personal loan
Summary: Before deciding to take out a personal loan, consider factors such as checking your credit score, finding a reputable lender, reading the terms and conditions carefully, and preparing the necessary documents. Please read the article below for more details.
Personal loans help you borrow money for personal needs such as vacations, purchasing electronic devices, medical treatment, or family weddings. These loans may seem easy, but you have to consider certain factors before applying.
First, your credit report must accurately reflect your payment history. If not, fix it before applying. A low credit score often means higher personal loan interest rates. Applying for or receiving multiple loans from multiple lenders at once can lower your score. If your application is rejected, reapply for a personal loan after a three month “waiting period” to avoid affecting your credit score.
Read more: 6 tips on how to get a personal loan without hassle
Do your due diligence
“Congratulations! You can get a pre-approved loan up to Rs 1 lakh. No proof of income or documents required. Apply now! You must have received such text messages. Don’t be fooled. Be.. . These are scams and activities run by fraudsters who try to cheat you by asking for upfront loan fees before you repay the loan or by hiding terms and conditions and charging higher interest rates.
Apps may require authentication and websites may not be secure. The website may look exactly like a popular bank/institution, only the URL has changed slightly. If in doubt, you can contact the original lender and ask if the personal loan offer is legitimate.
Apart from comparing interest rates, you should also check the type of interest (fixed or variable). Also see Annual Percentage Rate (APR), which includes the interest rate and other loan costs.
Personal loans may have other hidden costs to consider. This usually includes non-refundable processing fees and GST, penalties and fees for partial and full payments, as well as late fees. Make sure you read and understand the details before signing the loan documents.
IDFC FIRST BANK offers instant personal loans without collateral and with flexible repayment schedules. In addition to offering the lowest interest rates (starting from 10.75%) and low level monthly payments for 6 to 84 months.
Read more: How to calculate bank interest rates for personal loans
Apply for a personal loan from Idfc First Bank
At IDFC FIRST BANK, customers can apply for a personal loan online by simply filling in the application form and answering a few questions. This course is 100% paperless and can be implemented from the comfort of your home.
The steps are as follows –
· Login to the IDFC FIRST Bank mobile banking app or visit the IDFC First Bank website.
· Confirm basic details as your loan offer will be generated instantly.
· Complete the personal loan verification process online by uploading the required documents.
· Once your information is verified, the bank will disburse the loan amount to your bank account
conclusion
IDFC FIRST BANK offers an easy loan application process, competitive interest rates, wide tenors, unsecured and flexible repayment schedules. These factors make IDFC FIRST Bank a good choice when applying for a personal loan.
disclaimer
The contents of this article/infographic/image/video are for informational purposes only. The content is general and for informational purposes only. It is not a substitute for specific advice regarding your particular circumstances. Information may be updated, finalized, reviewed, verified, corrected, and may be materially changed. This information is not intended for distribution or use by anyone in any jurisdiction where such distribution or use would be contrary to law or regulation or which would subject IDFC FIRST BANK or its affiliates to any licensing or registration requirements. IDFC FIRST BANK is not responsible for any direct or indirect loss or liability incurred by readers due to making financial decisions based on the content and information mentioned. Consult a financial advisor before making any financial decisions.
The features, benefits and offers mentioned in the article are valid as of the date this blog was published and are subject to change without notice. The contents of this document are subject to other product-specific terms and conditions and third party terms and conditions, as applicable. Please refer to our website www.idfcfirstbank.com for the latest information.
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