Personal loans are a great source of financial assistance for the people. You can not only make use of the loan amount to take care of your financial emergencies such as home renovation, debt consolidation, medical attention, etc. There are a plethora of banks and NBFCs (non-banking financial companies) that have started offering personal loans at competitive interest rates. Further, the financial institutions even provide you with flexible repayment options; thus, you can easily plan ahead and repay your loan amount in the form of EMIs (equated monthly installments).
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Why compare personal loan?
The biggest reason why you should compare personal loan is that the personal loan interest rates differ from one lender to another. Hence, if you compare personal loan in India, you might stumble upon a loan product with a lower rate of interest from that of another bank. After all, every person’s needs are different from the other one; thus, if you bank compare personal loan, you will be able to find the one that will suit your needs the most. Other than that, you can even make use of online tools such as EMI calculators available on online websites. These tools are available at free-of-cost and will help you understand your EMIs on the basis of the principal borrowed amount, interest rates, and the repayment tenure.
How to compare personal loans in India?
There are a lot of ways through which you can compare personal loan in India. And a few of them are here as follows:
Personal loan interest rates: Amongst all the things that affect your EMIs (equated monthly installments); your personal loan interest rates play a deciding factor. Your interest rates are determined on the basis of the repayment tenure, principal borrowed amount, credit score, income, age, etc. Therefore, comparing the interest rates will help you obtain personal loans at lower costs.
Processing fees and other charges: Many banks often charge you with a one-time charge in the form of processing fees. These charges vary from one financial institution to the next; thus, processing fees are one of the major factors that you must check when you bank compare personal loan. The other charges that you should look out for are your late-repayment fees, check bounce charges, etc.
Repayment plans: Financial institutions often provide different repayment plans after scrutinizing the borrower’s profile. Therefore, a comparison of personal loans will help you to find the best repayment plans in the market for yourself.
Reviews: Reviews are one of the best ways to gauge a financial institution. After all, it is the compiled data of the other customer’s experiences. You can easily compare personal loan at ApnaLoan.
Compare personal loans at ApnaLoan:
We at ApnaLoan will provide you with a detailed list of top 30+ lenders in India. This compiled data will help you compare personal loan without any hassles. Further, comparing loan products at our website is extremely easy- a sturdy internet connection and an appropriate electronic device such as a smartphone, laptop, etc. are the only things that you need. Other than that, we also provide an overview regarding the banks and NBFCs (non-banking financial companies); this will help you to further narrow down the list of lenders and find the best one for you.