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FEW TIPS TO CHOOSE BEST PERSONAL LOAN


A personal loan is a convenient financial product that can turn to whenever you’re in a cash crunch. This unsecured loan is easy to qualify due to the fact that it does not require any collateral. ShubhBank offers instant approval on personal loans and allow you to enjoy the full sanction within few business days. The most common reasons to secure a personal loan are medical emergencies, wedding, paying off credit card bills, repaying previous debts, funding vacations or purchasing dear gadgets. Whatever be your need for applying a personal loan, you need to meet the eligibility criteria of particular lending institute, to be qualified for loan. Here we are giving you few tips to choose best personal loan to have a safer loan journey.

1. Compare the Interest Rates
Before starting the application process, it is important to choose for the ideal personal loan that fits your needs. Lenders such as traditional banks and NBFCs, all of whom charge different interest rates. First compare loans, contact lenders and understand all the necessary information and requisites.

2. Additional Fees and Charges
It is imperative to check the fees apart from the interest rate before you "Apply For Personal Loan". These may be high sometimes and you may end up spending more than you calculated. So, don’t pick an option based on a low personal loan interest rate but also check on factors like processing fees, penal interest, and secure fees as well.

3. The loan amount
Always choose a lender who offers a substantial loan amount that is sure to cover your needs and who offers you more flexibility. This type of a loan is ideal for a home renovation, business up gradations, destination weddings and many more.

4. Repayment Flexibility
If you wish to pay off your loan before the tenor ends, you need to pay a small fee for the pre-closure. ShubhBank is now offering better repayment flexibility for personal loans but try to keep the tenure as minimum as possible as it will save on the interest amount.

5. Do not over borrow
Before taking the loan, calculate the EMI amount you will be paying for future as well as the loan tenor. Do not borrow more what you can’t repay back easily. Always calculate your personal loan EMI on calculator provided on your preferred lender’s website to estimate the monthly installments.

6. The Loan Processing Time
Ask the lender about the loan process and how many days it will take to get sanctioned. ShubhBank provides you the service to pick your documents from home or you can also "Apply For Online Personal Loan". There are some lenders who ask for guarantor when you start the loan process.

7. Read the Terms Carefully
Loan documents are always filled a glossary of terms, which are difficult to comprehend. In that case, seek an advice from a financial adviser in understanding the terminology. Sign the papers when you have clear vision of everything mentioned in the document.

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