Top 6 questions to ask before you take out a personal loan

personal loan app

Personal loans can be a cost-effective alternative to credit cards, allowing you to finance major expenditures while saving money on interest. With the introduction of mobile loan apps, personal loans are becoming increasingly popular. Whether you’re taking out a personal loan to consolidate debt, finance a home upgrade, support your next big trip, or pay for a cross-country move, it’s vital that you have a clear repayment plan.

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Here are a few questions to ask you consider taking a personal loan,

  1. Why do I need to take a loan?
  2. This is the first thing you should think about. You should consider whether your personal loan is for a pressing need or something that is optional and/or crucial. It’s beneficial to have this self-awareness so that you don’t regret your decision afterwards. Taking out a personal loan to invest in the stock market, for example, may not be a wise option right now if your income is inconsistent. It could, on the other hand, be a good answer in the event of a medical emergency or to bridge a minor gap and achieve a long-awaited desire, such as a downpayment on a property or your children’s school. With Bajaj Finserv personal loan app, you can get funds up to ₹25 lakh for all your needs at minimal documentation.
  3. Am I eligible for Personal loan?
  4. A personal loan eligibility calculator is available in the mobile personal loan app. Personal loan eligibility varies from one person to the next. The reliability of your revenue stream and the amount of disposable income are two of the most important aspects. Your credit score should also be excellent. Other characteristics such as your age, credit history, employment experience, and so on are also taken into account. When you enter all of the facts into the Bajaj Finserv personal loan app’s eligibility calculator, you’ll get a quick answer.
  5. Are EMIs of personal loan affordable?
  6. When it comes to personal loans, the interest rate is very enticing. However, the indicated flat fee can be deceiving at times. There are sometimes hidden fees in loans, which might raise your interest rate. By calculating your monthly EMI on EMI calculator on personal loan app, you may get a good indication of how much you’ll be paying each month. You can next choose a suitable term so that your monthly EMI is within your budget. Bajaj Finserv app offers personal loans with affordable interest rates.
  7. Are there any additional charges on personal loan application?
  8. Prepayment penalties and foreclosure fees are imposed on personal loans. If you want to pay off your loan early or transfer the balance of your current loan to a different lender, you’ll have to pay this fee. Personal loans often come with additional fees in addition to the interest rate. Processing costs, service fees, and insurance fees are examples of these fees. Before you sign up, make sure you understand the charges. Charges may be imposed if a check bounces or if payments are late or missed. Personal loan apps are extremely handy when it comes to payment of loan EMI or managing your loan.
  9. What are the document required for Personal Loan?
  10. To process your application for a personal loan, you’ll need to furnish certain documents. With easy application with personal loan apps, the entire documentation process is online. To avoid wasting time, it is preferable to request the whole document list. If you’re applying for a job online, gather your paperwork and scan them so they’re ready to post. The list of paperwork for a personal loan in is mostly straightforward. KYC documents, PAN, wage slips for the last three months for salaried individuals, income proof / financial statements for self-employed individuals, and bank statements for the previous six months are among the items required. On a case-by-case basis, more documentation may be needed. If you’re looking for a doctor loan or with a co-applicant, for example, you may need to produce additional paperwork.
  11. And most importantly, how to apply for a personal loan?

It is critical to learn the specific step-by-step approach for obtaining a personal loan. You might also want to find out how long it will take the lender to approve the loan. Bajaj Finserv app offers a quick personal loan up to ₹25 lakh that may be applied for online in just a few minutes. When you visit the loan app, all you have to do is click on apply now, choose Personal loans, verify your personal details, fill out the required information, upload the required documents, and submit the application. The loan money would be released to your account within hours after a quick verification and approval process. The procedure of applying for a personal loan online is quite simple. Applicants that receive in-principle approval receive a tracking ID as well.

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