Personal loans are famous among people because they are quickly available without any collateral.
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This has made the overall process swift with so many available options around us. Whether you're willing to opt for a loan for some medical emergencies, need some money for a wedding, willing to invest in your child's education, and are also willing to clear off your dues, a short-term personal loan of Rufilo has turned the process of getting loans smooth.
Today, we will be telling you what are the crucial pointers that you need to take care of before applying for a personal loan.
8 Key Considerations to Keep in Mind
Before you apply for personal loans make sure to keep these key pointers in mind. This will assist you in choosing the right pathway for personal loans:
1. Examine Your Financial Requirements
This is the most adequate step before taking any loan, make sure to check your overall needs. Rufilo instant loan seems like an easy process, and it is easily available to fix all your money needs.
- It's always fruitful to opt for a short-term personal loan that showcases low interest rates.
- Key Point: Also, the interest rate is not the only criterion for applying for a personal loan.
2. Easy & Fast Application Process
The overall process of the personal loan consists of an easy process. One can easily avail themselves during an emergency process.
- Knowing that the overall process is easy and convenient.
- Make sure that there are no loopholes in your document, a personal loan bank can allow you to apply for the loan process seamlessly with minimum documents.
- The minimal document lets you process the overall loan process smoothly.
- In general, banks require multiple documents and waste most of your time.
For example, with Rufilo you can easily get your loan approval, and can enjoy instant sanction, and avail yourself of a quick disbursal of funds, with less paperwork.
3. Having a Good Credit History
- It's crucial to be updated regarding your credit score before you apply for a personal loan to make sure that you can easily avail of it without any delay.
- A good credit score can make sure that you can pay back to the lender, and that you have the ability to repay the amount on the given tenure.
A quick trick: You can preserve a good credit outcome by clearing your EMIs and credit card bills at a given time.
4. Check Cost of Loan and Hidden Charges
With EMI and adequate interest payments, it's crucial to check for all the related costs that act as a part of the overall loan process, which are:
- Prepayment fees,
- Processing fees,
- Late payment fees, etc.
As a borrower, you need to sign the documents that are required for getting a personal loan once you have got the evaluation the overall loan amount that is required to be cleared off.
5. Check for Eligibility Criteria
Rufilo is a digital platform, and it doesn't require any physical documents:
- Firstly, add your basic information, with your PAN card number.
- Then, upload your digital image of your Aadhaar Card.
- Verify your Aadhaar card by incorporating the e-Aadhaar verification module.
- Lastly, the entire application procedure will take just a few minutes.
6. Look for Other Financial Options
You should be looking for various options and other alternatives before you choose to pay high-interest rates. One should also consider home loans, car loans, and loans against fixed deposits that have low-interest rates.
7. Consider Your Repayment Ability
One should make themselves ready for the repayment before opting for a personal loan.
- You should calculate the overall monthly EMI and make sure that you look for other debt repayment and financial hurdles to check whether or not you will be able to repay on time.
- Can also check whether or not you can get low-interest rates and enhanced services.
- Compare the Interest Rates
One should check the interest rates by comparing the overall interest rate which is offered by various other lenders.
- Because getting a low-interest rate can save most of your time. Rufilo provides you with various options, where you can check your eligibility, EMI term, and loan amount, and check for interest rates online.
- With all these options, taking a personal loan makes it easy for your exact needs.
Testimonials
I recently got married and we were planning to have our own house, so we applied for a short-term personal loan and got the needed amount that was required for payment of the house. I'm really thankful for the overall ease that Rufilo has provided us.
Maya Chatterjee- Housemaker
Rufilo's instant loan has assisted me in paying my daughter's college fees. I was in a dilemma and asked various friends for help but none of them was ready to help on short notice. I'm grateful that I got in touch with them and got the work done, will recommend them to other friends as well.
Mayank Kapoor - IT Developer
Getting loans can be tricky but with Rufilo's loan everything was easy, and the overall process was smooth. The interest rate was also not so high, and it was seamless to get the loan with fewer documents.
Rahul Kumar- Software Engineer
Conclusion: The option of a personal loan should be considered only when there is a real requirement. So, before taking a loan make sure that you check all the pointers that are listed above. You can also check the interest rates that are offered by Rufilo for a smooth and seamless process of getting a short-term personal loan.
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