5 Things to Consider While Applying for a Personal Loan in Pune

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Pune is known as the Oxford of India and is a beautiful place to live. Many banks and lenders make their leading financial products available here for the residents. If you were also looking to apply for a personal loan in Pune, then you can apply online.

An online personal loan facility can give you an amount as high as up to Rs.25 lakh. However, before you apply for personal loan in Pune, you need to consider some factors so that your loan application and management is smooth. You can know about those aspects in this post. Read on!

1. Compare all available offers in the market

You should know that you should not settle for the first loan offer that comes your way. It is because you may get a better loan offer that may directly affect the EMI that you pay. To compare all best available offers, you can go to a third-party website and check out all available personal loan deals. This way, you will be able to save on your overall loan EMIs.

2. Know about all cost associated with the loan

While borrowing a personal loan in Pune, there can be many costs such as processing fee, prepayment fee, missed EMIs and late payment fee. Thus, before applying for the loan, you should consider all the fees that your loan provider charges. It will help you get a clear estimate of the costs that you need to pay. This way, you can be in a better position to manage your monthly outlays better and know if the loan is affordable.

3. Your CIBIL score

The instant personal loan is an unsecured loan facility, which means that you do not have to submit any collateral for approval. The personal loan eligibility gets measured based on your CIBIL score, a mirror of your creditworthiness. By looking at your credit score, your lender can know if you are eligible for the loan or not. A CIBIL score of 750 and more is considered great by a lender that you will face no issues in repaying the loan facility.

4. Know how much will be good for you to borrow

Your personal loan eligibility may be for a higher amount, but you should only borrow the exact amount that you need. It is because the personal loan is something that you will need to repay and will affect your expenses. You can also use the personal loan EMI calculator to know your exact payable EMIs so that you can manage the expenses. The tool is available in India on a leading lender’s website free of cost.

5. Avoid falling for gimmicky offers

There are lenders across the market that may show that they are offering you lower interest rates, but they increase it after a few months after you enrol. Thus, be sure about loan offers and personal loan interest rates before signing the deal.

You are now aware of what you need to consider before applying for personal loan in Pune. It will help you approach the personal loan easily and without complexities. You can apply for an online personal loan and save your time and efforts.

Bajaj Finserv offers pre-approved offers on multiple financial deals such as personal loans, home loans and more. It can simplify your loan procedures and make it less time-consuming. All that you need to do is share your basic details such as your name and mobile number to check out your pre-approved loan offers right away.

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Pardeep is an experienced financial analyst, researcher & writer. I have done MBA in Finance. I have worked extensively in the finance sector along with many organizations. I spend most of my time on the Internet reading finance related stuff and lov