Looking for funds? Follow this simple guide before choosing an online personal loan
Financial emergencies, by nature, come as a surprise. While setting aside a percentage of your earnings for such events makes for a wise and sound financial step, sometimes your savings may just not be enough. However, thanks to financial options like instant personal loans, you can apply for finance and get it now without any delay whatsoever.
Avoid common borrowing mistakes when you look to avail finance. Here is a list of the do’s and don’ts that you should follow while availing a personal loan.
Do: Prefer loans with simple application procedures
Lengthy application processes not only make loan acquisition a tedious affair, but could also discourage you from opting for a personal loan mid-way. Therefore, when selecting a lender, ensure that you pick one that offers finance through a simple and speedy application process.
For instance, eligible Bajaj Finserv customers can get an instant personal loan in 2 clicks.
If you are a pre-approved customer, you can apply easily via an online application form with pre-filled details. All you need to do is review them, ensure that they are correct, and proceed to avail the loan with a couple of clicks.
Do: Check the approval turnaround time
Another thing to consider when shortlisting lenders is the amount of time taken to verify the application and disburse the loan. Traditionally, it could take a few days to weeks for verification, approval, and disbursal, which can be unnerving, especially in time-sensitive situations.
However, with a Bajaj Finserv Personal Loan, you now benefit from paperless approval with no documents required from you. If you are an existing customer, Bajaj Finserv would already have access to your documents and you could avail your personal loan without any lender-side intervention. The swift approval process translates into you getting money in your account in 20 minutes, through a 100% online disbursal. This super-fast process offers a much quicker approval and disbursal turnaround time than traditional methods.
Do: Verify the loan amount offered
The foremost thing to calculate once you have decided to take a personal loan is the amount you need. This completely depends on your requirements and repayment capacity. However, there are no restrictions on the end-use of a personal loan as long as it is legal.
Bajaj Finserv gives you access to a high loan amount at attractive interest rates without requiring you to pledge an asset as collateral. You can use the loan to address a range of urgent matters, without running out of liquidity.
Don’t: Neglect the fees and charges
There is nothing more important than reading your loan agreement before signing it to look for any hidden charges or terms and conditions that can inflate the cost of the loan later. With Bajaj Finserv, you are assured of transparent dealings, with charges, terms, and conditions clearly mentioned in the loan agreement.
Don’t: Fail to plan for repayment
Before you apply for a loan, ensure that you take stock of your repayment capacity by considering your monthly salary and existing financial obligations. Not preparing for this will lead to you defaulting on repayment, which will negatively affect your credit score, impeding your chances of getting a loan in the future.
When you take an instant personal loan from Bajaj Finserv, you can repay it flexibly, over a tenor of up to 60 months. Therefore, you can easily space out your instalments without stretching your finances. Simply use the online EMI calculator to plan repayment.
Bajaj Finserv’s instant personal loan checks all the do’s and don’ts listed out and to get funds now simply check your pre-approved offer. This will help you enjoy a hassle-free application process from the comfort of your home and get instant funds in 2 clicks from Bajaj Finserv.