What to consider before taking a personal loan?


I’m planning to take a personal loan. Can you please give me suggestions on what to consider before buying one?


Since personal loan is an unsecured loan, each bank offers different interest rates. Before taking a personal loan, compare which bank offers you the best interest rate and processing fee. A few banks offer incentives in terms of interest rate discounts and processing fee reductions. Before signing up for a personal loan, ensure that you are aware of the terms and conditions, service charges, processing charges and all foreclosure charges. Click the following link to know more: http://bit.ly/1pxFUdk


Hi bbqueries,

There are a number of factors you need to consider before choosing a Personal Loan. These include processing fee, interest rate, prepayment charges, foreclosure charges and tenure of the loan. Please read this blog post for more information - https://blog.bankbazaar.com/personal-loan-handbook-all-questions-answered/. Click here to check your eligibility - https://www.bankbazaar.com/personal-loan.html.

BB Expert


So, when it comes to taking out a loan there’s a few major things you should be considering. The order in which these appear will probably change depending on who you ask, but they’ll usually all be in there. So:

  1. Your Credit Score
    What’s your credit score and credit history look like? This is one of the major deciding factors in just how much you’ll end up paying in interest, and ultimately how much you’ll be able to borrow.

  2. Rates & Fees
    Rates and fees vary depending on who you apply to, and what financial institutes you apply for your personal loan from. Banks and Credit Unions, for example, both have wildly varying fees and considerations.

  3. Are You Eligible?
    It sounds like a silly question, I know, but it’s an important one! Are you eligible for a loan? Do you meet the loan provider’s eligibility criteria? It may be worth checking before you invest time and effort into applying for a loan you won’t get!

That about wraps up my major thoughts here. Hopefully that helps, and best of luck with your application!