It is raining Personal Loan Offers! In case you are looking for one, you are definitely in luck. Because it is that time of the year where leading banks are vying for your attention and are offering competitive rates and almost nil processing fees. As you might know, a personal loan can be used for a variety of reasons and it is increasingly getting easier to get a personal loan considering the offers that are provided at present.
So, the question here is how to choose the best among all of these offers? Do you choose the best interest rate or the maximum loan amount or consider other flexible features? Well, to answer that, you will need to know how to compare them all, and the one option that helps you save the most. There are several types of offers based on:
- the organization you work for,
- your net monthly salary,
- the loan amount you opt for
- your previous relationship with the bank,
On a regular basis, banks give company specific offers that are indeed worth considering. Because, the interest rates are always slashed as compared to the usual and other features such as pre-closure charges are reduced to nil. If there are no company specific offers, then there’s usually income based offers, where higher the income lower will be your interest rate.
Sometimes, there is also special offers for the loan amount you opt for or if you have held any previous relationship with a bank (such as holding a salary account, owning a credit card or a previously held loan from the same bank) then you have a better chance at getting good offers. Now, the best thing here is that you get to choose among several leading banks and their offers. The best offer for you depends on which aspect you look for while availing a loan.
Let us consider an example to understand this better; Let us say you are looking for a loan amount of 10 lakhs. In bank A, the rate is 14.25% while the rate in bank B for the same amount is 15.75% here the emi for the former will be Rs. 23,398 and for the latter it is Rs. 24,185 for the same loan amount. Therefore, from this you can conclude which bank you should be going ahead with, obviously the one where you save in thousands right? (in this case bank A). Whereas, if you are looking for a higher loan amount then look for the bank offering the lowest interest rate, as that will help you save up quite significantly.