The ease of signing up for a personal loan today has improved the accessibility of debt in India. However, certain characteristic features of personal loans have not changed, and customers can benefit by following five rules that help them choose their loans better. This article enlists these five rules to help customers make better decisions while choosing an instant online loan.
- You must prioritise a sizeable loan amount
You should choose a considerably high loan amount when signing up for a personal loan since it can help you attend to any financial emergency. IDFC FIRST Bank offers customers a personal loan corpus of up to ₹1 crore. Customers need not personally visit a bank branch to sign up for this loan and can select their preferred loan tenure by following this procedure.
- A flexible tenure is advantageous to every borrower
A flexible tenure can help customers budget efficiently for their future expenses. IDFC FIRST Bank’s financial calculator – the personal loan EMI calculator – also offers this feature. You must opt for a personal loan that helps you control your own repayment schedule. You must also know all the details of your loan’s repayment schedule before signing up for the loan.
- Your bank must offer efficient customer service
IDFC FIRST Bank is well-known for its customer services since customers can contact the relevant customer support team 24/7. The IDFC FIRST Bank mobile banking app, too, helps customers address their queries to IDFC FIRST Bank employees. Always choose a bank that offers seamless access to customer services.
- Use a financial calculator before signing up for a loan
IDFC FIRST Bank’s personal loan EMI calculator helps customers estimate the value of their future EMIs. You can also select your preferred loan tenure by using this calculator. Using a personal loan EMI calculator before signing up for a personal loan helps customers budget better, since they can factor in their EMIs while budgeting for the future. Most EMI calculators, like IDFC FIRST Bank’s, calculate a customer’s future EMIs by considering the personal loan’s interest rate.
- Opt for a loan that offers a balance transfer facility
One of the best ways to improve your credit score is by transferring your personal loan balance to a lender who offers a low-interest rate. With IDFC FIRST Bank’s balance transfer facility, you can pay off your loan with a revised lower interest rate. This is how transferring your personal loan to a new lender can help with your finances. You must prioritise this feature while researching personal loans online since most banks offer advantages to customers who opt for the balance transfer option, such as long interest-free periods and lower interest rates.
A personal loan interest rate is arguably the most important feature of a personal loan since it directly affects your repayment cycle. However, you must also focus on other features like the technical resilience of the bank’s mobile banking app, access to customer services, and the flexibility of the personal loan’s tenure.
