Updated: November 19, 2021 4:58:30 pm
An online personal loan can come in very handy especially when you have many events to plan. With ample cash in hand, you can book a vacation, host a party, renovate your house, buy assets or home appliances, and more.
To meet your planned and unplanned expenses, you can get a Bajaj Finserv Personal Loan. You can apply online and enjoy hassle-free and quick disbursal. With such an instant loan, you can also consolidate your existing, high-interest debts and fund urgent medical and educational expenses. This way, you can get comprehensive financial support quickly.
However, to borrow wisely, do your research well. Read on to know a few smart tips to avail of an online personal loan.
Compute your budget and borrow the amount you need
The first step before you apply is to calculate your approximate expenses. Know your financial limits and only borrow if you can afford it. With top lenders, you can access a sizable sum, in some cases up to Rs. 25 lakh. Do not go beyond your budget, even if you do qualify for a larger sanction. Borrowing unwisely will only add to your repayment responsibilities and increase the cost of borrowing.
Use an EMI calculator and set your tenor accordingly
Planning your loan is key, and this includes finding the best repayment plans for you. You get a lengthy tenor to work with, sometimes ranging up to 5 years. Take advantage of this feature and calculate your EMIs for different tenor options. You can do this with an online EMI calculator, which can help you identify one that best suits your budget. Besides your budget, using the EMI calculator also helps you know your total interest outgo. Based on this, you can optimise your loan to ensure that your EMIs and interest payable are balanced.
Check every option to find the terms that suit your needs and borrow wisely
While the goal is to get the lowest interest rate personal loan, this isn’t always possible. Lenders have varying offerings, which is why you need to do your market research. Start by shortlisting offers based on their interest rates and list out a few that can help you borrow affordably. Next, compare their features, fees, charges, and special perks. All these benefits add value to the experience, and some lenders even have online personal loan provisions that can save you money. As such, analysing offers in this manner helps you find a loan that best suits your needs and one that can truly serve as a favourable tool.
Scout for loans with simple requirements to get easy funding
In case of any emergency, you don’t want to be spending precious time on lengthy loan processing procedures. Therefore, you should pick an unsecured offering with simple and easy-to-meet criteria. As it is unsecured, you don’t need to worry about pledging any assets to qualify, and you are only required to meet the basic requirements. Most lenders assess five primary categories of eligibility, mainly – your age, your employment type and employer, the money you make annually, your credit score, and your citizenship.
By meeting these simple parameters, you can qualify and even get approval for a personal loan easily. Some lenders even extend pre-approved offers, which can be availed digitally and in just a few clicks.
Keep the paperwork ready
Before approving the sanction, lenders will ask you to submit documentation to prove your eligibility. This is why you should check what’s needed before you apply and have it ready. You’ll minimise delays and get funds without any hassles. Typically, lenders will require the following documents.
- KYC documents
- Employee’s ID proof
- Income proof
- Financial documents
With this information, getting an instant personal loan should be a breeze. All you have to do is find a suitable lender, particularly one with digital loan provisions. One of your best options for an online personal loan is the Bajaj Finserv Personal Loan. With it, you can get instant approval for a sanction of up to Rs. 25 lakh and enjoy a tenor that ranges up to 60 months.
What’s more, you can apply online, get approval, and have the entire sanction disbursed within 24 hours*. This expedited service makes it a perfect financing tool as you don’t have to worry about lengthy procedures. Bajaj Finserv also offers a competitive interest rate, so you don’t have to worry about exceeding your budget at all. To get started and address all your requirements without the bother of a cash crunch, check your pre-approved offer for hassle-free funding.
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