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a few important things to check before applying for a personal loan

2018-10-24 16:23

1. Check your credit score: Credit score is the most important parameter that lenders check before granting a personal loan to you. Given that these are unsecured loans, the risk involved is much higher for the lenders. Hence, they will favor the applicants with a higher credit score as it indicates better repayment capacity of the borrowers. A credit score of 650 and above will give you a good chance of getting a personal loan with a lower interest rate and good terms. To improve your credit score, start paying your bills on time and use your credit card as less as possible. If you do not have a credit score, plan to build one by taking a credit card or a small secured loan to build your credit history over a period of few months.

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2. Pick the lender carefully: Before applying for a personal, it’s necessary to do a thorough research of all the options available to you. Don’t fall for the first lender who approaches you with a personal loan offer. It is wise to choose the lender who offers you a lower rate of interest on personal loans with better terms and conditions. You can shop around for the lowest rate using an online aggregator. Interest rates can differ widely from lender to lender, so explore your options.Such as interest rate for SBI Personal Loan is 12.50% while other banks like Axis Bank, HDFC Bank and ICICI Bank offer personal loans at a different interest rate. So always do your research before selecting a Bank or NBFC.

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3. Don’t approach too many lenders: Every time you approach the lender, it results in a query in credit bureau as the lenders check your score to understand your ability to repay the loan. If you approach too many lenders in a short period of time, you are considered 'credit hungry' and it reduces your chances of banks approving the loan application. This is why it makes sense to apply through fintech lenders to zero in on the best loan across multiple banks without compromising your credit score.

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4. Check your repayment capacity: Before applying for the personal loan, it is advisable to check whether you will be able to pay the EMIs from your current monthly income. You can calculate your monthly installments using an online Personal Loan EMI calculator to assess the right amount of EMI you can comfortably service and the corresponding loan amount. Banks also conduct the repayment capacity assessment of the borrower at the time of granting the loan. Hence, if you apply for the right loan amount in the first instance, chances of your loan approval becomes higher.

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