You will find almost a dozen banks that will offer you personal Loans everyday. Some even offer special offers and attractive discounts from time to time to attract customers. However, reading the fine print is necessary to ensure that the loan you undertake does not come with unnecessary fees and charges. While you may manage to meet the eligibility for a personal loan, choosing the right one is crucial to ensure that you have the right financial plan and repayment is easier. So how do you choose the best bank from the plethora of options available everywhere? Here’s how:

➤ Interest Rates – Personal loans have one of the highest interest rates, only after credit cards. So when you are choosing the right bank, check the interest rates that they are offering on personal loans. You can make use of the personal loan EMI calculators such as Letzbank’s, to know the EMI you will be paying each month. Also, keep in mind the higher the loan tenure you choose, the more interest you will be paying to the bank. So choose the loan tenure wisely as per your flexibility and requirements.

➤ Pre-closure penalties – Choose a bank that offers pre-closure facility and part or prepayment without any penalties involved. Most banks do not provide this information at the time of a loan inquiry so it is essential that you ask this information. Knowledge of the various penalty charges by banks can help you decide the best option for you as at times when you wish to repay your loan earlier than expected, you are not required to pay any penalties. And, before you sign on that loan agreement, please ensure that you thoroughly read through the terms and conditions and make yourself aware of all the charges to confirm.

➤ Processing Fees – Processing fees are dependent on the total loan amount and higher processing fees can means a larger amount will be deducted automatically from your total loan before it is even disbursed to you. So it is wise to compare the processing fees of different banks to ensure that you get one that is one of the lowest to help you save on unnecessary deduction from your loan amount. Sometimes, banks will lure you with attractive discounts and extra services while increasing the processing fees involved. So, please ensure that you have much lower processing fees, as although it is a one-time fee, a higher one will not be the best personal loan deal for you.

➤ Pre and Post Customer Care – You will find all banks being extra attentive and responsive at the time of loan application. However, few banks provide the same customer care after the loan application has been finished. So, it is important that you find a bank that has a good review rating and provides good customer care. Also, look for the kind of contact channels the bank provides to reach out. A good bank will always have reliable customer care that is available round the clock and accessible via chat, phone or email. So, do your homework and read through other personal loan borrower feedback that will give you an idea on how the bank operates.

➤ Loan Application Handling – Every borrower admires a speedy and hassle-free loan application process. However, some banks take weeks to decide on a loan application process, leaving the borrower worry and uncertain at a time when getting access to that much needed cash is crucial. So, when you decide on a bank, it is important to consider the processing time a bank takes to finalize your loan application. If you are a seasoned bank account holder, applying a personal loan at the same bank can make the loan process much swifter.

These are some of the factors that you may take into consideration while choosing the right personal loan. And when you are short pressed of time and energy, rely on Letzbank to provide you the best personal loan deals with detailed information on all loan products and services and the ability to make a careful comparison on different loans. You can also benefit from the service charge waiver that Letzbank provides on all loan applications that get submitted directly at their website.

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