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Tips for Best Personal Loan Deal

On just one click for the best personal loans you can see for yourself that there are several personal loan offers that claim to give you the best of interest rate or the maximum possible loan amount. Point is, how do you know they are the best for you? Because what’s best for one person is not necessarily going to suit another individual, especially when it comes to availing loans. Let us take a look at the following tips to get the best personal loan deal for you:

–    Once you fill in the details such as your income, company where you work and work experience and income stability in the personal loan eligibility you will come to find out the various lending institutions you are eligible to apply at.

–   Among the choices given, choose the one with the best interest rate (the one which you can afford)

–   Now, to further increase your options choose the maximum loan amount (you are eligible for) along with the maximum tenure so that the emi payable will be lower when compared to a reduced tenure.

–   For maximum loan amount:

For instance, let us consider that you are eligible for a maximum loan of 5 lakhs

  1. Loan value 5 lakhs

  2. Tenure 5 years

  3. Interest Rate 15%

  1. Your emi will be Rs. 11,895

Now, for the same loan value and interest rate, if you choose the tenure as 3 years instead of 5,

then your emi will be: Rs. 17,333.

–    Never pay any extra money to anybody, whatever processing fees chargeable is deducted from your loan amount.

–   Among the choices, ensure you get the best of all the three aspects:

- loan value, loan tenure and most importantly the interest rate.

For example, if you are looking for a large loan value, choose the maximum possible tenure. Or if you want a reasonable interest rate, then look out for offers wherein you get an attractive interest rate for a particular tenure and for any loan amount (provided you are eligible for it of course).

Don’t believe the face values of every attractive offer you come across, get it verified by choosing the right people to go ahead with your personal loan application.

 

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