Despite being one of the most popular unsecured financial instruments, ‘Personal loan’ is still a confused topic among millennials. During an unforeseen situation, a personal loan can be a fantastic solution to tackle any financial requirement. An unexpected expense such as home renovation, sudden medical bills, debt restructuring, wedding spending or travel bookings, can come up anytime.
Personal loans in India usually come with higher interest rates compared to home loan or vehicle loan. This is because a personal loan is an unsecured short term loan perfect for cash crunch or financial emergencies. It is best to avail a persona loan when you really need the cash. With no collateral or security, personal finance loan in India is ideal for quick cash availing and corresponding spending.
5 Things To Know Before Availing a Personal Loan
Before you jump onto the personal loan bandwagon, there are some things you need to be aware of. Personal loan is a great option for filling the void in case of lack of funds. But, you need to look at the personal loan application with a clear conscience. Can you repay the monthly EMIs? Do you have the discipline to repay the loan on time? Do you intend to improve your credit bureau score by being prompt in EMI repayments? Once you are clear with what exactly to expect when availing a personal loan, go ahead and apply for a quick personal loan by clicking on Loan Singh.
Personal Loan Eligibility
Before availing of a personal loan, check the personal loan eligibility by either reading about it on the website or learning the personal loan FAQs. This is absolutely important and can save Loan Singh and yourself a lot of time. Applying for a personal loan without looking at the eligibility criteria can lead to a straight rejection and a hit to your credit score. For example, if you a non-salaried, you cannot apply for a personal loan with Loan Singh. You need to be salaried to apply for a quick personal finance loan. You need to be an Indian (Yes, we do receive plenty of applications from outside India). Your salary must be Rs. 20,000 and above when applying for the personal loan.
The diligent Loan Singh operations team looks at all these parameters when approving your online personal loan application.
Personal Loan Repayment Capacity
Also advisable to check before a loan application is the personal loan repayment capacity. You can check the loan repayment amount and check on the loan amount tenure by looking at the personal loan eligibility calculator. Your repayment capacity will be checked when evaluating your online loan application. Your loan eligibility will depend on your credit score, income and repaying potential.
Personal Loan Prepayment Penalty
You must also be aware of any prepayment penalty that is levied by various personal loan companies in case you want to pre-close your loan ahead of tenure. At Loan Singh, the prepayment charges are almost nil. If you have been prompt in your repayment EMIs, then you will mostly be given a positive look-in when attempting to close your loan before the completion of the designated tenure date.
Personal Loan Interest Rates
Let’s be honest, everyone applying for a loan expects low personal loan interest rates. Everyone is searching for the best loan rates on Google. The interest rates for personal loans will always be higher than that of collateral-based loan instruments such as home loan or vehicle loan. It is a great habit to compare loan interest rates, but the difference won’t be much. You must remember that if you did have cash to spend on whatever financial requirement that has arose, you wouldn’t be looking to apply for a personal loan in the first place. That is why you need to look up Loan Singh online and check the interest rates by calling up their personal loan toll-free contact number.
Personal Loan EMI Default
The equated monthly installment or EMI is calculated based on the rate of interest, the tenure and the loan amount approved. The interest rates, as you know, will be based as per the salaried individual’s required loan amount. Despite this, it is crucial that you pay the monthly installments on time to avoid a personal loan default. This will hit your credit score and affect your standing with Loan Singh for future loans.
About Loan Singh
Loan Singh is a digital lending platform that prides in providing online personal loan or unsecured personal loan to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan. We provide a loan with the best personal loan interest rates. The instant funds, or instant loans, are loans between Rs. 50,000 and Rs.5,00,000 taken for purposes such as:
- Home improvement loan/Home renovation loan
- Marriage loan/ Wedding loan
- Medical loan
- Used vehicle loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Travel loan
- Festival loans
- Gold jewelry loan
- Shopping loan
- Lifestyle loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement and PAN, for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Finance Blog’ is one of the best finance blogs in India. Loan Singh is a product of Seynse Technologies Pvt Ltd and is a partner to the Airtel Online Store.
Loan Singh’s Online Presence
Loan Singh is not an anonymous digital platform. We are present on almost all leading social media platforms. All you need to do is look for us. You can find us on Loan Singh Facebook, Loan Singh Twitter, Loan Singh YouTube, Loan Singh Pinterest, Loan Singh Instagram, Loan Singh LinkedIn, Loan Singh Blogarama, Loan Singh Google Review, Loan Singh Medium, Loan Singh Reddit, Loan Singh Tumblr, Loan Singh Scoop It, Loan Singh Storify, Loan Singh Digg and Loan Singh Blogger.