The personal loan marketplace in India is full of attractive offers nowadays, thanks to the growing popularity of personal loans. It’s a cut-throat competition among lenders to woo potential borrowers and the borrowers seem to be on a roll too! Almost all the borrowers want to pay less and yet, get more (dare I say both you and me are included? Come on! No harm in this! ). However, it’s not always easy to get the best personal loan offers as huge variations are observed in personal loan offers from different lenders.
What’s the way out then?
To get the best personal loan offers for yourself, you should do due diligence and compare offers from different lenders. A little bit of research about interest rates of all lenders would help you a great deal in getting the best personal loan interest rates. Do have in mind that the personal loan interest rates vary from lender to lender depending on factors such as your credit profile, employer profile, bargaining power, time of the year (festive seasons like Diwali and Durga Puja) and so on. This is the reason why you should use comparative insights to make the perfect choice for yourself.
The good news is that, these days, you can do all your comparative research online and even can get the best interest ratesonline, without having to visit any bank/financial institution. There are many fintechs available today who offer personal loans at better interest ratesthan traditional lenders.
Things to consider when you compare personal loan offers
Whether you compare offers online or offline, you need to consider certain points in order to make your search effective and to stand a great chance of closing in on the best deal available. Some of these are as follows-
- Asses the lender thoroughly-
The financial marketplace today is full of offers but is all of them worth a look?
Many banks/NBFCs may come to you with attractive offers and some of them may be really irresistible. Quite a few of them may even come with low interest rates and less stringent personal loan eligibility criteria. You would do well not to be tempted by such offers and not to accept these blindly without having a thorough study about their pros and cons. Do not jump on the first such offer that comes your way. Do a complete research on multiple offers and use comparative insights before making your final decision.
- Keep an eye on hefty prepayment/ foreclosure charges-
It is observed that some seemingly irresistible personal loan offers come, at times, with hefty prepayment and foreclosure charges. These offers seem to provide loans at lower interest rates but you will need to spend a lot in case you make a prepayment or foreclose your loan tomorrow. However, it’s quite normal for lenders to charge you with a prepayment fee in the range of 2 to 5% on the outstanding balance. Therefore, you should compare among these offers and choose those with zero/nominal prepayment/foreclosure charges.
- Check on your EMI amount
When you are considering an offer, you must be absolutely sure about the EMI amount and the loan tenure. Even if you are eligible for the offer, you should assess beforehand whether you have the capacity of paying the EMI amount on time. Irrespective of how tempting the offer is, you should not apply for a particular loan if you cannot repay the same without putting too much stress on your monthly budget. Always limit your loan amount so that the EMI lies within 10-15% of your monthly income/salary.
- How is the feedback about customer service?
While looking for the best personal loan offer, you should try to gather as much information as possible regarding the customer service reputation of the concerned lender. You should also gather information such as how prompt the lender is when it comes to disbursal of loans and providing other ‘after-sales’ assistance.
Afinoz is the right place when you want to compare interest rates and offers from banks
You can visit the efficient online platform of Afinoz.com to avail a quick comparison of attractive personal loan offers with the best personal loan interest rates. This will assist you to a great extent in making your final decision. Afinoz does all the comparative market research for you and will help you to identify the best personal loan offers depending on your distinct need and personal loan eligibility.
Isn’t it great to have a quality team backing you up with comparative insights, when you are in search of the best possible deal? Yes, that’s what Afinoz does to perfection! It has tied up with almost all the reputed providers and connects you to unlimited opportunities. Most of the reputed personal loan providersin Indiadisburse loans through the efficient online platform of Afinoz.com. It is widely regarded as the best online financial marketplace in India that has revolutionized the financial services sector with its selected range of solutions. Afinoz has also digitalized the entire financial processes involving personal loans, without any need of you to visit any financial institution or to go through heaps of paperwork.
With Afinoz, you can apply to multiple lenders with just one click of a button and can have access to your digital financial records any time you want. You can afford to forget those days when you required to visit a whole lot of lenders and to stand in long queues, before availing a personal loan.
Afinoz understands your needs more than the most and takes good care of your overall financial health. By registering with Afinoz, you can avail additional facilities as well. You can track your credit score; get quality inputs from their experts on how to improve it and other advice on how to boost your finances. Their team also offer quality advice on matters such as how to choose your lender, how to check for hidden/additional charges, how to get the best personal loan even with a low credit score and many more.
Afinoz offers the facility of e-verification and e-signing of your KYC documents such as PAN card, Aadhar card, etc. Now, you can easily evaluate and calculate your personal loan eligibility and personal loan EMI using utility tools like the personal loan eligibility calculator and the personal loan EMI calculator at Afinoz.com. This calculator will help you to determine your EMI outflow every month including the personal loan interest rate you will need to pay.