Important pointers in Personal Loan India | Deal4loans
Important pointers in Personal Loan
Increase your loan eligibility: You can increase your eligibility of the personal loan amount by clubbing your income with your spouse’s income.
Relationships with banks: You can get discounts on interest rates if you take a loan from a bank that you already deal with for your existing relationship, in this case banks will consider your past records of credit repayments and your saving account balance and you will be offered discounts on the basis of your current relationship.
Cibil Score Check: You must know that your credit history play a very important role in the acceptance of your loan application as CIBIL keeps a record of credit history by collecting your credit data from various financial institutions. A decent credit score not only gives a green signal to your loan application but also offers you lower interest rates by the bank.
Penalties: If you think of closing your loan earlier, this will invite the pre-payment charges levied by the bank which are upto 5% of the outstanding loan amount. Some banks have this norm wherein you are not allowed to close your loan within the first six months of your loan term. You should also know about the charges taken by the bank for paying your EMI late.
