Personal Loan Tips: Sometimes there is a sudden need for money for the expenses of children’s education and marriage, medical bills, home repairs etc. In such a situation, a personal loan can prove to be very helpful. You can get this loan from the bank without any guarantee, but its interest rate is much higher than home loan, gold loan etc. Along with this, many NBFCs and banks also charge hefty processing fees on personal loans. In such a situation, it is important to keep some things in mind before taking a personal loan from any bank or company. With this, you can make huge savings in processing fees and interest rate.
1. Keep an eye on credit score
If you want to get a personal loan at a low interest rate, then keep a special eye on your credit score. The more you have a good credit score, the lower the rate of interest the bank will offer you personal loan. Pay your credit card bills on time to maintain a good credit score. If you have taken a loan from any bank, then pay it on time.
2. Use salary account
If you are a salaried individual, use your salary account to avail the best deal on personal loan. The determination of the interest rate on the personal loan depends solely on how your credit history has been. Along with this, your ability to repay the loan from the salary will also be determined. With the help of income proof, you will get a personal loan without much documentation.
3. Keep an eye on the interest rate and seasonal offers of banks
If you want to get the best offer on personal loan, then definitely compare the interest rates and processing fees of different banks. Banks come up with various seasonal offers from time to time. If you take advantage of these offers, you can save heavily on loan processing fees and interest rate.
4. Keep an eye on the remaining charge as well
While taking a personal loan, apart from the processing fee, you must also keep an eye on GST and other charges. Many times banks keep the interest rate low, but after adding processing fees and GST, the burden on the customers increases. In such a situation, it is necessary to keep an eye on such charges as well.
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