Emergencies, be it medical or personal, are inevitable unless you are extremely fortunate, which is quite rare. In such scenarios, whether you like it or not, funds will be the primary requirement to handle any such emergency. However, you don’t have to panic, as funding options are tailor-made for such emergencies. The best solution preferred by most is to avail of personal loans. These collateral-free loans offer several benefits like low-interest rates, high loan amounts, minimal documentation, quick approval and disbursal, etc. Can you fetch a better deal on personal loans, which are already lucrative? Let’s discuss five simple hacks to get the best personal loans in India.
Top 5 Simple Hacks to get the Best personal loans in India
- Apply Online
Nowadays, the best personal loans in India are available online. As per surveys and research, applying for a personal loan online is the fastest way to get funds for emergencies.
New-age lending institutions like Clix Capital are well-known for providing personal loans without hassles. The applicant can go to their website and fill out the personal loan application form to initiate the loan process and get quick approval.
- Make a smart all-inclusive comparison
When you seek personal loans, you might have observed that interest rates make all the difference in your EMIs. Therefore, the optimal way to get best personal loans in India would be to make comparisons of interest rates or EMI and consider the processing charges, documentation charges, and other charges as it affects the overall cost of taking a personal loan.
- Check credit report for errors
The primary consideration for approval of your application for personal loan is the credit score, which is an indicator of your past credit performance including all of your repayment history. Hence, frequent credit report checks are vital to keep an eye out on errors, as even a small glitch in your credit report can hamper your chances of securing the Best personal loans in India.
Sometimes, lending institutions may list overdue payments or debts incorrectly, leading to delay or rejection of the personal loan application form. Therefore, checking and correcting your credit report for inaccuracies is advised before applying for a personal loan.
- Stick to one lending institution
Submitting loan enquiries to multiple lending institutions to get the best personal loans in India can affect your credit score. This is because lending institutions will check your credit report thoroughly for your credit score, credit history and repayment patterns. Moreover, multiple loan enquiries can give the impression that you are eager to get the loan anyhow, which may have a bad impression on the lending institutions. Hence, it is advisable to explore reliable options. You can prefer new-age lending institutions like Clix Capital to apply for a personal loan online.
- Keep your expenses in control
Since repaying the loan is your responsibility, you should properly budget to ensure no EMIs are missed. For this, you must keep your expenses in control. While processing your personal loan application form, lending institutions usually check your credit report which has your credit history, including existing loans, credit card payments and defaults, if any. If your expenses or payment are more than 40% of your monthly income, the chances of your loan approval get minimised. So, keeping a check on your monthly expenses is essential before applying for the loan.
The hacks discussed in this article will help you get the best personal loans in India, provided you fulfil the basic eligibility criteria of the lending institution. Most importantly, apply online with a reputed and reliable lending institution like Clix Capital – well-known for providing instant loans of up to Rs 10 lakhs to salaried professionals with competitive interest rate and flexible repayment tenures of 12-48 months.