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Personal Loans to-do List Here is a list of few to-do things before apply or seal the deal of your personal loan, so that you don’t miss out on anything ‌‌ 1. Check your credit rating In personal loan application, credit rating can play a major role. The sanction of a personal mainly depends up on the past credit behavior of the applicant. If the applicant has got a history of defaulted payments, it will be very difficult to provide him or her personal loan from any of the institution of loan providing. So it is very important have a good credit history while applying for loans. Because of this every applicants should go for checking the credit rating before they apply for a loan which will make sure that the applicant is eligible for the loan and then proceed with the application for the loan. Now there is facility to do it on line and it may likely to charge also. But it makes you clear about the credit record and how to go with the next loan application. One of the main benefits of checking the credit report is that the applicant can make sure that he or she is not in a mistake which will affect the score for purchasing a personal loan. Using some tips like this can enhance the possibility and know how to get a loan in time and be eligible. 2. Shop around It is true that when we go for a personal loan or to purchase any financial product one should go for a shop around and purchase. One should compare the APRs which means the annual percentage rates. It tells the true cost of the loan including the interest payable and all other charges when has to pay the loan back. The bank may advertise that they are providing the loans to its customers at a lower rate of interest but everyone can still find loans in other institutions where loans are provided at a cheaper rate of interest. So, one should go around shopping still finding out the cheapest loan possible. So it is very vital for a loan seeker, before applying for a loan, to compare the loans that are available in the market. So that, the seeker can purchases the cheapest loan from the market comparing the top loans in the market. Also one should look for the application criteria to make sure one is eligible for the loan as most of the loan providers restrict the eligibility to those who have a good credit rating. 3. Take the term into account And one of the main things while purchasing a loan is its loan term. This is known as the time given by the institution to pay back the loan. One should understand that the longer the term and


the longer too will be your amount of repayment which means the candidate should pay a big amount of interest. So the candidate will go on paying the amount for a long time. If one chooses to repay the loan amount very quickly, he should not have to pay a big amount of interest. But it depends up on the capacity of the candidate. And the other thing is that if one has the small amount of repayment, he has to go on paying the loan for a long time and will be added much more interest. Although paying it in small amounts, one will be paying a big amount as interest due to the terms of repayment is very long. So before applying or going for a personal loan, one have to think over and make decision how much one can pay per month. So that one can agree that amount of loan interest per month and pay back amount of loan tensionless. 4. Fix your rate Fixed rate of interest will be always safe for a loan while purchasing it. It simply means that the rate of the interest of the amount of loan that you have purchased will be the same during the full life time of your loan. The amounts of the interest that is added to0 your amount of loan will be the same till u finish the loan repayment. So the amount of repayment too will be the same till the end of the repayment months. So it is better to take personal loan which has got a fixed rate of interest rather that n taking a loan which has got the variable rate of interest which can increase every month of payments. When you take the loan with the fixed rate of interest everyone will have the peace of mind that they are sure about the total amount that has to pay back and plan according to that. Now a days, the most unsecured loans offers the fixed rates but it is very important to look at the small print of the loan before one purchases the loan so that one can be sure of the interest rate of the loan and how long it will be fixed for. Source: http://www.dealsofloan.com/


Personal loan in India