If you want some urgent cash, then you don’t need to liquidate your savings and assets. You can always apply for an online unsecured personal loan and get higher loan amounts.
Yes, leading lenders in India can let you borrow up to Rs.25 lakh with instant approval. You can also enjoy features like quick disbursement and flexible repayment tenor and much more.
But if you wish to get online personal loans, you ought to follow some golden rules. In turn, it can help you get the loan approval without glitches. Read on and know more!
Quick rules to follow to get unsecured personal loans
- Check your cibil score
Since you are applying for the unsecured personal loan, your cibil score becomes all the more important. Hence, you should ensure having a robust credit score. In turn, it will help you get the loan approval fast and even get the loan at a lower rate of interest. A cibil score of 750+ is known as strong. You can maintain it by making timely repayments towards your ongoing debts and credit card outstanding.
- Never borrow more than what you need
Sometimes, your loan eligibility may be more than what you need. But you should not apply for an amount that is more than your needs. Why? It is after all a loan and a debt that you will need to repay. Borrowing more than your needs means paying more per month. In turn, it may hurt your expenses.
- Go for a shorter tenor
When you go for an extended tenor, it will always tempt you as you will need to pay small EMIs. But only a few are aware that it also means paying compounding interest – leading to increased overall costs. Hence, go for a shorter tenor so that your debt is paid instantly. And you are also able to save on interest charges. The only thing is that you will need to manage to pay a higher EMI amount.
- Always check personal loan eligibility
While availing an unsecured personal loan, always check personal loan eligibility. It can help you avoid the chances of rejection. The simplest way to do that is by accessing the personal loan eligibility calculator. It is available on a lender’s website for free. This way, you would know an amount that you can get approval for if you apply online.
- Calculate your personal loan EMI in advance
Many people don’t calculate the exact EMI that they will pay before applying for a personal loan and regret later. It is because sometimes the EMI amount may be too much that it may affect their monthly income. Therefore, it is vital to get an idea of how much your EMI will be. Hence, it is advisable to know the exact EMI amount by accessing the free to use a personal loan EMI calculator on a lender’s website.
- Don’t neglect the fine prints
Many borrowers don’t go through the terms and conditions of the loan and regret later. The fine print of the loan is a document that enlists all details about fees and penalties that you will pay. It is if you default on a loan and in other conditions. Hence, if you wish to control your ensuing personal loan account in your control, never ignore the terms and conditions.
While applying for an online unsecured personal loan, you would be able to get the loan approval if you follow the discussed rules. You can apply for the loan online nowadays and save your time and efforts.
