A full guide to applying for online personal loans
Applying for a personal loan is now a simple and quick, two-to-three-step online process. While the application procedure is very convenient for a customer, one must consider certain aspects of the loan before assuming such a significant debt. Read the six points in this article to know these considerations beforehand.
1. Choose a higher loan amount and a lower interest rate
Your personal loan must fulfil your primary purpose of being able to meet a financial obligation. Therefore, the higher your loan amount, the better it is for you. IDFC FIRST Bank’s online personal loans grant a total loan amount of up to ₹1 crore to customers at a lowinterest rate starting at 10.49% . Since the interest rate directly affects your repayment schedule, it must feature in your list of priorities whenchoosing an online personal loan.
2. Apply for your loan online
We can access online loans today thanks to an improvement in the internet banking services offered by banks. Additionally, the eligibility criteria for online personal loans are considered to be quite easy to fulfil for applicants.
3. Know all the details of your personal loan repayment
An important step you must follow while applying for a loan online is using a personal loan EMI calculator. You can find these tools on the sites of popular banks like IDFC FIRST Bank. Online EMI calculators help customers calculate the value of their future personal loan EMI payments (Equated Monthly Instalments). These calculators can help you budget better for the future by accounting for your loan’s repayment.
4. Opt for a balance transfer facility
Banks offer a balance transfer facility to customers through their personal loans. This facility allows customers to transfer the outstanding balance from their existing personal loan repayment(s) to another lender offering a lower interest rate. You would benefit from choosing this option since it gives you the benefit of changing your lender during the repayment cycle.
5. Your loan must have a long, flexible tenure
Personal loan repayments can often weigh heavily on your pocket. You must choose a personal loan with a flexible tenure to avoid a stressful repayment schedule. IDFC FIRST Bank’s online personal loan has a flexible tenure of up to 60 months. Ensuring flexibility beforeapplying for a loan can help you avoid additional stress during the repayment cycle.
6. Look for insurance and a debt consolidation option
IDFC FIRST Bank’s online personal loans offer two rare benefits to customers – an insurance facility and a debt consolidation option. Customers who apply for a personal loan can insure their personal loan with a low premium. Additionally, customers can transfer the outstanding debt from their credit card repayment(s) and benefit from affordable interest rates. Your personal loan, too, must help you change your lender during the credit card repayment cycle.
Feel free to refer to this complete guide on applying for online personal loans in India. Select the best personal loan for yourself by researching online and analysing your loan repayment capacity!