It is no secret that today Indian consumers are increasingly opting for personal loans to improve their financial situation or increase their overall purchasing power is no secret today. While the reasons behind this surge form the subject of another article: in this article, we shall explore how you can find the best personal loan offers to meet your financial goals efficiently.
What are low-interest personal loans and what are they for ?
A personal loan is an unsecured debt for which an individual can opt if they seek extra money during an emergency. Personal loans tend to be more beneficial with low-interest rates. While repaying a personal loan, the borrower is supposed to repay its interest and principal components. It means the borrower needs to pay the accrued interest over the loan’s period to the lender.
Low-interest personal loans can help borrowers financially; since they are more affordable and have low EMIs (Equated Monthly Instalments).
Apply for a low-interest personal loan today!
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Let us understand the low-interest personal loan application procedure by taking IDFC FIRST Bank’s example. Here are the steps that you must follow:
- Visit the site
The procedure to apply for a personal loan with IDFC FIRST Bank is very convenient because it is paperless and online.
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- Check whether you are eligible
The eligibility criteria for a low-interest personal loan are available on the IDFC FIRST Bank site. Satisfy the age- and salary-related criteria to apply for a personal loan with IDFC FIRST Bank. Read their blog to know more.
- Know the value of your future personal loan EMIs
Thirdly, before applying for a personal loan, you must know the EMI (Equated Monthly Instalment) that you will be paying in the future. You can know this by consulting IDFC FIRST Bank’s Personal Loan EMI calculator. It can help you plan your loan repayment. Most EMI calculators are found online and are free to use.
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- Consult the amortization schedule
The advantages of using a personal loan EMI calculator are also available on the IDFC FIRST Bank website. In addition, you must also consult the amortization schedule to plan for repayment well.
Once you have gone through these steps and analysed your repayment capacity, you can apply for your personal loan.
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The best way to get a quick personal loan
Opting for an online personal loan is the most convenient way of getting a personal loan in India. Reputed banks like IDFC FIRST Bank have efficient mobile banking apps that can conveniently help you pay your personal loan EMIs.
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Here is what to look for in a personal loan offer
Finally, here is a list of things that – if you look for in your personal loan – can help you have a smooth repayment procedure:
- Your loan should be a low-interest personal loan
- The bank must have a dedicated mobile-banking app that facilitates smooth EMI payments
- The bank must allow you to check your future EMIs through a calculator
- Personal loan application procedure must be online
Follow these steps to identify a suitable, low-interest personal loan for yourself and do not forget to plan for your personal loan repayment in advance!
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