Factors to keep in mind before reaching out to lenders for a Personal Loan

Personal Loans help provide financial assistance to meet your distinct needs. Whether it is for medical exigencies, educational expenses, home renovation costs, or any other expenses, Personal Loans have been a common solution to arrange for the required funds. Both Salaried and Self-Employed Individuals can apply.

With the current digital evolution, there are many various kinds of loan alternatives that you can rely on to manage your expenses. One such solution is Metra Trust’s FIRSTmoney, a smart Personal Loan that you can apply for to get a sanctioned credit line for your varied financial needs. Now, before applying for a Personal Loan, there are certain factors to keep in mind before reaching out to a lender. Go through this blog to find out more about these factors along with more details on FIRSTmoney loans to make a sound financial decision!

Key considerations before applying for a Personal Loan
 

Quick approvals

You should always look to get an instant Personal Loan approvalto arrange for the required funds without any unnecessary delays. Be proactive and make sure that your instant Personal Loan application has all the required information and documentation for a quick and hassle-free approval process.

Competitive interest rates

Secure funding at a competitive rate of interest to make the process economically feasible and affordable. Research and compare the various interest rates offered in the market to get a deal that will align you with your financial capabilities and objectives.

Minimal documentation

Avail the benefit of not just a Personal Loan instant approval, but even the feature of a hassle-free application process that requires minimal documentation. Make sure your documents are in place to accelerate both the application process and the approval process, speeding up the procedure and enabling a paperless and better experience.

Good credit score

The liberty of applying forinstant Personal Loans online;is possible if you have a good credit history.The timely repayment on current loans and credit card accounts can help give your credit score a boost, improving your chances of a quick loan approval.

Keeping the above-mentioned factors in mind, this is where Metra Trust’s FIRSTmoney proves to be a cost-effective loan alternative as compared to traditional Personal Loans. With FIRSTmoney, you can get a sanctioned credit limit of up to Rs. 10 lakhs and only repay the amount that you have withdrawn.

Go through FIRSTmoney’s key features to understand how applying for this loan can be a smart financial move:

High flexibility in availing the required loan proceeds

With a FIRSTmoney loan, you can enjoy the flexibility of withdrawing funds as and when required and repay EMIs only on the withdrawn amount, getting full control over repayments. In contrast, instant or regular Personal Loans usually require EMI repayments on the overall approved loan proceeds, limiting flexibility in managing finances as well as repayments.

ZERO foreclosure charges

Opting for a FIRSTmoney loan may allow you to benefit from zero foreclosure charges, permitting you to repay the borrowed amount at any time without incurring any additional charges. In contrast, instant or standard Personal Loans might include foreclosure fees, limiting your flexibility as a borrower in managing and repaying the outstanding loan without any additional expenses.

Quick disbursements

The FIRSTmoney loan excels in offering instant approvals and disbursals in no time, making it a prudent choice for addressing immediate financial requirements. Once your documents are verified, the approval and disbursal processes are swift with getting your FIRSTmoney credit line sanctioned. You can start withdrawing funds from your credit line in multiples of Rs. 5000 or the full amount up to your approved limit.

One-time setup of your sanctioned credit limit

Once Metra Trust has approved your credit line based on your credit worthiness, you can start withdrawing funds. There are no maintenance charges on the credit line that you need to worry about.

Steps to apply for FIRSTmoney smart Personal Loans

You can apply for a FIRSTmoney smart loan in 6 easy steps:

• Start by scanning the QR code or clicking loan from your smartphone.
• Register using your mobile number and confirm basic/personal details to check your eligibility.
• Select the loan amount of your choice starting from as little as ₹5,000 up to your full credit limit and choose flexible repayment terms.
• Link your bank account where you wish the funds to be disbursed.
• Complete the video KYC verification process with your physical PAN card.

Making the right choice

Choosing FIRSTmoney over a traditional Personal Loan can help you with getting better loan terms. This informed decision can help you avail a loan through which you can effectively deal with your expenses and comfortably pay off the withdrawn amount without any hassles.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.