Today, personal loans have proved to be a quick way to get instant money for a short-duration financial need. You can use online short-term loans in India paying for a medical emergency, getting your house renovated or paying your child’s school fees. Though personal loans provide an easy way to meet your financial needs, there are some significant factors that you must keep in mind.
Thousands of customers today apply for personal loans, and this is why we have come up with effective tips when availing online short-term personal loans in India:
It becomes quite easy to manage personal loans when there is a particular expense that the money will be used for. Your expenses can be for several purposes, like consolidating dues, family occasions, medical emergencies, holiday destination expenses and so on. Therefore, you must have a specific expense for which you are taking the loan. For instance, that your family occasion won’t come again and personal loans allow you to pay back in the form of EMIs. People who do not have any specific plan in mind when availing a personal loan eventually end up confusing loans with income.
You may find various online lenders, but not all would offer what your unique situations require. It is very important to identify your priorities like, are you getting the money quickly? Is the lender offering your flexibility when it comes to loan terms and repayment options? If you need money for an emergency purpose, choose a lender that processes online loans. Moreover, you must also pay attention to the interest rate offered by the lender. So based on your needs and requirements, choose a lender who is fast and provides you a good service as compared to the traditional loan options.
It might happen that you are pre-qualified for a loan of Rs.1 Lakh but you need only Rs.50000, in such case you might feel tempted to take a loan of Rs.1 lakh. But don’t. You will end up entering a debt trap. So avail a loan that you can repay the loan amount easily. Anything more gives your hard-earned money for free to the lenders. Hence, it is recommended to borrow the amount that you can repay easily.
The terms and conditions are not clearly communicated by the lenders. Therefore, you must ask for detailed loan terms that covers things like-
This is but obvious, but at times it is quite hard to follow. However, if you are facing cash crunch and do not have the money to pay the EMI of your personal loan, you must:
Moreover, you must make sure that you make your repayment to the right party. And if you are making the payment in cash, ensure that you get the receipt of the payment within 48 hours, else escalate the issue.
To conclude, you must take care of all the above points in order to get a good deal on your personal loan without affecting your long-term creditworthiness. Today applying for personal loans have become easier than ever with no requirement of any collateral and minimal paperwork. So it’s time to grab your small loan!