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Important factors while considering a Personal Loan

Important Factors to Consider for Personal Loans

Important factors while considering a Personal Loan

Important Factors to consider while taking a Personal Loan

In times of financial need, you can always count on a personal loan to deliver.  They get processed  quickly, with minimal documentation and  the  loan amount is transferred to your bank account within no time. As a discerning borrower, it is important that you know some important things before taking a personal loan.

Interest Rates

Personal loans do not come with any baggage, they are unsecured loans ranging from Rs 1 lakh to Rs 50 lakh. This means you as a borrower do not need to furnish any security or pledge any asset. Despite being a risky loan for the lender, banks are today able to give you personal loans at attractive rates. For instance, personal loan interest rates start from 11.50% onwards at Standard Chartered Bank. The interest rate is extremely important as  it directly impacts the EMI. To calculate the EMI, use a personal loan EMI calculator. Do remember that personal loan can be taken by both salaried as well as self-employed individuals.

Penalty Charges

Every loan comes with its own set of conditions and the lender tries to cover as much ground as possible so that  borrowers are protected from penalties.  Check out Standard Chartered Bank’s schedule of personal loan charges by clicking here.  In case you are not able to pay dues on time, a penalty may be charged on your loan account in the form of a late payment fee of Rs 495 and the interest on arrears is 2% per month. Do remember these charges only kick in if your loan account is riddled with delays. If you pay EMIs on time, there is no charge whatsoever.

Your Credit History

Before applying for a personal loan, it is always advisable to check your credit score and credit history. These documents will tell what chances you have in getting the personal loan sanctioned. A clean record and good score guarantee the best deals. Do remember if there are existing issues, there is no need to panic. Immediately deal with any existing loan issues so that your credit history is not impacted and the loan application can be swiftly processed. Want to get a personal loan now? Apply by clicking here. A credit history report and credit score are comprehensive sources of information about your borrowings.

Shop Around

Do you buy the first phone you see? No, we don’t do that. We like to shop around and see the available deals to understand offers and schemes in the market so that we can get the right deal. You should follow the same principle for personal loans. Compare the various benefits across a few banks. For instance, Standard Chartered Bank gives flexible repayment tenure up to 60 months, up to Rs 50 lakh loan and interest rate from 11.50% onwards. The lower the interest rate and associated charges, the better it is for you as a personal loan customer. Do remember that if you would like to pay EMI on personal loans for a longer duration, go for a loan provider who gives you the flexibility to pay in that manner.

Make your dreams come true with personal loans from Standard Chartered Bank and get an instant loan when you apply online. Click here to get started.