Do you need quick access to funds? Opt for personal loans

In today’s time, personal loans are a popular way of funding that will help you meet your financial exigencies. You can avail personal loans for varied reasons such as home renovation, dream trip with your family, car repair, medical bills, business expansion, higher education, etc. With hundreds of banks and non-banking finance companies out there in the market, it’s a difficult task to decide which one is the best for you. Thankfully, there are aggregate sites that will help you do personal loan comparison at the comfort of your home or office.

There are many factors you have to compare before you zero in on a particular deal. Interest rates, processing fee, loan disbursal value, loan tenure, disbursal time, are few factors that you would have to compare. With round the clock deals and discounts, you will enjoy lower monthly installment and flexible repayment options. In prior days, people had to make several visits to the bank or financial institutes. They would sit with financial experts to compare loan and it would take a lot of time. Thanks to the online sites, you can browse through various deals. You can compare 24X7 and it’s absolutely free of costs. Many banks and finance companies have partnered with reputed aggregate sites and display information such as minimum to maximum eligible loan value, loan tenure, interest rates, etc.

When you key-in few details such as name, number, income source, organization details, fixed monthly obligation, etc. they would come up with the best match as per your loan affordability and requirements. You can check the deals and make an application online to get quick loan sanction. It will help you save time and energy in manually visiting branches to discuss the options with loan officers.

While doing a personal loan comparison, most people feel that it’s the interest rate that they should take a keen look at; however, there is more to it. Other than the interest rate, you need to look at the processing fee, late penalty charges, pre-closure charges, cheque bounce charges, and an administrative charge. In the end, they shouldn’t make a dent in your wallet. A missed payment would impact your credit score as well.

You can borrow as low as Rs 1 lakh and can go up to Rs 30 lakhs. Lenders are willing to provide personal loans with interest from 11% to 16% with mere processing fee on it. You can repay the money in a flexible tenure time of 30 months to 60 months. The good thing is, you can choose an affordable EMI option that will help you manage your other expenses. Technically, speaking you shouldn’t exceed your EMI 50% of your monthly income. 

Before doing a personal loan comparison; make sure you have a stable income and free from any form of prior debts. It will help you bargain with banks and financial institutes for low-interest rate deals and higher principal amounts.