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Tata Capital > Blog > Personal Use Loan > First Time Personal Loan Applicant: Things to Consider

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First Time Personal Loan Applicant: Things to Consider

First Time Personal Loan Applicant: Things to Consider

Got your heart set on that mesmerising, insta-worthy trip to Paris or a newly launched superbike? Dreaming of a magical wedding but falling short on the financial front? When expenses pop up out of nowhere and take you by surprise, it’s time to consider personal finance.

Why? Because these loans offer instant access to funds, you may need to cover your planned, unplanned, and sudden expenses. Even if you’re the most careful financial planner out there, there are times when a situation can monetarily stun you. It could be a medical emergency or a surprise trip with friends that you didn’t account for. A personal loan could save the day in such situations.

So, if you’re planning to opt for a personal loan for first time, here are some things you must keep in mind.

Credit score

Your credit score is a crucial factor, which decides your personal loan eligibility. It also determines the maximum amount that can be extended to you, as well as the rate of interest.

Since you’re a first-time personal loan applicant, you may not be savvy with your credit score. In fact, you may not even have a credit history, to begin with. So, to get insights on your score, get in touch with any rating agency.

Evaluate the loan tenure

Another critical consideration in your research journey is choosing a loan product that provides long-term flexibility. Alternatively, you can also opt for short-term personal finance if you need money for emergency medical or travel expenses.

Choose the right lender

Given the enormous number of lenders offering loan products with attractive features, choosing the right one may require a lot of research and comparison on your part. Go with a lender, which provides the best personal loan interest rates, along with payment flexibility, fast loan disbursals, and low processing fees.

Also, make sure to calculate your EMIs using personal loan EMI calculators. Many lenders have such calculators available on their website. Lastly, don’t forget to check any pre-payment charges that may be applicable.

Additional Read: How to Choose the Best Personal Loan for Needs?

Get your documents ready

To ensure a swift and hassle-free loan procurement, make sure you have all your documents handy. If you have no discrepancies in your paperwork, you may even get the loan amount in your account the very next day. As a rule of thumb, choose a loan provider that asks for minimal documentation.

Understand the loan agreement

It is crucial to go through the terms and conditions of your loan agreement, especially if you are a first-time personal loan borrower. Knowing the terms inside out would not only protect you from any surprises but also prepare you for other loans that you may opt for in the future.

Additional Read: Dos and don’ts for an instant personal loan in India

Go for a personal loan for self-employed or salaried individuals at Tata Capital and enjoy a hassle-free and seamless application process. At Tata Capital, we charge minimal processing fees and assure you that no costs are hidden from your sight. So, why wait? Visit our website today, and use our personal EMI calculator to begin your finance journey!

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