Follow THESE 5 important tips before applying for Personal Loan
business Sep 03 2024
Author: Asianetnews English Stories Image Credits:social media
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Loan Tips: Know These Before Taking a Loan
It is very important to know about some things before taking a personal loan. If you ignore these things, you are likely to lose money. Let's know about those tips.
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Choose the Right Loan Amount
Before taking a personal loan, one should choose the right amount of loan. This amount should be such that you can easily repay it.
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Check Interest Rates
Be sure to check the interest rates when taking a personal loan. Failing to do so can cost you dearly.
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Compare Interest Rates
Before taking a personal loan, compare the interest rates of different banks and financial institutions.
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Check Credit Score
You should definitely check your CIBIL score when taking a personal loan. It is difficult to get a loan if your CIBIL score is not good.
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Don't take broker's help
Take a personal loan directly through the bank. Taking a loan through a broker can be expensive for you. Know in advance about your EMI etc.
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Check tenure of the Loan
Be careful about the loan tenure when taking a personal loan. Choose the tenure keeping in mind your repayment capacity.
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Understand hidden charges
Many times banks or financial institutions also charge hidden charges. Know about them. Also keep complete information about the transactions.