A loan is a saviour in these times. We may need a personal loan for overcoming various financial situations like overcoming a medical emergency, wedding in the family, home renovation and education.
While we may need personal loans in various situations, our eligibility to get the loan sanctioned depends upon our credit profile. A good percentage of credit profile gets calculated using the credit score. A credit score gets computed by several companies like CIBIL, Equifax and Experian. The most commonly used is CIBIL. Thus, people often use the word CIBIL score as an alternative to credit score itself.
Generally, a credit score above 750 is considered a good score, reflective of good financial health. The credit score shows creditworthiness and enables the lenders to evaluate your risk appetite for various loans like personal loans, home loans and business loans. Unsecured loans like personal loans often require a higher credit score requirement than a secured loan. There are several other factors that lenders use to calculate eligibility. Some of these factors could be the city of residence, residence type, employment type, existing loans and personal profile.
If you are availing of a personal loan in Bangalore or other metro cities, one needs a stable income and a credit score above 720. Such a score gives confidence to the lender about your repayment capability. The lower scores also attract a higher interest rate and reduced loan amount as the risk for lenders goes up. Some lenders might offer a personal loan for lower credit score individuals at a higher interest rate to mitigate the risk.
How to know about the offers from multiple lenders?
Our loan requirements are unique. We may require a higher loan amount or a lower interest rate. Thus, it is crucial to evaluate offers from multiple lenders. Applying for loans with multiple lenders is time taking and might also reduce our credit score.
The most reliable way to get offers from topmost lenders is to apply using Loans Jagat. Loans Jagat is a leading digital technology platform that enables individuals and businesses to personal loans and business loans of various types.
Loans Jagat allows one to apply for personal loans and other loans directly on its state of the art technology platform. One needs to fill in simple KYC details and loan requirements. Check your eligibility by entering details like your annual income and salary.
LoansJagat then presents you with the best personal loan options you can choose. Compare the loan terms, interest rates, repayment terms and loan tenure to decide the best personal loan for you. The lender then sanctions the loan after physical verification and discussions.
Post sanction of the loan, one needs to sign the agreement, the loan gets disbursed in the bank account itself.
Loans Jagat partners with more than 40 Banks and NBFCs to help you with the best personal loan in Bangalore and other cities in India.
If you are looking for personal loans, visit WWW.LOANSJAGAT.com, check your creditworthiness and avail of personal loans.