Are you considering applying for a personal loan in Thane? If the answer is yes, you should definitely exercise some care and caution before applying. The first thing to remember is that your CIBIL score matters to the lender. Lenders will always evaluate your CIBIL score before sanctioning the personal loan in Thane. You should always know your CIBIL score and go through your CIBIL Report before applying for the loan. This is because you will be able to find out whether there are any discrepancies in the CIBIL Report and fix them in order to improve the CIBIL score. A CIBIL score of 750 and above is considered ideal when it comes to applying for personal loans.
Refrain from applying for personal loans from multiple lenders. Multiple enquiries can lead to a negative impact on your CIBIL score and this indicates to lenders that you are desperate for credit which is not a good impression to make. The second thing to keep in mind is your monthly income. Remember that personal loans usually come with interest rates between 12-20% depending on the policies of the financial institution and also on your own eligibility. Personal loans are unsecured loans, i.e. those that do not require any collateral/security and hence have slightly higher rates of interest.
Your net monthly income should match the threshold specified by your lender based on the city you live in. Lenders will basically assess whether your net monthly income will be sufficient to repay the personal loan. Always keep documents like salary slips (for the last 2 months) and salary account bank statements (for the last 3 months) handy since these have to be submitted to the lender. Ensure that you have all KYC documents ready along with a proof of employment which can be your Employee ID Card. You should be between 25-58 years of age and should be a salaried employee of a public/private/multinational company. A stable employment history is highly sought after by lenders.
You should always check your personal loan eligibility online before applying for a loan. What this will do is give you an accurate picture of the amount that you are eligible for and you can then apply accordingly. You should also use an online EMI calculator to find out the monthly EMI amounts that have to be repaid by you. This will help you plan your monthly budget in advance and will also give you an idea of how much you can afford. Choose your lender carefully, after assessing the interest rates being offered by various financial institutions. Bajaj Finserv offers loans up to Rs.25 lakh in Thane at reasonable rates of interest along with swift online application processes and instant approvals.