Availing of an instant personal loan is the best way to handle an unexpected financial scenario. The immediate requirement can be for meeting sudden extra medical expenses, educational expenses, or a home renovation plan. A Personal loan is a way to fill the supplementary requirement for money in times of need. However, it is important and wise to have all the required information before your move ahead and apply for a personal loan.
Today, the advancement in technology has enabled us to get a personal loan online while enjoying the comfort of our homes. Various authentic personal loan apps like Truebalance, PaySense, Dhani, MoneyTap, etc., are available on Google Play Store and offer an instant personal loan to the borrower.
Although, if you are applying for a personal loan, you must understand that they are a little different in nature when compared to other types of loans like car loans, house loans, education loans, etc. A Personal loan is an unsecured loan as the borrower does not have to risk their assets to avail loan.
To ensure that you don’t end up making a costly blunder like, opting for the wrong lender, choosing a higher interest rate loan, or a tenure that doesn’t fit your financial planning, let’s discuss the important things to keep in mind while opting for a personal loan. The below-mentioned tips will help you decide on the right personal loan apps in India. Scroll down to know the details:
Table of Contents
Good Credit History
For any loan, good credit history is very important. The higher the CIBIL score or credit score, the higher will the chance of your application getting approved. This is because it reflects the borrowers’ creditworthiness and highlights how punctual you have been at repayments in the past. The CIBIL score limit ranges from 300 to 900; if you have a good credit repayment history generating a score of above 750, then you will be considered an ideal candidate for a loan.
On the other hand, if you have a lower credit score, you might face a tough time getting a loan application approved, and most of the time, it might get rejected. Alternatively, it can also lead to a higher interest rate being levied on your loan. The best way to ensure a good CIBIL score is to pay your dues (credit card, loans, etc.) on time.
Interest Eate Comparison
By comparing the interest rates charged by lenders for a personal loan, you will get clarity on what’s best for you and what is the lowest rate that the market is offering. There are many online interest rate comparison websites that can be used for personal loan interest rate comparison. You can also use personal loan calculator if you want to know Personal loan how much can I borrow.
Check for all the Costs Involved
It is highly recommended that before opting for a personal loan from any lender, you must clarify the costs that are involved in processing, disbursal, and repayment of the personal loan.
Right Personal Loan Amount
It is important to be very specific about the needs for which you are applying for an instant personal loan. You must prioritize the list of needs and requirements and then decide the loan amount accurately. A lesser or higher loan amount can be troublesome.
Evaluating Borrowing Limit and Planning Repayment
You should only take a personal loan online if you are cent percent sure that you can repay it in the given tenure. It is advisable that you should evaluate your borrowing limit and take a loan less than that so that you can pay it on time. Moreover, you must have a repayment plan along with a backup to repay the loan on time.
While concluding, it is suggested that if you don’t have a very high-value loan requirement, then you can opt for an instant personal loan. You can use an instant personal loan app like TrueBalance to immediately borrow a loan of up to ₹50,000, in very simple steps. TrueBalance is one of the quickest instant personal loan apps in India that provides loans through RBI Licensed NBFCs. You can find various other similar apps on PlayStore, but they might have a higher processing time. Stay financially secure with TrueBalance anytime.
