Check affordability first
Because personal loans are generally unsecured, pricing can be higher than secured loans. Consider the EMI alongside all existing obligations and leave room for normal household and emergency expenses.
What lenders commonly assess
- Employment and income stability
- Credit score and repayment history
- Existing EMIs and overall indebtedness
- Employer or business profile
- Age, banking conduct and requested tenure
Compare total cost
Review the annualised rate, processing fee, taxes, insurance if any, foreclosure or part-payment rules, late charges and net amount credited. Never share OTPs, PINs or passwords with an advisor.