7 Ways on How to Choose the Best Personal LoanPersonal loans are unsecured and collateral free loans. When the need for urgent funds arises, individuals find personal loan to be the easiest way for supporting their financial problems. Be it buying an expensive home appliance, electronics, wedding expenses, vacation, education, debt consolidation and medical emergencies. Moreover, a personal loan provides relief and stress-free solution to every borrower if you opt for the right type of a personal loan.
Multiple financial institutions have evolved and developed online personal loan apps and portals that are instant to use. With several trusted and renowned lenders in the market it can get confusing for you to choose the right kind of personal loan provider.
So, to help you opt for the spot-on and bestpersonal loan, following are the 7 simple steps mentioned below:
- Disbursement Speed: Choose an instant personal loan app that disburses loan with 24-48 hours. Anyone who applies for a loan is in urgent need of money. Hence, it is better that no delay is caused to redeem the loan money.
- Interest Rate: Personal loan being unsecured in nature incurs a higher rate of interest. However, this percentage of interest per loan amount is comparable on loan related websites. Make a good comparison between the available rate of interest and choose the one that fits your budget.
- Minimal Documentation: Personal loan with hassle-free and paperless documentationis the easiest method nowadays for loan verification. Ensure your lender is not taking any extra time to verify paperless documents.
- Customized EMIs: Download loan apps via Google Play store and check for an in-built loan EMI calculator feature. Here, you can customize your EMIs as per your repayment budget. Keep the loan amount, percentage of interest and tenure to derive a suitable EMI.
- Processing Cost: Another important factor is the low processing cost on the overall loan process. Lenders often charge 1-3% exclusive of GST. This amount is deducted from the loan amount that youare expected to receive. So before applying for a personal loan, check what processing fee/hidden charges, if any are levied by the lender.
- Collateral Free: Personal loans being an unsecured loan are instantly approved and hassle-free. You don’t have to pledge assets to get a personal loan unlike secured loans where you have to pledge a security or a guarantor.
- Optional Credit Score: As some lenders check the credit score on priority before the loan application, it is better to get the credit score in hand to check the financial stability. In case of very low credit score, the loan application can be rejected.
The above said factors give clarity on how should one rely on personal loan services and which one to consider.
Simply Cash, an instant personal loan app online powered by HeroFinCorp is one of the best personal loan options providing a loan amount of INR 50,000-1,50,000 instantly with paperless documentation and nominal eligibility criteria. With its efficient and superfast loan procedure, SimplyCash is one of the best choices for instant cash loan in India.