Simple tips while applying for a Personal Loan Online
While personal loans look exciting, there are a few points that one should keep in mind before proceeding with a loan,
Explore multiple options – Do not go ahead with the first personal loan offer that comes your way. Explore NBFC-P2P platforms like Cashkumar to find different options based on your eligibility and take an informed decision.
Do not focus only on the interest rate – While the interest rate is important it is good to note that the processing fee as well as the pre-closure charges are applicable on each transaction. In case you propose to pre-close your loan, a Cashkumar P2P loan which has no pre-closure charges after 3 momths would make more sense even though the interest rate might be a little higher.
Do not hide key informationas, the financial institutions will find out and that would result in a lot of mental trauma as well as financial overheads.
Do not borrow personal loan for investments as this move could backfire if the potential investment turns bad for some instance.
Calculate your repayment potential before taking a loan. Though you might be eligible for a higher loan amount but you are not sure if you could pay the existing projected EMIs, please reconsider taking a smaller amount. A default or delayed EMI payment could result in effecting your CIBIL/Credit Score, which will hamper the possibility of you getting loans in the future. You can always check on the EMIs that you would pay using our EMI calculator. You will also find a lot of information on EMIs at https://cashkumar.com/flat-interest-rate-vs-reducing-balance-interest-rate-calculator
Check the loan agreement thoroughly: There are multiple signatures that you would need to sign on any loan agreement. Please ensure that you read all the Terms & Conditions before signing the document. In case of any queries, check with the company officials who would be more than happy to help you.
Do not file multiple applications: The final and most important suggestion is not to approach and apply for a loan with multiple banks/NBFCs or NBFC-P2P lending platforms. If your applications are rejected, it could affect your credit rating in a major way.
Cashkumar helps you get personal loan via P2P lending in India through the vast network of lenders that have been aggregated on this platform. Get information on personal loans through peer to peer lending sources with us. We do not charge a registration fee for use of our services. For all your short-term loan needs and requirements and to get a good deal for a personal loan in India, apply through this website or download our app.
