There are several financial institutions which can provide you with personal loan, but only a few can offer the additional services to make the procedure more convenient for you. It is thus more than essential to choose your lender from whom you opt for a personal loan carefully. Mentioned below are a few points which you can use parameters for choosing the right lender for your needs –
1. Minimal Documentation
Choose a financial institution that allows you to avail for a personal loan by availing minimal documentation.
2. Instant Approval
A good lender should approve the online application as fast as possible. The quicker the process, the more convenient it will be for you. Some of these lenders even offer quick and easy pre-approved personal loans.
3. Quick Disbursement
There are many financial institutions which offer disbursal of loans very quickly. It is thus best to check with the lender, the amount of time taken by them to get them to check your application and sanction the loan amount before applying.
4. Flexible Tenure
Go for a lender that has a flexible repayment tenor of your choice so that paying the monthly installments in the future does not become a burden.
5. No Hidden Charges
You should be fully informed about your loan by the loan representative and there should not be any hidden charges.
There are many lenders who offer the option of flexi-EMI which means you only pay interest on the amount which is used of the total sanctioned amount. This allows the monthly installment to get reduced by up to 45%.
Apart from all these services, choose a bank which eases the customer’s task by offering online management. That is why you should look at NBFCs, like Bajaj Finserv. Getting a Bajaj finance personal loan is easy and offers prompt service.