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What Should I Consider for Personal Loan Comparison?

You should do Personal Loan Comparison when you’re looking for a lump sum amount. This product allows you to borrow money without having to submit any security. So, in case of non-payment, the bank can’t seize your house or other assets. But the non-payment could result in legal liabilities. So, to avoid the same, you need to do a Personal Loan Comparison. This way, you can get a great deal for your financial needs. Continue reading this article and check out the important aspects of Personal Loan Comparison.

Tools that Can Help in Personal Loan Comparison

Various tools can help you find an ideal personal loan for your financial needs.

Eligibility Calculator

This tool helps you find the eligible amount that you can borrow. To use the tool, you need to insert the following information –

  • Monthly Income
  • Current Obligations
  • Type of employer
  • Date of birth
  • Residence state/city

When you insert the above details, the calculator will generate the loan amount. The actual loan amount may slightly vary as the lender considers other factors as well, such as credit score, co-borrower, etc.

Your monthly income shows how much you’re capable of repaying. Using the current obligations data, the lender finds the amount you can repay. Because it can be difficult to repay two EMIs at the same time if the new one is too high. 

As you’re doing a Personal Loan Comparison, you should know that the residence matters in deciding your loan amount. Because a metropolitan applicant can borrow more than a rural applicant. 

Age is another factor that helps decide your loan amount. A younger applicant is more likely to get a high loan amount. Why? Because an older applicant is near the retirement age and might not be able to maintain a regular flow of income. 

Using the tool, you can do a Personal Loan Comparison and see which lender offers you the highest loan amount. 

EMI Calculator

If you’re doing a Personal Loan Comparison, do use this calculator to find the EMI amount. With the help of this calculator, you can know which lender offers the lowest EMI amount. Because EMI payment is a long-term promise and you need it to be the lowest possible. To use the tool, you need to insert the following details –

  • Loan Amount
  • Interest Rate
  • Tenure 

You can borrow a maximum personal loan of INR 50 Lakh. And a personal loan interest rate can range from 11.2-24.00% per annum. This is not a fixed rate, the same may vary based on the lender. Usually, a personal loan comes with a tenure of 12 to 60 months, but lenders like SBI and ICICI can offer you a longer tenure.

Using the Personal Loan EMI Calculator, you can find the following –

  • EMI
  • Total Interest & Principal 
  • Amortization schedule

Things You Should do for Personal Loan Comparison

You can choose a suitable Personal Loan if you do the following –

Check the Eligibility Criteria Online

While doing the Personal Loan Comparison, you should check the lender’s eligibility criteria. Because if you apply for a loan that you’re not eligible for, the loan request could get rejected. 

See Other Loan Offers

When you’re searching for a personal loan, do check other offers as well. Because you might get a great deal with some other lender.

Read More: Calculation of CIBIL Score

Consider Getting Loan Jointly

If you borrow a personal loan jointly with your spouse or parent, the lender may increase your loan eligibility. So, do check whether your lender allows you to borrow personal loans jointly. And are there any lenders offering this facility? 

Now that you have learned every important detail about the Personal Loan Comparison, open your smartphone or laptop and begin searching for the ideal loan offer. So, use the tool and tips discussed in this article.

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