How to Get the Best Personal Loan In India

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Best Personal Loan

Taking a Personal Loan for a wedding, a child’s education, a medical emergency, travel, or any other need can be of great help. Help that will arrive on time, instead of making matters worse by way of delays and snarls in getting approved is always appreciated, which is why Personal Loans in India are the go-to financial product for many in the country. 

Once approved, the funds are promptly transferred within a matter of minutes, with minimal paperwork. Moreover, you can repay the loan over a longer period in monthly payments. The best feature of all is you can use the loan for any end-purpose.

Getting the Best Personal Loan in India

It’s important to compare multiple offers from different financial institutions to find the best deals on Personal Loans in India. Getting in touch with a non-banking financial company like Poonawalla Fincorp can help you get clarity on the loan amount you are seeking to meet your financial needs. 

NBFCs have quick approval and disbursal whereas banking institutions have rigid rules and regulations that take time before approval.

How to Get Personal Loans at Lower Rates?

The following factors can help you get a lower interest rate on your Personal Loan:

  • A good credit rating will better your chances of getting a lower interest rate.
  • If you have a high-income profile, it may lower your interest rate on the loan.
  • Try negotiating with the financial institution for a better deal, it could work in your favour.

How to Choose the Best Personal Loan in India?

Numerous loan providers are available in the market, so choosing the best Personal Loan in India can seem difficult. However, these tips will help you while selecting a Personal Loan that best suits your requirements:

  • What is the Purpose: You first need to ask yourself the intention behind availing of your loan. Depending on your requirement, select the amount you want.
  • Amount and Tenure: Once you know how much money you need, look at different loan options. Compare different repayment tenures to find the one that suits you the best.
  • Interest Rate and Other Charges: The interest rate is one of the most important factors to consider while taking a Personal Loan. Some financial institutions may charge an additional processing fee, prepayment charges, etc. Make sure to compare all the costs before choosing a loan.
  • Eligibility Criteria: The eligibility criteria for Personal Loans differ based on your loan provider. Ensure that you fulfil all eligibility requirements before applying for a loan.
  • Customer Service: Check the loan provider’s customer service response time because any issues you may face in the future need to be addressed and resolved quickly.

How to Find a Genuine Loan Provider? 

When looking for a Personal Loan, choosing a genuine financial institution is essential. 

Following are some of the things you can try to find a genuine loan provider:

  • Check the lending institution’s website and make sure it looks professional.
  • Read reviews online to get an idea of their customer service.
  • Compare interest rates and other additional charges.
  • Ask for referrals from friends or family who have taken a Personal Loan.
  • Choose the one registered with the RBI or other financial regulatory bodies.

Conclusion

To get the best Personal Loan in India, compare interest rates and other features of different loans before deciding to pick a lender or financial institution. The right loan can help you finance your dream wedding, home renovation project, or even help out during emergencies. So, avail of Personal Loans only from trusted financial institutions like Poonawalla Fincorp and fulfil all your dreams without any stress.

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