A personal loan can help us meet any urgent financial requirement, and banks have made it extremely easy to apply for a personal loan. However, can you really get a personal loan without visiting the bank in person? This article enlists five steps that can help you apply for a personal loan that fulfils your financial needs and whose repayment is not expensive.
- Analyse your financial goal and take note of the amount needed
The term ‘financial goal’ does not necessarily mean a significant expense such as a marriage in the family or the expenditure following a medical emergency. A family vacation or buying a bike, too, could be financial goals. You must first estimate the expense of your financial goal before signing up for a personal loan. This first step will keep you oriented towards your goal and help you prioritise one loan over another in the second step, depending on the interest rate offered.
- Research personal loans online and check the interest rates
Next, you must analyse the features of all online personal loans. Look for an online, paperless process and a competitive interest rate while choosing a personal loan online. You must also prioritise a balance transfer facility in your loan. IDFC FIRST Bank personal loan offers a flexible tenure for repayment of up to 60 months through its personal loans. Also, Finally, you must opt for a bank which gives personal loan with a higher upper limit high loan amount. IDFC FIRST Bank’s personal loan offers a loan amount of up to ₹1 crore.
- Use a personal loan EMI calculator
After selecting your instant loan, use a personal loan EMI (Equated Monthly Instalment) calculator. IDFC FIRST Bank’s calculator offers four key benefits:
- It helps customers select their preferred personal loan tenures.
- Customers can budget for their future expenses by using this calculator.
- IDFC FIRST’s calculator offers instant and accurate results.
- Customers can know the value of their future EMIs through this tool.
- Check if you are eligible for the loan
After selecting your preferred tenure and knowing the value of your future EMIs, you must verify the eligibility criteria. Banks generally set different eligibility criteria for salaried employees and self-employed individuals. Check whether you fulfil all the eligibility criteria mentioned on the bank’s site.
- Submit the required documents and wait for the bank’s approval
Finally, you must upload the required documents by signing up an online application form and await the bank’s approval.
Additional tip: Maintain a high credit score. Banks generally check an applicant’s credit score before approving or rejecting their personal loan application. You must maintain a good credit score by paying your credit card dues on time to access the loan amount.
A good resource for supplementary reading is IDFC FIRST Bank’s well-researched article on 10 ways to increase your credit score10 ways to increase your credit score. Plan for the repayment of your personal loan before signing up for one. Using a personal loan EMI calculator can help you plan for your future expenses in a more efficient manner.
| Homepage | Click Hear |
