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(4) Headshot Image: An aspect ratio of 2:1 is recommended for better display. Visit Commons: Free media resources/Photography to obtain free images. If using a tablet, you may upload images directly from the camera. How to Choose the Best Personal Loan? by lokesh kumar saini Share Blog Post by URL UNIQUE VIEWS + UP VOTES - DOWN VOTES + COMMENTS = HEAT INDEX A personal loan is among the most opt credit options by people whenever they are in need of financial support. There is ample of reasons behind it like it’s a collateral-free loan, easy to avail, multipurpose loan and many more. Due to the increase in the demand for Personal loans, the number of lenders has also evolved. By seeing such a massive demand for a financial product, they came into the ground. On one side this has facilitates the people with a wide range of options to choose from the best suited to them. But as a coin has two sides, so on the other side of the huge number of personal loan lenders has increased the loan seekers dilemma in making the decision. As every lender is in a race of proving them the best. So, if you are also struggling with the same problem then this article may help you in making a choice. As here we are going to discuss a few things which you can do to get the best suited personal loan. There is no exact formula or process of choosing the best personal loan. As the term “best” may have different meanings for everyone. Like maybe for one it could be about the interest rate or for others it can be the repayment tenure. As it completely depends on the needs and requirements of an individual. Few points or you can say the factors which every loan seeker should look for before deciding on a personal loan deal: Lender’s Credibility- The first and the foremost thing is to check the credibility of a personal loan lender. As there are many in the market who do frauds. Not every lender is the same but prevention is always better than the cure. However, there is not as such a formula for knowing the reliability of a personal loan lender. But you can definitely take some measures like research about the lender, read its service reviews and others.

The first and the foremost thing is to check the credibility of a personal loan lender. As there are many in the market who do frauds. Not every lender is the same but prevention is always better than the cure. However, there is not as such a formula for knowing the reliability of a personal loan lender. But you can definitely take some measures like research about the lender, read its service reviews and others. Look for Realistic Approach- Don’t get trapped by the lucrative offers, always think realistic. Whenever a lender offers you a personal loan deal before making any judgment think twice, question yourself is it possible or not? As there is no shortage of lender who offers something else and provides other things. Only you can save yourself from getting trapped.

Don’t get trapped by the lucrative offers, always think realistic. Whenever a lender offers you a personal loan deal before making any judgment think twice, question yourself is it possible or not? As there is no shortage of lender who offers something else and provides other things. Only you can save yourself from getting trapped. Offered Loan Amount- Look for the lenders who are offering the loan amount you are actually needed. For this, you are first required to decide upon the amount you need. Never go for more or less amount of loan than your requirement. As both can affect you, for example if you go for a low amount from the required one then you may need to avail other credit in the future. Or if you go for a higher amount than the actual requirement, this can be a heavy burden on you in the future, as the high amount attracts high EMIs.

Look for the lenders who are offering the loan amount you are actually needed. For this, you are first required to decide upon the amount you need. Never go for more or less amount of loan than your requirement. As both can affect you, for example if you go for a low amount from the required one then you may need to avail other credit in the future. Or if you go for a higher amount than the actual requirement, this can be a heavy burden on you in the future, as the high amount attracts high EMIs. Compare the Interest Rates- Always compare the available personal loan offers. There are many online tools available which you can use for comparison. This is an important step in the process of choosing the best personal loan. Do a little research and compare the Personal Loan interest R ates . Initially, the lenders offering may seem good but a little research and interest rate comparison can enable you to get the best personal loan. There are many ways to do this you can either do their own research or can simply visit the financial websites like Afinoz.com. This will give you all the required information based on the details you provide.

Always compare the available personal loan offers. There are many online tools available which you can use for comparison. This is an important step in the process of choosing the best personal loan. Do a little research and compare the . Initially, the lenders offering may seem good but a little research and interest rate comparison can enable you to get the best personal loan. There are many ways to do this you can either do their own research or can simply visit the financial websites like Afinoz.com. This will give you all the required information based on the details you provide. Calculate the EMI- For choosing the best suited personal loan, you should always,try to know the EMI. The online personal loan EMI calculator can be used. Doing this will help you to plan the monthly budget including the EMI. You will also get to know the maximum EMI amount you need to pay.

For choosing the best suited personal loan, you should always,try to know the EMI. The online personal loan EMI calculator can be used. Doing this will help you to plan the monthly budget including the EMI. You will also get to know the maximum EMI amount you need to pay. Maintain the Credit Score- A credit score reflects your creditworthiness. It plays a big role in the loan approval process. It is based on credit history or how one has managed credit in the past. A good credit score makes better chances of getting a personal loan at a lower rate of interest. In general, the credit score is determined as follows:



A credit score reflects your creditworthiness. It plays a big role in the loan approval process. It is based on credit history or how one has managed credit in the past. A good credit score makes better chances of getting a personal loan at a lower rate of interest. In general, the credit score is determined as follows: Excellent credit score- 720 and higher

Good credit score- 690-719

Fair or average credit score- 630-689

Bad credit score- 300-629 Tips to Improve the CIBIL Score Every lender kept CIBIL score among the key priorities while the loan approval process. So, it becomes extremely important to have a good CIBIL Score. Here are the few tips which may help you in improving your CIBIL Score: Timely Bill Payments- Timely repayment of the outstanding debts can have a significant impact on the credit score. Delays in EMI payments not only make you liable for a penalty but also leads to a low credit score. So, if you find that this is something that you’re lacking behind, make it a point to set reminders for EMI payments so that you will able to tackle them.

Timely repayment of the outstanding debts can have a significant impact on the credit score. Delays in EMI payments not only make you liable for a penalty but also leads to a low credit score. So, if you find that this is something that you’re lacking behind, make it a point to set reminders for EMI payments so that you will able to tackle them. Maintain Credit Limit- The credit utilization ratio has an important impact on your credit score. The more you’ll balance credit usage as per the allotted limit, the better it is for the credit score. Over the credit limit has the opposite effect as it lowers the credit score.

The credit utilization ratio has an important impact on your credit score. The more you’ll balance credit usage as per the allotted limit, the better it is for the credit score. Over the credit limit has the opposite effect as it lowers the credit score. Choose for a Longer Repayment Tenure – Whenever you borrow a loan, try to go for a longer loan repayment tenure. This will ensure that the EMI is low, and so, you’ll be able to make payments on time. And when you’ll not have the defaults or delays on paying EMIs, your credit score will automatically improve.

Whenever you borrow a loan, try to go for a longer loan repayment tenure. This will ensure that the EMI is low, and so, you’ll be able to make payments on time. And when you’ll not have the defaults or delays on paying EMIs, your credit score will automatically improve. Don't Apply for Too Much Credit – Availing a new credit card can increase the overall credit limit, but the act of applying for multiple credits creates a hard inquiry on your credit report. And too many hard inquiries will negatively impact the credit score. Related Posts: