Description:Before you decide to get personal loans, you should consider things like checking the credit rating of your prospective lender, locating an accredited lender, studying these terms of service attentively and keeping the required documents in hand. Check out the article below for more information.
A personal loan lets you get money to use for personal reasons for example, taking holiday, buying an electronic device, obtaining medical treatment or an event within the family. The loans can appear simple but be aware of certain things before requesting one.
In the beginning the credit report you receive should accurately reflect your repayment history. If it isn’t, you should get it rectified prior to applying. If your credit scores are lower, it usually implies an increased personal loan rate of interest. In the event of applying for or having loans from different lenders simultaneously could lower your score. If your application is denied you can reapply in the event of a personal loan within cooling period of three months in order to ensure that it doesn’t affect the credit rating.
Do a due diligence
” Congratulations! You’re eligible for a pre-approved loan up to 1 lakh. There is no income proof or other documents are required. Apply today! ” You’ve probably received text messages like this. Beware of them, because they are likely to be fraudulent activities and scams that are designed to deceive you by soliciting a loan payment in advance, prior to the disbursement of the loan, or cover up details of the loan, and offer an interest rate that is higher.
The app could need to be checked as well as their website could be unsecure. The website could look like a well-known bank or institution and have only a small modification to the URL. If you are unsure it is possible to contact the original lender to inquire about whether or not the loan is genuine.
In addition to comparing the rates of interest, look into the type of interest you are paying that you are interested in – whether either fixed or variable. Also, take a take a look at what is known as the annual percentage rates (APR) which comprises the interest rate and other charges for loans.
A personal loan could include additional hidden costs to be taken into consideration. This includes a processing charge along with GST which are typically non-refundable, penalties and fees on the complete and partial repayment and late payment. Make sure you read and understand the fine print prior to signing any loan document.
IDFC FIRST Bank offers an instant personal loan that does not require security and with an incredibly flexible plan. This is in addition to offering the most affordable interest rates (starting at 10.75 percent) and EMIs that are low (Equated monthly instalments) with a term ranging from 6 to 84 month.
How to apply for a IDFC FIRST Personal Bank Loan
IDFC FIRST Bank permits their customers access to make an application for personal loans on the internet just by filling out an application and answering a few simple questions. The process is paperless, and you are able to apply from your home.
The procedures are as follows:
* Log into your IDFC First Bank Mobile Banking App, or go to the IDFC First Bank website
* Verify your basic information in the post where your loan will be made immediately
* Complete the online verification of personal loans process by uploading all required documents
* After your details are confirmed the bank will transfer the loan amount to your account.
Conclusion
IDFC FIRST Bank offers an simple loan application procedure and competitive interest rates. an extensive range of tenure without collateral, as well as a flexible repayment plan. These features are what make IDFC FIRST Bank an excellent option when you are looking for personal loans.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The information is general in nature and are intended for solely informational purposes. It’s not a substitute for advice specific to your specific situation. This information may be subject to revision, updating and revision, as well as completion or amendment, and may be changed substantially. It isn’t intended to be distributed or use by anyone in any country where such distribution or use is in violation of laws or regulations or be subject to IDFC FIRST Bank, or any of its subsidiaries to registration or licensing conditions. IDFC FIRST Bank will not be liable for any direct or indirect risk or obligation that the user may incur by making any financial decision in reliance on the information and the information contained. Consult your financial advisor prior to you make any investment decision.
The advantages, features, and promotions discussed in the article are valid as of the date of publication on this blog and are subject to change without prior notice. The information contained in this blog is subject to any other specific product conditions and terms as well as any terms and conditions that are applicable. Please refer our website www.idfcfirstbank.com for latest updates.
