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How to Choose the Right Personal Loan for You

· personal loan

The personal loan is an unsecured loan that is given on the basis of your creditworthiness. It does not need any submission of the collateral. The best example of the unsecured loan is the personal loan.  

Being the unsecured loan, you can use the money to expand your business, manage expenses of the wedding, medical emergencies and home renovations and more. 

But since so many lenders offer the personal unsecured loan, you may be confused which one is the right for you. 

Read on to know a few tips that can help you pick the best loan offer in the market!

  1. The best loan offer should come with a large amount 

If your lender is offering a loan of up to Rs.10 lakh and you need up to Rs.20 lakh; then this offer may not be the best. Hence, the first thing is to check if your lender is offering a considerable loan amount. This way, you can avoid applying for multiple loans and meet your needs with a single solution. 

2. The best loan offer should have an easy to meet eligibility criteria 

The next thing that may help you decide on the best unsecured loan is the easy eligibility criteria of the lender. To know if you are eligible for an amount, you should check out the loan eligibility. You can do that by using the personal loan eligibility calculator free of cost. The tool is available on the lender’s website for free. If you are employed with an MNC, Private and a Public Limited Company, aged 23-55 years and a resident Indian citizen, then you may meet eligibility conditions. A higher credit score of 750 or more is another thing that may help you meet the eligibility parameters. 

3. The best loan offer should come with a lower interest rate 

Since unsecured loans are collateral-free, they come with a higher rate of interest on personal loan leading to the payment of increased EMIs. Hence, you can compare the loan offers online and choose one offering a lower interest rate. 

4. The best loan offer should let you repay over the flexible tenure         

If you avail of the personal unsecured loan, it should not force you to repay soon and strain your wallets. The best loan offer should be the one letting you repay the loan over flexible repayment tenure of up to 60 months. 

If you keep a tab on the discussed factors while applying for the unsecured loan, then you will help yourself choose the best loan offer.  

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