Important Questions to Ask Before Applying for instant Personal Loan

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instant Personal Loan

There are numerous instant Personal Loan apps online that offer to assist you by providing instant disbursal of funds with as few documents as possible. However, not all apps are equally efficient when it comes to fulfilling procedures and tracking the small, yet significant details related to your Personal Loan. 

Also, in an era of speed, having all the convenience at your fingertips through an app is largely preferred. At such times, apps that help you deal with your financial needs are of great help. There are several mobile apps that have made the process of availing a Personal Loan easier & quicker than before. They have completely digitized the process and offer a seamless experience to their users. Some popular apps are Early Salary, Bajaj Finserv, Money Tap, Kissht, Navi, etc to name a few.

But, no matter how easier it might be to avail funds online through loan apps, it is essential that you think through some important details well before choosing to avail a loan. Below are some vital questions that you must ask yourself before availing of an instant Personal Loan –

Availing an instant Personal Loan

1) What is the purpose for which I need a Personal Loan?

Ans: First things first. Your loan journey begins with this question. You must be clear about the objective for which you need a loan. This might help you stay focused on spending the amount in the right direction.

2) How much Loan amount do I need?

Ans: Once you have a clearly defined goal, you should try to figure out how much money exactly will you be needing for it. Vague estimates can either fall short of fulfilling your needs or be a burden on you for repayment. Hence, please think through well before applying for an instant Personal Loan.

3) Will my income be enough to repay the debt?

Ans: This is a very important doubt that each one who wants to opt for a Personal Loan comes across. Your salary gets spent on several things. You must ensure that there is enough amount remaining to pay an EMI; AFTER fulfilling your basic needs. Only after thorough planning you can ensure that you would be stably paying your EMIs for Personal Loan on time.

4) Do I have the required CIBIL score for availing an instant Personal Loan?

Ans: Your CIBIL score is a significant parameter that is taken into consideration before the approval of your Personal Loan. It is important to analyse your Credit Health Report and improvise on your shortcomings. A good credit score is always crucial in getting an approval for any loan application.

Read More – Best Instant Personal Loan Android Apps

5) What is Flexi Personal Loan?

Ans: Flexi loan is a novel product in the market and is gaining popularity rapidly. You are given a line of credit based on the strength of your credit health. From this line of credit, you can avail as much amount as you need. You will charged interest only on the amount you have used.

6) What will be the interest rate for my Personal Loan?

Ans: Before fixing the lender from whom you will be availing an instant Personal Loan, you must do a thorough background check of what are the ongoing interest rates in the market. You possibly cannot accept the offer from the first lender you come across. Look for different options and pick whichever is suitable for you.

7) How long will it be before I pay off the loan completely?

Ans: This completely depends on the tenure you opt for at the time of availing the loan. There are multiple EMI calculators available online that can help you get an estimate of the EMI, interest, and tenure of your loan. Usually, longer tenure for repayment can help you improve you CIBIL score if the EMIs are paid regularly.

8) Will the lender charge extra fees?

Ans: Different lenders have their own fees & charges predefined. You must carefully understand all the details of these charges before availing a Personal & do not hesitate to ask questions to your lender about it.

9) Am I having all the documents necessary to avail an instant Personal Loan?

Ans: In order to get a speedy approval of your Personal Loan, you must have all the documents that are requested by your lender ready to be produced. Get a complete list of documents from your lender beforehand and collect all the enlisted items in one place for your convenience.

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