How to pick the best option while taking a personal loan ?

choosing the best personal loan

In recent times, it is witnessed that there has been a great increase in the demand for goods and services across the nation. This has been so because of the ongoing situation of the Covid-19 pandemic. As chaos spread all over the land with many people losing their lives and jobs, making ends meet had become a great task. With prices of essential services rising day-by-day and people losing their jobs, it had become extremely difficult to suffice the needs of individuals as well as family. In times such as these, the increasing cost of products & services is at an all-time high. So much so, that the prices of essential items used in day-to-day life has also been skyrocketing. While the cost of goods & services increased rapidly, there has not been any substantial increase in the monthly income of individuals.

​What can we do in such situations that seem so inevitable?

You don’t have to worry there is a solution for every financial problem that exists. A personal loan can be highly beneficial for you. The best deal about any personal loan is its ability to meet all your needs and requirements effectively. No matter what your requirements are, funds for travel, funds for marriage, medical emergency or education, you can avail it quickly without having to submit any documents for security. The fast accessibility and wide-ranging utilities make a personal loan one of the best loan options that are available for people.

How can you ensure a cost-effective personal loan experience?

At times you can’t compromise with your needs. So, possibly the best option that serves the purpose is an easy personal loan. A small ticket expense might not make it necessary for you to take a personal loan as the need might be miniscule and availing a loan for a mere amount is generally not advisable. So, there are different aspects that need to be taken into consideration before applying for a personal loan. However, if in case a borrower is facing multiple situations at the same time, it is in their best interest that they take out a personal loan and consolidate their debt into one.

What are the various factors to be considered while applying for a personal loan?

One of the key factors that one needs to check is the rate of interest that is being applied on the loan offer. Most of the lenders do not disclose the additional charges that are applicable before or during the tenure of the loan repayment. While comparing the lenders, one must make sure that the processing fees & repayment charges are at the lowest and there is no hidden cost of availing a loan. The EMI calculation process is also another key aspect that needs to be kept in mind while applying for a personal loan. Keeping these points under consideration might get you the desired loan offer you were looking for specific needs. In most cases, if you apply for an HDFC personal loan, it could therefore be one of the best options to apply for a loan as it is ranked amongst the best and has a proven banking track-record.

Would you be eligible to get a personal loan approved with a credit score less than 700?

The answer is yes, you can! A pre-approved personal loan is one of the best ways through which you can avail funds in no time, in order to meet your needs and also the needs of your family. This type of loan is usually provided on the basis of your credit score, and the salary account, as well as the track record of the previous bill payments. But if you do not have an existing credit history, a pre-approved personal loan will then be based on either a salary account or a savings account with fixed or recurring deposits. Choosing HDFC personal loan comes with an additional benefit where the borrower just needs to give their consent for the loan offer and the amount gets credited in your bank account.

You could receive pre-approved loan offers on your mobile number or on your email address. Logon to Andromeda HDFC personal loan and get the best deals. You could also use our in-house personal loan EMI calculator and call on the 24×7 customer care number to know more.