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Top 5 Mistakes to Avoid While Availing a Personal Loan in Pune

· personal loan,personal loan online

Pune is one of the most developed cities of India with a cultural touch. And rightly so, it is called the ‘Cultural Capital of Maharashtra.’ Many educational institutes and IT Hubs make it one of the hottest destinations in the country.

If you live in Pune and want to avail a personal loan, then many banks and NBFCs offer the facility. But some applicants don’t get the loan approval as they make some mistakes.

Let’s know 5 of those that you must avoid while applying for a personal loan in Pune. Read on!

1. Not maintaining a strong cibil score

Since a personal loan is an unsecured loan, lenders check your credit score as the key eligibility criteria to determine your creditworthiness. Hence, always ensure to maintain a cibil score in the range of 750 and more for loan approval at a lower interest rate.

2. Applying for a way too higher loan amount

Lenders don’t sanction the loan application of such applicants who apply for an amount way too higher than their repayment capacity. Thus, always ensure to check the personal loan eligibility calculator to know an amount that your income can support.

3. Applying with a longer tenor

Yes, applying with a longer tenor may help you pay off reduced EMIs. But some lenders may not see it as a standard practice. Hence, apply for a personal loan in Pune with a tenor that is neither too short nor too long.

4. Not comparing loan options

Sometimes, settling for the first personal loan in Pune offer may mean paying more on interest charges. Hence, the best thing is shopping around all options and applying for the option that matches your needs and repayment capacity.

5. Not checking loan charges

While applying for a personal loan in Pune, you should also check out charges concerning prepayments, foreclosures, defaults, late payments and more. If not, you may end up paying more, and it may hamper your expenses.

If you are able to consider the discussed mistakes while applying for a personal loan, then you can have a smooth loan application to repayment experience.

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