Selecting a personal loan might feel like a task but by following a few simple steps, this process could become much easier. In this video, we’ll walk you through the essential factors to consider when choosing a personal loan that fits your needs.
We’ll explain key topics like checking the eligibility criteria, which typically include factors such as minimum income, credit score, and age requirements. You’ll also learn about the documentation process. You might need to submit important documents like ID proof, address proof, and income proof to support your application.
Additionally, we’ll discuss the importance of comparing interest rates between lenders, and how seasonal offers might reduce the overall repayment cost of your loan. We’ll also show you how to select a repayment tenure that works for you. You could assess whether you prefer smaller monthly payments over a longer period or larger payments over a shorter term.
Finally, we’ll highlight the importance of checking for additional fees, including processing fees or foreclosure charges, to avoid any surprises later.
122
