4 Pointers You Need for Your Personal Loan

By BankBazaar | September 4, 2015

Bet you didn’t know this about Personal Loans! A few pointers you absolutely need.

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When you need financial support in the fastest possible way, a Personal Loan is your best bet. A popular choice for most, they are a boon given the short processing period.  Also, if your financial management has been good, along with positive payment credit history, you’re pretty set for a Personal Loan.

What’s the ideal situation for a Personal Loan?

Mostly when you’re facing a financial crunch. A lot of people choose to apply for a Personal Loan because of its sheer convenience and accessibility. However, it is highly recommended to consider one in times of immediate need.

Additional Reading: SBI Personal Loan

Can I apply in more than one bank?

To keep your credibility intact with your bank, it is best to apply one at a time. In case your bank notices multiple applications during verification protocol, you might lose your credibility with your bank even if your documents are in good shape.

Additional Reading: HDFC Personal Loan

Advantages of being a working professional?

There are. Especially if your employer has a tie-up with the potential bank you’re considering applying in. This combination has a high possibility of offering you a better rate of interest. Always a good thing, isn’t it?

Additional Reading: Axis Bank Personal Loan

Will I still be in my comfort zone?

To ensure you’re comfortable paying for what you borrowed in a time of emergency, most financial experts recommend your loan not to exceed more than 30-35% of your total income. This way, you steer clear of defaulting and make it through your difficult times with minimum stress.

In a fast-paced world, a Personal Loan can often solve an unforeseen financial emergency. It’s easy and simple, and with some planning, you don’t need to ask for help when you can help yourself!

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