Certain expenses can severely sap your savings and in such scenarios, loans offer much-needed relief as they ease the burden. For most goals and emergencies, a personal loan is the best option because it is relatively easy to obtain and lenders offer a hefty sanction too. Additionally, personal loans are unsecured, and because of this lenders offer an instant personal loan through an instant loan app. This means that you can get approved for a loan within minutes of applying.
However, before using an instant loan app, take a look at a few pointers that you must keep in mind to have a pleasant borrowing experience.
Opt For A Suitable Sanction
Before you decide to take on the responsibility of a loan, you must be sure of its purpose. After noting this, ensure that any loan that you opt for gives you access to a sufficient amount so that you can comfortably meet your needs. This is especially important when it comes to personal loans, because the sanction is lower in comparison to secured counterparts. However, a good tool you can use to know exactly how much you are eligible for is the Bajaj Finserv App. Through its user-friendly interface, you can check the exact amount that you are eligible for.
Know The Applicable Interest Rate
Before taking a loan, enquire about the interest rate. This affects your cost of borrowing and EMIs, therefore determining the loan’s affordability. Fortunately, when you use a quick loan app, you can easily access all this information at a glance simply by clicking on an offer.
Check The Part-prepayment And Foreclosure Policy
This element of the loan is just as important as the sanction amount. Before you agree to an instant loan, check the part-prepayment policy. As this can significantly lower your interest outgo and ease the repayment burden, you must be aware of the terms and conditions governing prepayment. Note that in most cases you have to pay a fee to avail this service. So ensure that the fee is nominal, because it will eat into your savings otherwise.
Evaluate Repayment Facilities
Repayment of the loan is by far the most crucial element of the entire borrowing experience. This is because it affects your credit score and your cash flow. You must ensure that the loan you opt for has multiple, easy-to-use repayment options so that you never miss out on a payment. Lenders like Bajaj Finserv have accounted for this, so you can use the loan app to make EMI payments, part-prepayments and even foreclose your loan. This process is simple and all you need to do is access the payments tab, select the method you want to use and complete the transaction.
Avail A Pre-approved Loan Offer
An important factor you need to orient yourself with before choosing an instant personal loan is the pre-approved offer. This offer is tailored to your financial profile and may even offer you better deal on the loan. While you can check for this offer on your lender’s website, using a loan app is a more convenient way of knowing about such offers. This is especially true with the Bajaj Finserv App, as you can access tailor-made deals for a range of financial solutions in one place.
While personal loans are relatively easy loans to obtain, you must be responsible with repayment. Having a plan in place will ensure that you encounter no hiccups.