Availing a personal loan is a wise decision to build our budget but more important is how we manage the fund. Proper management of personal loans serves our purpose whereas mismanagement leads to disruption of the loan amount and creates financial stress.
A personal loan is an unsecured ( no collateral is kept with the lender ) debt which can be availed in time of any financial crisis by filling the loan application via online and offline mode. The process can be completed by fulfilling the personal loan eligibility criteria ( predetermined set of terms and conditions laid down by the lenders) easily at even very short notice.
A personal loan can be a holistic solution for us to shoulder so many responsibilities at a single time. A personal loan is an explicit product that caters a customer in various ways but managing a personal loan is quite different and some tips can be used to manage our personal loan in the best possible way to remain debt free for a longer time in the financial world :
Proper planning of budget: Make an outlay of your budget, apply for personal loan advances accordingly. It will give a rough idea about how much to borrow and what percentage to be spent.
Keep a check on expenses: Once you have taken a debt you should be cautious about other spendings, try to avoid expenses that can be made later. This will provide you with a benefit to save enough for paying your debt.
Always calculate the repayment at regular time intervals: Calculating your budget periodically will keep you aware of debt payment you need to make in the future so that you are prepared for managing your income and spending accordingly.
Be disciplined to your Monthly installment: Pay your personal loan EMI ( equated monthly installment) timely. Avoid skipping any EMI and making any default. This will keep your credit records decent reflecting a potential customer in your profile.
Make debt payment your top priority: No debt is small, so always try to get debt-ridden as soon as possible. This will help you avoid any financial burden in the future.
Customers can take the benefit of the personal loan being provided by Bandhan Bank at a low personal loan interest rate to manage their budget. Bandhan bank caters its customers with all financial assistance needed in the time of any urgency.
Primary KYC documents for Personal Loan:
Age: 21 – 60 Years
CIBIL Score: Minimum 700 or above
Personal Loan Interest Rate: 9.99% per annum
Tenure:12 to 36 months
Lowest EMI per lakh: Rs. 3467
Personal Loan Processing Fee:1% to 2% of Loan Amount
Part Payment Charges: 2% – 4℅
Prepayment Charges: 2% – 4%
Minimum Loan Amount: Rs. 50,000
Maximum Loan Amount: Rs. 5 lakh
Financial institutions can only lend a borrower with money but managing it wisely is his own responsibility. Managing finances consolidates savings which helps a customer in the long term as well as it gives independence from the debt which might hurt in the future.
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