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Personal Loan

Must-read suggestions to easily apply for the right personal loan for your need

Summary: Looking for easy ways to apply for a personal loan? Read on to understand your need(s), know the options available in the market and check the different types of personal loans in this article.

13 Jul 2023 by Team FinFIRST

applying for easy personal loans

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Applying for quick and easy personal loans has become simpler and is a straightforward process in many cases. But before you start applying for it, you should evaluate your requirement(s) that a personal loan can fulfill and various options available in the market.

Personal loans are easy, collateral-free loans available with simple eligibility parameters and minimal documentation. They allow flexible repayment tenures and are available within a short time. But that does not mean everyone should apply for it. You must be sure about your financial situation before you apply for a loan.

And how do you do that? Let's take a quick look at some points to help you make an informed decision.

READ MORE

5 Occasions when you should avoid taking a Personal Loan

9 Good Reasons to Get a Personal Loan

Things to consider before taking an easy personal loan

Evaluate your financial situation

Evaluating your financial situation before applying for an easy personal loan is important. Knowing your current savings and fund liquidity can help repay loans on time. Know the exact purpose of the loan and the amount you need before applying for one. It will help you streamline your finances better.

Also read - What is EMI Full Form

Understand the types of loans available

There are several types of personal loans available in the market, depending on the need –
- Travel loans
- Wedding loans
- Top-up loans, etc.

Compare lenders

While most banks and Non-Banking Finance Companies (NBFCs) offer easy personal loans, their loan details differ. So, compare the lenders on –
- Eligibility criteria
- Repayment tenure
- Loan amount
- Interest rate
- Processing fees and other charges

Choose a lender that offers low-interest rates for affordable repayments.

For instance, Metra Trust Personal Loans have interest rates starting at 10.49% annually. Moreover, you can get loans of up to Rs 1 crore in no time.

Assess your repayment plan

While personal loans can offer flexible repayment options, you should choose one which aligns with your budget. A longer repayment tenure would give lower EMIs (Equated Monthly Instalments) but incur additional interest. On the other hand, shorter tenures would save on the interest outgo but have higher EMIs.

Choose a tenure over which you can pay the loan affordably without incurring too much interest cost.

Read the fine print

Check the terms and conditions of the loan agreement, especially the charge structure.

For instance, check the prepayment clause, late payment fees, etc. If the loan allows prepayment, know whether it is chargeable or not.

Understand the nitty-gritty of your loan to avoid unpleasant surprises.

Also read - Here’s how you can save money by taking a Personal Loan

Summing up

Easy personal loans can solve your financial dilemma when your savings are low. However, knowledge of your needs and the different aspects of the loan is essential. As wise men have said, knowledge is power!

Assess your financial situation, loan options, and repayment plan, then apply for a loan. Compare lenders to find the best deal on a personal loan and make an informed decision.

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

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