The National Capital Region (NCR), which includes Noida, has been one of the leading centres of development in the country. The high influx of people from all parts of the country to this region has made it a boiling pot for all forms of consumerism.
If you are one of the inhabitants and require an instant personal loan in noida for any reason, here are a few factors that you should consider first.
- Calculate the exact amount you need
Overshooting one’s financial obligations is not uncommon when it comes to availing personal loans. It is paramount that you avail the amount that you require and not what you are eligible for.
So, calculate your financial requirement with absolute precision. Chalk out the exact amount that you need and avail only that amount as a personal loan. While it may be tempting to avail a higher loan amount, it only means that you’ll pay a higher EMI and total interest amount. You can calculate the EMI to be paid for the amount you need for free using an online EMI calculator.
- Consider your CIBIL score
The CIBIL score is a measure of a person’s creditworthiness expressed in a three-digit number between 300 and 900. A good credit score is instrumental in securing favourable loan terms vis-a-vis personal loan interest rate and tenor. A score of 750 or above is considered ideal by financial institutions for clearing a personal loan in Noida.
It’s practically impossible to avail a personal loan without CIBIL. If you have a low credit score, you may take the following steps to improve it.
- Pay off your existing debts, either in full or the designated EMI.
- Paying off credit card bills is one of the fastest ways to improve credit rating.
- Consolidate all your debts under one umbrella and pay the EMI for that on time.
- Know the eligibility and documents required
Every financial institution has a set of eligibility criteria that one must fulfil to avail a personal loan. For example, if you want to avail a personal loan from Bajaj Finserv, you must be:
- A resident citizen of India.
- Between the age of 23 and 55 years.
- Salaried individual in the private or public sector.
You must also know the documents required for a personal loan beforehand.
- Know the fees and charges
Every financial institution levies some fees and charges corresponding to various aspects of a personal loan. Understand them in detail before applying for your loan. Typical charges include:
- Processing fees
- Prepayment charges
- Foreclosure charges
- Late fees
You must be thoroughly aware of the all-inclusive cost of your loan before applying.
- Compare the interest rate of various organisations
There is no fixed personal loan interest rate in India. Every financial institution is free to set its own interest rates above the marginal cost of funds lending rate. As such, it is paramount that you compare the interest rate offered by various institutions and choose one that suits your needs.
Bajaj Finserv offers personal loans with a low interest rate of 12.99% onwards. Furthermore, they bring you pre-approved offers that make availing loans quick and easy. Pre-approved offers are available on numerous financial products including secured credits like home loans and unsecured credits like business loans and personal loans, etc. You can take a look at your pre-approved offer by providing your name and phone number.
Consider all these factors carefully before finalising your personal loan in Noida. Remember that a little due diligence can save you years of unnecessary hassle and high EMIs.
