Getting a personal loan in Kolkata is a fairly easy task if you are eligible for it. It is recommended that you check a few things like loan interest rate, tenor, and amount before applying because you also must be able to repay it conveniently. A good credit score will help you to get lower personal loan interest rates but if your credit score is poor, you can utilize the instant loan apps that do not check credit score before granting a loan. Irrespective of any of these things, you must remember these things before applying for an instant loan in Kolkata:
Compare loan interest rates
Going through the interest rates, tenor options, and loan amount range offered by various lenders can prove to be a great idea. This is because it might help you get a loan at a budget-friendly interest rate and you will be able to choose the repayment tenor that doesn’t affect your finances.
Ensure the lender’s credibility
Avoid applying for a loan from an unknown bank of NBFC. Getting a loan from a credible lender is important because some personal loan offers might seem appealing at first but you will end up paying high processing fees or other changes that weren’t informed to you in advance. Validating the credit rating of a lender before applying for a personal loan will prove to be a smart move irrespective of whether you stay in Kolkata or Mumbai.
Don’t file several applications at once
If you think that submitting loan applications to several lenders at once will improve your chances of landing a loan then you are making a big mistake. This is because each loan application will reduce your credit score and this will indirectly affect your chances of getting a loan at a lower interest rate. Instead, you can go through the pre-approved loan offers that some lenders are offering these days.
For example, Bajaj Finserv gives you the option of evaluating the reasons for personal loan that you are eligible for by just entering your name and contact details on their website. Checking a pre-approved offer will not impact your credit score because it is not considered a hard inquiry. Further, the chances of loan approval will be maximized because the pre-approved loan offers will be provided only after going through your eligibility.