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How to save yourself from the pitfalls of a personal loan

Personal loan looks very innocent but many financial institutions have turned it into a monster that can wreck havoc in your lives. To avoid such a scenario. read ahead to know the points you should follow.

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How to save yourself from the pitfalls of a personal loan

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  1. 4 Tips to Follow Before Taking a PersonalLoan Are you planning to get married anytime soon or want to go on a long vacation but falling short of funds? Don’t worry! Personal loan comes to you as a rescue in such situation. You can opt for a personal loan anytime to meet such expenses. Personal loans are basically unsecured loans taken by individuals from a bank or financial company in order to meet their personal financial needs. Here’re the certain things you need to follow before taking a personal loan – 1- Personal loan eligibility: There are basically two major factors you need to consider in order to get your personal loan approved i.e., steady income and good credit score. Also, it is advisable to check your eligibility criteria before submitting your personal info and documents. Moreover, you can make use of the comparison portals and personal loan eligibility calculator to check your eligibility. 2- Opt for shorter loan tenure: A longer loan tenure means lower personal loan interest rates. Thus, you should opt for a personal loan with a shorter loan tenure as this will help you to save up on interest payments and to pay off the debt sooner. In addition to this, you can make use of an online personal loan calculator in order to choose an ideal tenure for your personal loan. 3- Do not avail personal loans for investment purpose: Personal loans are basically unsecured loans. These loans come with higher interest rates as compared to secured loans such as home loans, car loans. Therefore, it’s not a good idea to take personal loans for buying stocks or for funding your business as this may not work in your favor. 4- Read the fine print carefully before signing on the dotted line: This is yet another important factor to consider while taking a personal loan. While a major part of the deal is specified in bold letters, there are possibilities of some clauses hidden in the fine print. Ensure you read and understand all the information before signing the deal. On the whole, mentioned above are some of the important things you should be aware of while taking a personal loan. Besides, for those who want to apply for personal loans online, go for Axis Bank.

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