While the interest rate is an important factor when applying for an online personal loan, there are other features that you should consider as well. Here are five features, along with the interest rate, that you should take into account before selecting a personal loan:
- Loan Amount: It’s important to prioritize a high loan amount that meets your financial needs. Having access to a significant amount can help you cover urgent expenses. Look for lenders, such as IDFC FIRST Bank, that offer competitive interest rates and a high loan amount.
- Instant Loan Application: Online personal loans have simplified the application process. Look for lenders that offer a digital application process and don’t require any collateral. IDFC FIRST Bank, for example, provides an efficient application process that takes less than five minutes, with loan disbursal in less than thirty minutes upon approval.
- EMI Calculation: Choose a personal loan that allows you to calculate your EMIs (Equated Monthly Installments) in advance. This helps you estimate the amount you’ll need to repay each month and assess your affordability. IDFC FIRST Bank offers a personal loan EMI calculator that helps you plan for your loan repayment.
- Flexible Loan Tenure: Select a personal loan that offers a flexible loan tenure. IDFC FIRST Bank’s personal loan EMI calculator can assist you in choosing a suitable tenure for your loan. Understanding the loan repayment period helps you plan your finances better.
- Balance Transfer Facility: It’s beneficial if your bank offers a balance transfer facility. This allows you to transfer your outstanding loan or credit card balance to another lender offering a lower interest rate. IDFC FIRST Bank’s online loans provide a balance transfer feature, giving you the option to switch lenders for better terms.
In addition to these features, consider the technical resilience and user-friendliness of the lender’s mobile banking app, especially if you prefer accessing loan details through a mobile app. By considering these factors along with the interest rate, you can make an informed decision when applying for an online personal loan.