While Applying For Personal Loan
Whether you want to on a foreign trip or buying household item or need fund for daughter’s wedding, personal loan helps in meeting all types of money requirements. Let’s find out some of the vital pointers related to personal loan-
Whether you want to on a foreign trip or buying household item or need fund for daughter’s wedding, personal loan helps in meeting all types of money requirements. Let’s find out some of the vital pointers related to personal loan-
Increase your personal loan eligibility- You should try different ways of increasing your eligibility for personal loan by clubbing your salary with your spouse’s salary.
- Relationships with banks- You can enjoy exciting discounts on interest rates if you will apply for a loan from a bank with which you are already dealing. In this case, your past records of credit repayments and your saving account balance will help in getting you attractive discounts on the basis of your present relationships.
- Check your CIBIL score- The credit history of the person plays a crucial role in acceptance of your loan application because CIBIL maintains a record of credit history of the person by collecting important data from different financial institutions. If you have a decent credit score then it not only proves useful in sanctioning your loan application but you can also get low rate of interest as good credit score helps in increasing credit worthiness of the person.
- Fees and other charges- Banks impose different fees and charges on personal loan, like processing fee, late payment fee, etc. It is necessary to collect all details about these fees which could put extra weight on your pocket. It is recommended to compare between different available personal loan options in the market and select the one which is most appropriate.
4 Effective Ways Of Avoiding Personal Loan Fraud
In current scenario, you can find large number of people who want to apply for personal loans. Such types of loans help in fulfilling divergent cash requirements, i.e., whether you want to go out for a vacation, need money for daughter’s wedding or for buying household item, personal loan helps in meeting varied requirements. Different banks appoint outsourcing marketing companies for marketing personal loan. However, there are large set of customers who got duped by agents while they are applying for personal loan. It is necessary that customers should safeguard itself in different ways for preventing from personal loan frauds-
Don’t pay cash in order to get personal loan- One should avoid paying any agent or bank person who promise you to give personal loan. Generally, no bank levy processing fee upfront because it is deducted from the sanctioned loan amount. Therefore, if someone will ask you to pay upfront fee then it means you are misguiding by the agent. It is necessary to understand that banks pay their agents for loan disbursement and therefore, agents should avoid charging anything from a customer.
- Never send your application in multiple banks ta the same time- If you will apply for personal loan in multiple banks then it could affect your cibil score as lenders will see you desperate for credit.
- Carefully read agreement- Once the personal loan is approved, it is necessary to carefully read agreement fully and then only sign it.
- Check authenticity of the agent- The agent to whom you are handling your personal loan document should be authorized to collect them.
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