Personal loans help us to overcome many challenging financial circumstances. A personal loan can pay for a medical emergency, get a vehicle repaired, pay for higher education and get the house repaired.
Most of us know about a personal loan. Finding the right lender for the personal loan is a challenge.
Before the financial institutions came into the picture, individuals had to rely on friends and family to borrow in the time of requirement. Although the money came in easy, any delay in repayment spoiled the relationships.
The other option was to borrow the money from local moneylenders. These lenders gave money on the trust while charging massive interest rates on the principal amount. Any repayment resulted in public embarrassment.
The financial institutions created a formal process to borrow money without involving friends, family or the local moneylenders. The interest charged was much less than the moneylenders with a smooth repayment process.
The financial institutions had a lengthy process, taking weeks and months to sanction personal loans. The personal loan eligibility criteria were also rigid and involved guarantees and collaterals.
The technology platforms revolutionised the entire process as one can now avail of a personal loan in Delhi with much ease. Here's are five tips for finding the best lender.
Simple Application Process
The platform should be easy to use with a simple application process. LoansJagat, India's leading lending platform, allows applicants to enter basic details to process their loan and check personal loan eligibility criteria.
Compare Loan Offers
Many platforms now provide an easy loan application process. However, not many allow applicants to compare the loan offers. Applying for personal loans on multiple platforms reduces the credit score. Hence it is critical to choose the platform wisely. LoansJagat allows applicants to view loan offers from over 40 Banks and NBFCs with a single online application. The LoansJagat platform also provides tools to compare and choose the best loan.
Many online platforms do not provide a dedicated helpdesk as they manage with automated chatbots, which are not of much help for personalised queries. LoansJagat offers the support of a dedicated loan officer who guides through the entire loan process from application to loan disbursal. The platforms should also provide tools like a personal loan EMI calculator to help individuals assess personal loan eligibility criteria.
Is your loan application platform asking for many documents to be submitted? Check for a platform that asks for minimal documents to be submitted online in a secure way. LoansJagat requires only KYC documents to provide offers from the top lenders. Further, lender specific document requirements are fulfilled online on the LoansJagat platform.
No Branch Visits
If your lender wants you to visit a branch for the loan application, it might not be the best use of your time. For instance, LoansJagat ensures complete loan fulfilment happens online.
The next time you are looking for a personal loan in Delhi or other cities across India, refer to this quick guide to choose the best loan provider. LoansJagat helps individuals get the best loan from top financial institutions with a simple online application process.