Before applying for a personal loan, keep in mind five important things including checking CIBIL score, you will benefit
Do you also want to take personal loan personal loan, are you planning in your mind? If yes, then you should keep these important things in mind. Understand all these important things because loss can be avoided.
Mumbai. Let us tell you that Corona has spoiled the health as well as the budget of the people. They are running away like a personal loan due to decreasing income and increasing expenses and its demand has also increased. In such a situation, if you are also planning to take a personal loan due to emergency expenses, then keep these important things in mind
Let us tell you for information that if you apply for a personal loan, then before applying, you should pay attention to many aspects like your CIBIL score and how much loan to take. Today we are giving you 5 such things that you have to keep in mind along with the information before applying for a personal loan.
Do not borrow more than you need, take only as much as you need.
Whenever you make up your mind to take a personal loan and take the right amount of loan by calculating your requirement, take as much loan as the loan amount is required. It has been seen many times that you become eligible for more loan amounts than the amount you need. Let us tell you that the effect of borrowing more also affects your financial goals. Apart from this, if you do not repay the loan on time, then you will also have to pay a fine. Not only this, and your CIBIL score also gets spoiled by this. If CIBIL gets bad then it becomes difficult to take a loan in future.
Interest rates to be aware of before applying for a personal loan
Before applying for a personal loan from any place, you should know about its interest rates in a good way. Let us tell you that you should know about the interest rates of all banks and NBFCs and also note that applying for a personal loan should be the one where you get the loan at the least interest. For information, let us tell you that apart from this, in the bank where you have a bank account, you can also apply for a loan by knowing about the pre-approved loan. Sometimes banks also give pre-approved loans to their customers.
Make sure to check CIBIL score before applying
If your credit score or CIBIL score is already good, then you can get to see its benefits in this along with taking a personal loan. A good CIBIL score will enable you to charge processing fees and lower interest rates. In such a situation, let us tell you that banks can usually reduce the interest in addition to waiving the loan processing fee of the customer with a better credit score. For information, let us tell you that the CIBIL score between 750 to 900 is considered good. On the other hand, if you have a cibil score of less than 750, you get a loan at a higher interest rate. Apart from this, you may also have to worry about getting a loan. That's why to keep an eye on your credit score.
Also, see processing fee and other charges
Often, some hidden charges and processing fees are included in the personal loan from the bank, which the bankers or agents avoid telling the customer while giving the loan. In such a situation, apart from this, the charges to be charged on premature repayment of the loan (pre-payment closure) should also be known. it won't bother you later
Keep in mind the loan repayment capacity
Let us tell you that before choosing the loan tenure, you should think properly. Decide on the loan instalments only considering your capacity. Because if you are unable to pay the instalment later, you will have to pay a penalty and apart from this it also affects your CIBIL score badly. In such a situation, you should try to settle the loan as soon as possible.
Take a loan from the concerned bank
If you are planning to take a loan, then take a loan from the same bank where you already have a bank account, fixed deposit or credit card service, you are taking it from there. Because the bank gives loans to its regular customers very easily at reasonable interest rates.
Tax is not to be paid on a personal loan
For information, let us tell you that a personal loan is not taxed, because the loan amount is not considered as income, but keep in mind that you have taken the loan from any legal source like a bank or NBFC. . However, to take advantage of tax exemption on the loan, you also have to show many types of documents to the bank. For example, these include documents like expenditure vouchers, bank certificates, sanction letters and auditor's letters etc.
See also read
There are loan applications that are giving loans during their current list.
See also
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*If you want to take a loan with an Aadhaar card, then click here
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