Things to Know Before Signing a Personal Loan Agreement
If you have the required personal loan eligibility criteria, then you can avail a higher loan of up to Rs.25 lakh from leading lenders in India. But before signing a personal loan, you should be aware of some elements.
Considering the same, you can help yourself get the loan approval. Let’s take a look at the vital things that you should look at before looking to apply for a personal loan!
- Loan amount
You should always apply for a loan amount that you can repay, and not what you want. Why? It is a loan after all that you will need to repay. To know an exact amount that a lender can sanction, you must check out your personal loan eligibility criteria. It can be checked by using the personal loan eligibility calculator.
2. Loan processing time
You should check the loan processing time of the lender that you want to apply with beforehand. This way, you may know if it will take time for the loan approval and money disbursement. Most of the leading lenders sanction the personal loan applications quickly and disburse the amount in 24 hours.
3. Credit score
Since the personal loan is an unsecured loan facility, it is given on your credit history. If your cibil score is 750+ or more, then you can get the loan approval time at a lower rate. Ensure to get your cibil score improved by repaying the loan EMIs and other outstanding on time. It is one of the key personal loan eligibility criteria.
If you are able to follow these personal loan eligibility criteria beforehand, then you will find no issues in getting your application approved. Be sure to compare all loan offers on a third-party site and pick the best deal.
Must Read: Everything You Should Know Before Signing A Personal Loan Agreement
