Application Checklist for Personal Loans for New Borrowers

At work, Kamal was becoming restless. His coworker Ankit pulled a chair up next to him and inquired about the source of his anxiety during lunch. Kamal briefly explained that because of the pandemic, all of his savings were depleted and that his current primary concern was his sister's upcoming wedding. Ankit offered some hope by noting that the situation has resulted in an unprecedented loss of jobs and financial problems, leading to a significant increase in demand for personal loans.

Kamal needed to learn how to apply for a personal loan because he was a rookie borrower. Many people, including Kamal, are currently in this circumstance, where personal loans come into play.

Here is a checklist to assist you when applying for a personal loan for the first time, whether you need it to pay for a wedding, a medical emergency, home improvements, debt consolidation, or other expenses.

Choose Your Loan provider wisely.

When you need money immediately, personal loans are like life jackets. Finding loan providers willing to lend to you despite a poor or nonexistent credit history is a common challenge for first-time loan applicants. Recent lockdowns have caused digitization and e-money to begin changing the world.

To provide hassle-free online loans, loan providers have upgraded their systems. The outcome is, therefore, overwhelming. Fintitude offers personal loan options online with a fully digitalized process.

Unsecured personal loans are simple to qualify for, even if you're a first-time borrower. How, then, do you pick the best loan provider? Never respond to the first loan offer you receive via email or SMS; it might have a high-interest rate and extra fees. Here are a few things to remember when making your first personal loan application.

Easy Eligibility Criteria

Make sure you choose a reputable loan provider with lenient eligibility requirements when looking for a personal loan for the first time.

Make sure you do thorough research and choose reputable loan providers who have been in the lending business for a long time. The personal loan market is saturated with all kinds of loan providers claiming to offer a personal loan without documents or at a lower income.

Easy eligibility requirements, minimal terms and conditions, the absence of hidden clauses, and the assurance of working with the best are advantages of selecting a reputable loan provider. Fintitude, have simple eligibility requirements for personal loans with little paperwork.

Competitive Interest Rates

The interest rates significantly influence your search for the best loan provider that loan providers offer. Not all loan providers provide the lowest interest rates they advertise. This claim asks for several concealed fees and requirements, which the applicant learns much later but needs to do something about.

Remember that your credit score, income, requested loan amount, and credit profile affect your loan's interest rate. Make sure the loan provider you choose has a transparent, all-encompassing strategy for offering competitive interest rates and other advantages like first-rate customer service, quick loan approval, little to no paperwork, and quick loan disbursal times.

Don't conduct multiple searches.

Be cautious when contacting multiple loan providers looking for the best personal loan deal. Multiple inquiries for personal loans from different loan providers are considered credit-hungry, which can negatively affect your borrowing plans. Doing your research thoroughly will ensure that you close the best deal possible.

Fintitude's, the Leading Loan Aggregator

For terms ranging from 12-48 months, Fintitude assists its client's in availing loans up to Rs. Fifty lakhs at competitive interest rates. This extended tenure phase eases the strain on your monthly budget by giving you more time to repay your loan. Because of their practical features and advantages...

Personal Loan Eligibility

To apply for a personal loan with the help of Fintitude, it would be beneficial to ask the following questions:

Do I meet the age requirements for personal loans between 25 and 58?

Have I got a minimum monthly income of 20,000?

Is it at least six months since I started working for my current employer?

Do I have a minimum of 12 months' worth of work experience in the industry?

Do you require a personal loan? Fintitude is the place to stop looking. We assist you to avail personal loans with flexible repayment terms and interest rates up to Rs. 50 lakhs.