Ghaziabad, with its strategic location and well-planned rail and road connection, has become one of the highest revenue yielding cities in India. With its economy majorly fuelled by various industries present, it attracts skilled labourers from all over the country.
While salaried people have ample opportunities to earn in the city, they also need additional finances, which help them meet big-ticket expenses.
Financing options like a personal loan in Ghaziabad come as a convenient alternative which helps them meet several expenses easily without exhausting their savings.
Nevertheless, you must follow a few rules while availing it. It will ensure you get a personal loan with attractive features, terms and conditions.
5 rules to follow when availing a personal loan in Ghaziabad:
1.Take the interest rate into account
Interest rates for a personal loan in Ghaziabad vary from one lender to another. While some offer these loans at high rates of interest, others charge relatively lower rates.
Since the applicable interest rate can remarkably increase the cost of the loan, considering a personal loan that is available at a competitive rate of interest becomes essential. Therefore, you must be prudent in comparing the various rates offered in the market.
Some lenders like Bajaj Finserv offer affordable personal loan interest rate, which starts from 12.99%. It is also essential that you avail a loan that does not carry any hidden charges or you may end up paying more than the foreseeable amount in the form of interest and charges.
2. Figure out an affordable EMI
The EMIs on a personal loan for employees will acquire a significant chunk of the total outflow every month. If the EMI amount is high, it may exceed your repayment capacity, thus creating stress on your finances.
Therefore, it is a must that you choose an EMI that remains affordable as per your capacity. You may use an online EMI calculator to compute the EMI amount you need to pay.
If the EMI chosen by you exceeds your capacity, try extending the tenor. It will distribute the amount into more numbers of months, thus effectively reducing the EMI. Choose lenders that offer a repayment tenor of up to 60 months. Be a smart borrower and keep your EMIs within 10% of your net monthly income so that you have enough liquidity to meet other expenses.
3. Know the eligibility and documents required
A personal loan is mostly availed to meet immediate, big-budget financial needs. Therefore, knowing your eligibility beforehand is a must. Be aware of the essential personal loan eligibility lenders require you to meet to increase your chances of approval.
Further, be ready with the documents required so that the loan is immediately approved. Your eligibility, which includes your monthly income, is also among the factors that determine the loan amount you can avail.
Once you meet them, you can apply for a personal loan in Ghaziabad of up to Rs. 25 Lakh to meet your funding requirements.
Additionally, lenders like Bajaj Finserv also bring pre-approved offers that make the process of availing financing quick and easy. Pre-approved offers are available on unsecured loans like personal loans, business loans, etc., and secured loans like home loans. You may check your pre-approved offer by providing a few essential details like your name and contact number.
4. Know the part-prepayment and foreclosure charges
Apart from interest rates, personal loans also have foreclosure and part-prepayment charges which are applicable if you choose to foreclose your loan account or part-prepay at any time before the tenor ends. Check if these charges are low so that you can affordably repay the amount in case you have excess funds.
5. Restrain from forwarding multiple applications
Lenders prefer borrowers who carry a good credit score of 750 and above. If you apply for a personal loan in Ghaziabad to numerous lenders, it will lead to an enquiry on your credit history. It resultantly lowers the credit score, which reduces the chances of loan approval. So, you must always make sure to keep your loan applications in check.
Follow these rules, and your chances of availing a personal loan will remain high. You can also get the best deal in the city that can prove to be affordable in the long run.
