Digitalisation has revolutionised the financial sector, making many instruments more accessible. Today, you can easily find, and avail of personal loan offers from reputed lenders right from the comfort of home. Gone are when you needed to visit a physical branch to avail such loans as some lenders even offer instant funding online. However, despite this convenience, you mustn’t forego the research stage.
This is when you take the time to shortlist personal loan offers from top lenders based on their features, benefits, and affordability. Skipping this step isn’t a smart idea and can cause you to miss out on deals that could save you money down the line. Follow this simple guide to identifying the best personal loan that suit your profile and financial needs.
Look for personal loan offers with a high maximum sanction
The sanction is among the key factors of a loan and you must ensure that the loan you choose can comfortably cater to your need. You will find personal loan offers with a maximum sanction ranging up to Rs. 25 lakh, or even higher in some cases. This is an adequate amount as it can accommodate several big-ticket expenses, be it:
- Home renovation
- Medical emergencies
- Travel
- Business purchases
- Tuition costs
Moreover, when choosing a loan with a high maximum sanction, check if you need to pledge any assets. You should scout for collateral-free personal loan offers that allow you to borrow as much you need with ease.
Scout for offers with relaxed personal loan eligibility criteria
You should look for loans that have lenient criteria. Meeting a long list of terms can be quite a hassle and may even cause delays if there are discrepancies. Ideally, the lender you choose should have minimum requirements so that you can qualify for financing with ease. Look for lenders that assess your profile on just 3 factors, which are:
- Age
- Employment
- Annual income
Do note your credit report and credit score are also crucial parts of your profile. Generally, you may be required to maintain a CIBIL score of at least 650 and have a clear repayment track record.
Ensure that you get access to a flexible tenor
Repayment is a very important part of the entire process and you need to account for it right from the start. An easy way to ensure that you don’t run into problems down the line is to find a lender that offers flexible repayment options. You should have the ability to choose a tenor and the EMI amount based on your financial capabilities. Ideally, you should look for personal loan offers with a lengthy tenor so that you can find the right repayment timeline with ease.
Learn about the charges and fees applicable
When you borrow money via a personal loan, you will have to pay certain administrative charges. This includes processing charges, handling fees, statement charges, and others. You must be aware of all applicable charges before you borrow. Failing to do this check may lead to hidden costs, which can be very expensive. Additionally, you should calculate the total cost of borrowing after considering the fees applicable. In some cases, you may have to pay a large processing fee, which can easily turn a good offer into an unfeasible one.
Check the availability of a pre-approved loan offer
Pre-approved offers are personalised deals that are designed to suit your profile. Depending on the lender, this may be the best personal loan offer for you as you are already approved for a given sanction. These deals are usually easy to avail of and may even have exclusive terms.
You must take the time to find personal loan offers that truly offer value. Borrowing wisely is key and this guide should help you make the right decision. In this regard, an instrument you can’t go wrong with is the Bajaj Finserv Personal Loan. It has some of the best features and offers you the flexibility to ensure repayment never becomes a burden.
With this loan, you can get up to Rs. 25 lakh as a sanction at a competitive interest rate and lengthy tenor, which ranges up to 60 months. What’s more, you can easily qualify for funds thanks to the lenient personal loan eligibility terms. As such, you get the money you need without delays in processing. Another important benefit is that Bajaj Finserv maintains 100% transparency about applicable fees. There are no hidden charges whatsoever. To get started today, check your pre-approved offer and access funds with ease.
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