Top 3 Things to Consider to Avail a Personal Loan in Pune
Pune (Poona) is the 2nd largest city of Maharashtra. It is the 9th most populated city, accommodating a population of 6.6 crore. Pune is also known as the “Oxford of East” because this city houses various prestigious educational institutions.
Other than being considered as the “cultural capital of Maharashtra”, this city is also emerging as a hub of different renowned enterprises and start-ups.
Individuals aiming to start their own businesses might face insufficiency of liquid funds; hence, can avail a personal loan in Pune. These loans have no usage restriction and can also be utilised for any purpose.
Before availing such instant advances, an individual should consider a few factors. They are as follows -
- Compare interest rate -
The interest rate extended by financial institutions varies. The rate and the tenor determines the EMI amount; hence, an individual should compare to avail a comfortable rate of interest.
- Maintain a good credit history -
An individual’s credit history is a record of his/her creditworthiness and financial behaviour. Such data is accumulated and further derived into a credit score. A credit score or good CIBIL Score is a 3-digit summation of a borrower’s repayment history, which is utilised to determine their creditworthiness.
To avail a personal loan in Pune or anywhere else in the country, an individual should hold a minimum CIBIL score of 750. Those holding such a score may even get the option to negotiate the interest rate over a personal loan with the lenders.
- Evaluate the repayment capacity -
Individuals should borrow a loan according to their repayment capacity; the total loan amount and the tenor play a significant role while applying for advances. A longer tenor ensures affordable EMIs, whereas a short tenor reduces total cost of loan.
Post considering these few factors, individuals can avail a personal loan in Pune with ease and fulfil their requirements.
Must Read: Requisites To be Undertaken While Opting for Personal Loan in Pune
