| | NOVEMBER 202198 Tips to Follow while Choosing the Right Personal Loan ProviderBe Clear about the Charges InvolvedBefore you sign the dotted line with any financial institution, make sure you understand their processing fees and other charges like origination fees, administration fees and missed payment charges, very well. This will help you prevent any unpleasant surprises in the future. Compare these charges across different lenders too, and try to find why one might be charging more than the other and if any benefits are involved in it. Remember that service charges impact the total cost of the loan.Examine the Ease of Loan Application & ProcessingThe right personal loan provider will make the loan application and processing as simple and hassle-free as possible. They will have an online system in place, where you can get everything done from the comfort of your home. You might be able to use a virtual calculator to determine your EMI as well on their website. Also, they will require minimal documents and offer instant approval too, if everything is in order. Try and go for a financial institution that has a proactive and prompt customer service team in place. So, in case you get stuck with something while applying or have any query afterwards, they can sort it out quickly. Also find if it is possible to reach the lender via multiple communication channels in case of any urgency. Many lenders these days have apps to make your experience smooth.Do Not Ignore the Terms & ConditionsFocus on the fine print before you sign on the loan contract, as it will help you ensure that the terms are actually suitable for your requirement. If you have any doubts or are not sure why a certain clause is mentioned, always get clarity from the lender. In case you do not get a proper answer, you should look for another financial institution.Compare Eligibility Criteria Across LendersDifferent lenders might have different eligibility criteria when it comes to factors like age, income, employment status and so on. So, compare multiple lenders before you make a decision. Depending on your financial situation, the loan amount you need and your repayment ability, you will find financial institutions that have simple criteria in place.Apart from keeping the above tips in mind, make sure you research about a personal loan provider before you go with it. Go through reviews and testimonials on online forums and social media platforms. However, remember that not all reviews are genuine. Get a fair idea about their credibility, transparency, professionalism and timeliness before you avail the personal loan.
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