You can face an urgent need for money anytime and for any reason. It is better not to use your savings to pay for an urgent need. If you are unable to increase your savings to the previous level, you may face problems in the future. It is, therefore, better to apply for a personal loan to meet your needs. There are many banks and NBFCs where you can get a personal loan for any given purpose.
You can apply for a personal loan online in a few steps and get the money in your bank account in a few hours. There is no need to offer any security to get the loan, and you need to repay the money in easy EMIs. But before you get a personal loan, you must opt only for the best lender. This will enable you to get a low personal loan rate of interest and a lot of other benefits.
Read on to learn about the key aspects of selecting the best lender for a personal loan and how it will benefit you.
How to select the best personal loan?
To make the most of a personal loan, you must apply for a personal loan after you have checked its key aspects. This will make the entire process easy to complete in a hassle-free manner. Here are some tips for selecting the best personal loan:
- Apply Online: In this modern era, you can finish every money-related task online. Then why run around applying for a personal loan? You must select a lender that allows you to apply online in a few simple steps. Most lenders have mobile apps or websites where you can apply for a personal loan in a few minutes.
- Personal Loan Rate of Interest: It is vital to ensure that the personal loan rate of interest that the lender offers is the lowest. This will directly impact your EMIs and the loan’s cost. You can repay the loan easily if you manage to get low interest rates.
- Other Charges: Many lenders charge a very high fee to process a personal loan. While this is a one-time charge, it can burn a hole in your pocket. So, select a lender who can waive the processing fee or levy a lower amount.
- Loan Value: There is no use in taking a personal loan if the amount does not meet your needs. It would be best to opt for a lender who can offer you the exact amount you need. This will ensure peace of mind as all your needs are taken care of.
- Quick Process: You need to apply for a personal loan with a lender that can process the loan quickly. As your need is urgent, you cannot wait many days to get the loan. So, opt for a lender that offers quick loan processing.
- Loan Tenure: You need to opt for a loan tenure that requires an EMI that you can easily afford. So, it would help if you looked for a lender with a low personal loan rate of interest and flexible loan tenure to reduce your EMI amount.
- Fewer Documents: Many banks have a policy of asking for too many documents to process the loan. When your need is urgent, you cannot arrange for so many papers. Please select a lender that requires minimal paperwork for a personal loan.
India’s Most Preferred Lender for Personal Loans
If you want to apply for a personal loan with the most preferred lender in India, then your search ends with Piramal Finance. It is a leading NBFC in India that offers great deals on personal loans. Some of the features that make their personal loan the best are as follows:
- No pre-payment charges: No fee is needed if you want to pay off the personal loan before the term is over. This benefit allows you to pay the loan with spare funds and get the NOC from them. In the end, you save on your interest costs.
- High-value loans: Piramal Finance offers flexible personal loans where the value ranges between Rs. 1 lakh and Rs. 10 lakhs. With such high-value loans, you can take care of any needs without using the savings.
- Fewer papers: They follow an online process for personal loans. This means you do not need to take printouts of your papers. Simply scan and upload the papers on the website or mobile app. They need very few personal documents when you apply for a personal loan.
- Quick process: Piramal Finance offers a quick process for personal loans. It only takes a few minutes to approve the loan and then a few hours to send the money to your bank. It is a great benefit in terms of urgency when you need the money quickly.
- Easy EMIs: With a low personal loan rate of interest and a longer loan tenure, you benefit from low EMIs. According to the loan agreement, the EMIs have to be paid every month. Such low-value EMIs do not put any pressure on your finances.
- Flexible Tenure: You can opt for a 12 to 60-month tenure. This allows you to choose a tenure with an EMI that is comfortable for you.You can thus repay the loan easily without any stress on your finances.
- Easy eligibility: You can be eligible for a personal loan if you have a monthly salary of Rs. 25,000 and a work experience of six months. Other eligibility points are also flexible, making it easy for you to get a loan.
With such great benefits, it is not surprising that Piramal Finance is known as India’s best personal loan lender. If you need money but are unsure where to turn, get in touch with their experts, who will guide you in the best possible manner. Opting for the best personal loan lender will surely benefit you.