beforehand and collect all the enlisted items in one place for your convenience.
6) Flexi loan is a novel product in the market and is gaining popularity rapidly. You are given a line of credit based on the strength of your credit health. From this line of credit, you can avail as much amount as you need. You will be charged interest only on the amount you have used.
7) Early Salary, Bajaj Finserv Personal Loan, Money Tap, Tata Capital are some of the popular loan apps.
