According to the latest data collected by the RBI, personal loans witnessed a 20.4% growth between 2017 and 2018.
The recent surge in borrowing can be owed to several reasons, like affordable interest rates, easy availability of advance from various lenders, etc. However, even though individuals look to avail more personal loans, they seldom utilise the credit to get maximum benefits from it.
To make the most of the advance, you should look for certain features that will allow you to enjoy its maximum benefits. You should also carefully select a financial institution that offers maximum features that allows you to make the most out of your personal loan. Following are a few tips that can help you to get the easy personal loan from financial institutions with optimum features.
Things To Look For Before Availing a Personal Loan
A personal loan is an unsecured advance that has no end-use restrictions. However, lenders may impose stricter requirements since they are collateral-free. Thus, you should carefully go through the features and benefits offered by a financial institution before applying to make sure you get the most from it.
Following are the best tips to take out a personal loan-
Seek out affordable EMI options
You should look for a financial institution that offers affordable interest rates and other expenses that can help you to reduce your payable instalments. Different lenders charge a different interest rate, and it is better to go through additional charges that are levied on the credit before selecting a particular financial organisation. These factors can increase your monthly payments by a significant margin.
Select a lender that offers a large loan amount
Check the total loan amount you can avail from a particular lender before selecting a particular product. Institutions like Bajaj Finserv offers one of the best personal loans, with a high loan amount of up to Rs. 25 Lakh that can help you to meet your short term personal obligations without any hassle.
Look for instant approval
Look for financial institutions that give you instant approval on your advance. For instance, with financial institutions like Bajaj Finserv, you can avail instant approval on your advance in less than 5 minutes.
Additionally, they also bring pre-approved offers that can make availing the loans faster and easier. These offers are available on various financial products, including home loans, personal loans, business loans, etc. You can check your pre-approved offer by sharing your name and phone number.
Fast disbursal process
Avail the loan from a financial institution that offers a fast disbursal process. There are several NBFCs which disburse the loan to your bank account within just 24 hours of approval. Fast disbursal allows you to avail the unsecured personal loan and tackle your financial requirement with ease.
Check for hidden charges
You should look for a financial institution that maintains 100% transparency with the entire process of loan application, approval and disbursal. Check for any hidden charges, and gather every information about the advance before you avail it. It will allow you to utilise the credit to the maximum without worrying about any hidden fees and charges.
Avail advances with flexible tenor
Some of the best personal loans usually comes with a flexible tenor between 12 and 60 months. Before you avail the credit, make sure you choose the tenor that allows you to repay your loan without hassle. It is better to opt for a shorter tenor because it helps to lower the total interest amount you need to pay against your advance.
When you ask the question of “which NBFC is best for personal loan”, the points mentioned above can help you to find out the answer. Look for a financial institution that offers the above mentioned features and benefits with their personal loans to make the most of it.
Also, make sure you check how to apply for personal loan, the eligibility criteria and documents required to avail the loan to make sure that you don’t face any hassles during the application process. Thus, with these things in mind, you can get the maximum benefits out of your loan.