Applying Personal Loan, Read This article

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Applying For Personal Loan?
Before Applying For Personal Loan You Should Read
This Article

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What Is Personal Loan
Personal loans are meant to meet short-term
financial needs i.e. you can borrow money for a
minimum period of one year to a maximum of five
years. The needs may vary as an unexpected
medical emergency, going on a vacation, home
renovation, buying consumer durables, or to repay
credit card debt or any other personal exigency
which has a temporary effect on your earnings.

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Know About Common Mistakes While Applying For
Personal Loan
Applying Without Comparing
One of the biggest mistakes people make when
applying for a personal loan is that they go to
the bank with which they have done most business,
without shopping around for the best deal. There
are things like interest rate, processing fees,
prepayment charge, loan tenure and loan amount
which may vary from lender to lender. So, it is
important to research and make an informed
decision to conclude the best deal.
Unable to clarify the details for taking the loan
One of the most common mistakes loan applicants
make is that they cant clarify the loans detail
i.e. purpose, tenure and amount. Mostly it is
because borrowers themselves are not fully aware
about the same.

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Ignoring the importance of credit history
Lenders asses your eligibility based on your
credit history. They check how you have managed
your finances in the past. If borrowers have a
proven track record in maintaining financial
responsibility, they are likely to have a good
credit score. A good credit score plays a vital
role in determining your eligibility for a loan
and the interest rate thereon
Hiding details of an existing loan
It is imperative that you should inform your
lender about your existing financial transactions
and liabilities. You must be honest about your
financial status because concealing such
information from lending companies will only make
it difficult for you to avail of a loan
Signing blank documents or form
Once we start the loan application process and
meet the banks representative, we become lazy.
For example, the executive comes to our doorstep
to collect the required documents and get the
form signed.
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Ignoring the fine prints
When applying for loan most people dont read the
fine print under the impression that it does not
contain important information. This fine print,
generally, contains the fees and charges which
borrower needs to pay in certain conditions.
Skipping this step may land you in trouble later.
For example, if you have applied for Rs. 5,00,000
loan, you will get Rs. 4,90,000 to your account. 
A personal loan application without any mistakes
and discrepancies will lead to a faster and
hassle-free approval. For more information about
personal loan, you can go over to personal loan
page on Afinoz.com.

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About Afinoz Personal Loan
Afinoz.com is India's foremost online financial
marketplace for availing loans and investments.
Our main objective is to make the process of
getting a loan or making an investment safer,
convenient and hassle-free for individuals. We
work with public and private banks, NBFCs and
mutual fund houses across the entire country and
offer an unbiased quotation on financial products.

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