Sometimes there are situations wherein lack of finances could be a barrier to fulfil your both small and big dreams such as children’s higher education, child’s marriage, home renovation, travelling places, etc.
The lack of money creates a gap between what one already has and what one needs. Such differences can be filled with loans. If you are looking for an instant helping-hand, opting for a personal loan is one quick solution. However, one needs to check their eligibility to avail a personal loan.
Owing to the flexible options and ease of availability of personal loans, people opt for personal loans to ease the financial burden. Moreover, it is an unsecured loan, so the borrower doesn’t have put gold or property as security to avail the loan; and also, it requires minimal documentation.
Although personal loans ensure instant financial aid, one must be familiar with the business know-how well in advance, which can help while availing a personal loan.
Table of Contents
Way 1: Always try to maintain a pretty good credit repayment history
It is always advisable to clear all your debts, pay your credit card bills and EMIs of any other loans on time without any delay. Maintaining such a good repayment history helps in getting you a better deal, increase the probability of getting a personal loan, whenever you plan to take it in the future. Moreover, it gives you an excellent chance to negotiate on the loan’s interest.
Paying on time and maintaining a good repayment history will ultimately help to improve your credit scores, which again will help you to borrow money or availing a personal loan from the lender easily.
Some of the ways to maintain a good credit score are:
- Maintain a good credit of both secured and unsecured loans
- Pay EMIs on time
- Keep an eye on your credit report at regular intervals
- Ensure that no default amount is pending from the previous loan
Way 2: You can be eligible for a higher loan amount
The more you look for, the better options you get. It is always an excellent option to visit multiple online financial marketplaces instead of settling for the ones without prior knowledge of the lender. Most lenders have moved to online space, to provide enhanced customer experience by helping them in getting personal loan instantly with minimum documentation. Furthermore, moving to the online space has lowered the administration cost, which is then passed to the eligible customers in the form of the higher loan amount or lower interest rate.
If you already have a loan, then you must negotiate with your existing lenders as they can offer a relatively cheaper interest rate or higher loan amount with enhanced services. One must also check in advance if the lender has any offers during the festive seasons, as such a discount or offers will help in cutting down your interest rates.
Way 3: Make use of a personal loan calculator
The personal loan calculators are the quickest and most convenient way to calculate your EMIs. This easy-to-use tool helps you to calculate the monthly instalments for your loan accurately in a few seconds. Secondly, it helps to save your time as it does multiple calculations in a few seconds. Thirdly, the easy comparison option can help you to evaluate the EMI for different loans to see the best option for you.
Personal loan calculator will help you to calculate your monthly budget by calculating the EMI in no time. Apart from EMI, the personal loan calculator will also provide more information about the loan which will help you to figure out how much loan amount you eligible for, the interest at which the loan will be offered, the amount of interest you will have to pay and for how many years you must opt for this loan amount.
Personal loan calculator is simple to use. You can use a personal loan calculator without any hassle to know EMI as per your budget and eligibility.
Way 4: Employer’s credibility
The bigger the company, the more favourable deals one gets. Working in a well-recognized organization has its perks, but it also helps you in getting a personal loan quickly and also increases the eligibility for a higher loan amount.
It is considered, if the person holds a stable income, it is more likely for him or her to repay the loans from time-to-time. So employees who work in blue-chip companies, MNCs, reputed companies get the perk of availing personal loans without any hassle as such companies are likely to provide more stable jobs to their employees.
Conclusively, the ways as mentioned above, will surely be handy and help you while you are availing for a personal loan. Apart from these, the borrower must be cautious enough to read the service terms well before opting for a personal loan from any company. Also, make sure you keep your CIBIL score as high as 700 to avoid loan rejections. In addition to this, do consider factors such as the tenure of the loan, the pre-payment charges, amount of the loan, processing fees before opting for one, compared with the interest rate of different loan providers.
Don’t wait for much to fulfil your dreams, use a personal loan calculator to calculate EMIs and get going with a personal loan and help yourself in meeting your expenses, finance higher studies, covering marriage expenses, buying high-end electronic gadgets, fulfil your dream vacation trip, etc.