While a personal loan is considered an ideal way to handle expected as well as unforeseen expenses, in the current scenario, one must perform comprehensive research about various loan parameters beforehand. Ever since the advent of the ongoing corona crisis that has impacted the economy across the globe, many lenders have amplified the required eligibility conditions for a personal loan to confirm the debt-handling capacity of the borrower for ensuring timely EMI payments without any hassle.
Hence, a personal loan may seem to be an efficient avenue to deal with the shortage of funds, one must evaluate their savings and financial profile along with the fixed monthly expenses to avoid any confusion or miscommunication later. Scroll down to know more about the ways a Fullerton India personal loan could help you deal with the coronavirus-led financial crisis.
A Fullerton India Personal loan is offered to eligible applicants online through a hassle – free, completely digital process. Eligible applicants can avail up to Rs. 25 lakhs at an affordable rate of interest with flexible repayment tenures between 12 – 60 months. Offered without any security or collateral, Fullerton India offers a completely contactless and paperless process for acquiring a personal loan from the comfort and safety of one’s home. Hence, salaried applicants who need urgent funds could easily apply online for a personal loan through the Fullerton India website or InstaLoan app and get the funds deposited in their account at the earliest without any hassle.
Key Points to Remember While Applying for a Personal Loan
Although it is quite simple to apply for a personal loan from Fullerton India, one must be aware of all the facts before proceeding further to make a sound decision.
- Assess your Financial Condition
A key thing to perform before applying for a personal loan is an in-depth investigation of your finances to know about the requirements and expenses in detail. A loan is repaid through equated monthly installments over a fixed tenure and one must evaluate the fixed monthly budget and influx of income to calculate whether it would be convenient to do so within one’s existing budget. Use Fullerton India Personal Loan EMI Calculator to calculate the estimated EMI amount. One must also keep in mind that in case the sum of existing EMIs and the new EMI from the personal loan is found to be more than 60%-70% of the net salary of the borrower, the lender will most probably reject the loan application unless they are presented with an additional steady source of income. Hence, one must assess their finances before placing a personal loan request.
- Cut down unnecessary expenses
Another major thing to emphasize upon while applying for a personal loan is channeling your time and energy towards increasing the savings for a secure future. One must avoid unnecessary expenditures and ensure that they always pay their monthly EMIs in full and on time. It is also advisable to avoid taking additional personal loans until the personal loan is completely repaid. If you need additional funds for an emergency, you can request your current lender for a top-up loan instead. Borrowers who are suffering under multiple debts and EMIs can go for debt consolidation with Fullerton India through a personal loan balance transfer. This will help save on interest, make debt more manageable, and eligible applicants can also avail a top-up. Use the Loan Money Wisely.
Since the coronavirus has plunged the entire world into a financial crisis, one must be extra careful while spending the funds acquired through a personal loan. It is advisable to make a plan for exactly how much money one requires exactly, and then borrow only that amount. It is also advisable to be prudent regarding usage of funds.
Hence, one could opt for a personal loan from Fullerton India to handle the coronavirus-led financial crisis as it comes with no end-use condition, but plan its usage and repayment in advance to avoid any mishap later.