Personal Loan EMI Calculator: Things to consider before applying for a Personal Loan

Personal Loan EMI Calculator: Things to consider before applying for a Personal Loan

Are you dreaming of a new vehicle? Or perhaps you need extra money for your dream destination wedding or you planning for your long due vacation? A personal loan is a financial solution to meet all those desires or requirements. Quick disbursal of funds, minimum documentation, no collateral requirement, flexible repayment method and fast approvals make it an ideal financial solution. 

A personal loan is an unsecured loan that can come handy during times of need. An unsecured loan is given based on the credit score of an individual and does not require any collateral. It holds the potential to come to the rescue whenever there is an immediate for funds. 

One of the leading financial lending institutions, Clix Capital, provides several types of loans, the personal loan being one of the variants. Under personal loan, there are several categories to meet all kinds of requirements people might have in their daily lives. A salaried employee with at least 6 months of experience in the current company and total professional experience of at least 12 months, earning a minimum income of Rs 20,000 per month, can easily avail the loan. A person over the age of 21 years and under 58, while applying for the loan is eligible to apply for a loan from the leading NBFC, Clix Capital. 

Here are a few things to consider before applying for a personal loan:

Compare between various loans and lenders

Almost all banks and innumerable NBFCs offer personal loans interest rate varying between 10 % and 20% p.a., and it is essential to choose the right lender that matches loan requirements. Consider comparing the online financial marketplace to avail the best loan as per the eligibility. While comparing, do not limit the comparison to just interest rate and also consider checking the documentation process, repayment method, among other terms, before selecting a particular lending institution. The leading digital NBFC, Clix Capital, has made complex paperwork a thing of the past. They provide personal loans for weddings, travel, two-wheeler, medical emergency and home renovation with digital processes and easy documentation.

Choose a tenure that matches with the repayment capacity

While analyzing and evaluating personal loan applications, lenders assess the repayment capacity, which is the proportion of the current income consumed in debt repayments, including loan EMIs and credit card bills. Therefore, it is essential to opt for a loan tenure that fits the capacity of repayment. This is where Clix comes to rescue with their feature of customized repayment method of 3-48 months. With the feature of personal loan EMI calculator, one can check different repayment plans available for the loan amount. Moreover, The timely approval from Clix makes up for quick disbursal of funds, so one doesn't have to wait.

Check Credit Score

Before applying for any loan, it is advisable to check the credit score or the CIBIL score, which represents one's creditworthiness based on the history of credit repayments. In case there are any pending dues, then one should immediately pay them off as it will reflect while the application is getting processed and assessed. Apart from maintaining a good credit score, it is advised to refer to a personal loan calculator which helps analyze the repayment capacity and method as per the required loan amount. 

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