Here are a few residual points that are worth remembering while applying for a personal loan,
Donʼt apply for personal loans at multiple places, or in quick succession after rejection. In both cases, your credit score can be affected.
Always disclose all existing liabilities while applying for a personal loan.
Donʼt focus on the interest rate alone. Factors like terms and conditions and other charges are also crucial in dictating the cost of borrowing.
Always go for the affordable EMI rather than the lowest EMI. Lowest EMI generally means the longest loan tenor, and therefore high total interest accrued.
Find out your loan eligibility before applying for the loan to avoid the trouble of rejection.