How to get a personal loan Easily?

31.03.2011 | Author: hardeep | Posted in Loans
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If you have too many pending bills or even unexpected bill or expenditure, delay/wait in payment time; Personal loan is a good way to fund such expense. Following are the steps that can get you a quick personal loan:

  1. Search online for banks/lending institutions that give personal loans. Shortlist few loan offers that suit your need and offer good rates. Then compare the benefits/tenure/rates to select the lending institution.
  2. Make an appointment at the bank and gather the paperwork that will be needed. (Which include past two bank statements, address proof etc.) You can call up the bank and find out which documents need to be submitted so that you save time. Bank only needs document that show that you have enough money coming in to support your current debts and you will be able to repay your personal loan. Also, get yourself a copy of your credit report (so that you have a heads up); the bank will definitely pull your credit report to determine whether or not they should give you a loan. Pulling your credit report ahead of time gives you a chance to fix any inaccuracies and ensure that everything on the report is true.
  3. Determine how much money you need and how much of a monthly payment you can afford to be sure that you are opting for the most suitable loan (as there is always some room for negotiation). A payment calculator can be used to determine the loan amount and interest rate so that you get know how much you will have to pay every month for your personal loans. You don’t want to pay very high EMIs but what is comfortable for you. You may adjust this amount later if your credit report puts you in a higher personal loan rates group.
  4. Finally meet your loan officer with all the documents. Take along identification form and a reference list. Some banks do require personal references to ensure your trustworthiness. Then you have to wait for the bank to check the information you have furnished to determine if you qualify for their personal loan. If all your paperwork and information they need is authentic, it will speed the process of loan disbursal and you get the money you need.
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