Things You Must Know Prior To Applying For A Personal Loan

Personal loans have become handy financial solutions. Whether you want a home renovation or go on an international vacation or plan an extravagant wedding or buy the car of your dream(even if it a used car), personal loans are here to help. 

Nowadays, getting personal loans has become extremely easy with the online loan app PaySense. This personal loan online loan app offers instant personal loans from ₹5000 to ₹5 lacs with an APR or Annual Percentage Rate on its loans between 16% to 36% on a reducing balance basis for a duration of three months to 60 months. Isn’t this great? Imagine with just a few clicks you have all your problems solved with a personal loan arranged and money in your account. 

However, there are some things that one must know before applying for a personal loan. They are as follows-

Check out for one’s budget

Planning for a loan needs to have a realistic point of view, fulfilling your dreams. One needs to sit down and chart out the monthly budget, arrange an emergency fund, plan the payment of any bills for around three to six months, think about retirement planning, and then think about the probability of shelling out extra money for loan repayment. If an individual’s income allows them to take care of present financial needs while planning for the future, then it is time to proceed with a loan.

Control on assuming new debts

One thing that lenders fear the most are those borrowers who do not repay the debts on time. The lenders are always on the lookout for the following kinds of borrowers –

  • Borrowers who have insufficient income 
  • Borrowers who have too many outstanding obligations are yet to be paid 
  • Borrowers who carelessly go on getting new debts 

Poor financial planning can lead to a low credit score and very well sabotage your finances. So, whether you plan or not to go for apersonal loan, it is always better to keep your debts under control. 

Check out your credit score 

A credit score is the criteria that the lenders consider to gauge the borrowers’ loan repayment capability. The higher the borrowers’ credit score, the better it is for them to qualify for getting a loan or a credit card as they present good credibility for repaying the debts.

Be sure of your needs

You may want to have certain things done and go for a personal loan to fulfill them. But before applying for the loan, make sure about the interest rates and your repayment capacity. Also, try to figure out whether this is the right time for you to indulge in any excess liability. At such a time, take care of your credit score, wait for favorable interest rates, and try to find out any other way to finance your project.  

Organize your documents 

Taking personal loans is indeed easy nowadays, but then one has to go through the initial loan application process and submit the necessary documents for verification as a part of the procedure. So, while availing of a personal loan, take care that you get your documents in proper order. You will require the following documents –

  • Address proof
  • Identity proof
  • Income prove proof
  • Tax and bank statements
  • Any rent or mortgage statement
  • Any other information depending upon the kind of lender

Application for Instant Personal loan Online

PaySense – a personal loan online loan app is the quickest way to get an instant personal loan online. You require to follow the below-given steps to get a loan instantly:

  • One needs to Install the PaySense personal loan online loan app.
  • One must register themselves on the application and then check their personal loan eligibility
  • One has to provide all the documentation for the KYC, such as proof of identity (PAN/Aadhar/VoterID), proof of residence (Agreement of rent /utility bills /Aadhar card), proof of income (Bank statement), and recent photograph or selfie.
  • One then needs to self-attest the documents and sign the application to get the loan’s instant approval.

Upon approval, the amount of the loan will be credited to your bank account almost instantly or within a few days.

Count on Paysense to fulfill your dreams with instant personal loans.

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