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What you need to know before availing a personal loan?

Sometimes expenses come uninvited. Children’s marriage or educational expenses, savings won’t get you through all the costs. It becomes vital for you to avail some sort of assistance from bank, and what better than a personal loan.

personal loan

A personal loan, also referred to as unsecured loan, is a financial aid to meet your current expenses. It is the most convenient way to borrow money, since you don’t have to keep any security against it. It is usually convenient for borrowers looking for quick and easy loans with the minimum documentation and paperwork. You also have the flexibility to use the funds as per your convenience without being monitored for the actual end usage.

Most banks offer instant loans without much hassle but there are always hidden terms and conditions. Read on to know what all things you need to keep in check before availing a personal loan.

  • Since it is an unsecured loan, the interest rate is as high as 11%. Know your budget and keep a track of EMI’s you will be required to pay. The amount of loan sanctioned will depend on your repayment capacity.
  • You can only avail a personal loan for emergency expenses such as medical or educational costs. If it is for leisure like a vacation, banks won’t approve of such loan.
  • The amount of personal loan you avail should not be more than 10 % of your salary.
  • Different banks have different rates of interest which is why it is important to research well before you apply for personal loan.
  • Keep a check on your credit score. A bad credit score may lead to rejection of your loan.
  • Do not take multiple personal loans as they will create a negative impact on your credit history.
  • Several financial institutions tend to make lucrative claims, do not fall in such traps.
  • You can use online personal loan calculators, it helps you to accurately calculate the EMI.