How do I decide which Bank/NBFC to take a Personal Loan from?
There are countless number of Personal Loan offers available today. While the thought of navigating through this endless plethora of offers may seem daunting, the following pointers should ease your worries and help you choose a Personal Loan best suited to your needs. Check and compare Interest Rates: It’s never a good idea to select the first offer that you come across. Always compare the different interest rates offered by different lenders before making your final decision. Check and compare loan fees and charges: Loan fees and charges can affect your overall budget and payout despite low interest rates. So, always check for associated loan fees and charges. Check and compare repayment flexibility: Most Banks/NBFCs have their own policies for prepayment/part-payment options. It’s advisable to go through their policies thoroughly to make a more educated repayment schedule. Know your EMI payout in advance: Even before you apply for a Personal Loan, check your finances to ensure you have the capacity to repay the loan on time to avoid any unwanted penalties.