As the name suggests, an instant personal loan is a quick and easy way to get credit through a 100% digital process.
Today, in these post-pandemic times, this type of personal loan with instant approval online is an ideal option to manage sudden financial problems.
If you need an instant personal loan but aren’t sure how to navigate the expenses of EMIs, read on to discover invaluable ways to manage your finances with an ongoing personal loan.
Dos & Don’ts for Planning & Managing your Finances When you Have a Personal Loan to Repay
Do
- Use a personal loan EMI calculator before applying for a loan to help assess the loan amount and repayment tenure that best suits your budget.
- Explore your options, looking for the lowest rate of interest and other features such as quick processing and flexible repayment tenure.
- Consider debt consolidation if you have multiple loan debts and credit card dues to repay. Consolidate your outstanding dues into one large debt, and repay this to one lender at a lower rate of interest.
- Constantly monitor your expenses. Make a list of your expenses and prioritize them as per your requirements.
- Make timely repayments to boost your credit score and reduce your debt burden.
- Windfall gains need to be spent on debt repayment. Banks and financial institutions allow premature loan repayment with a minimal fee or penalty.
- Opt for the right account for paying EMIs. It could be your salary (savings) account or current account which is usually well-stocked. You could open an exclusive account for servicing the loan, separate from your other accounts.
Do Not
- Approach too many lenders as you will be seen as a credit-hungry person. Most lenders check your credit score to assess your creditworthiness. Going to too many lenders might lower your credit score.
- Overlook the fine print, terms & conditions, and other details. Ask your lender or consult a financial advisor if you are unable to understand any clause.
- Miss out on paying an installment. Defaulting even on a single EMI can result in a penalty and cause your credit score to plummet, affecting your future personal loan eligibility.
- Deplete your entire savings to pay off your loan. While it is good to plan to save for prepayment, it is necessary to make savings for other purposes.
One of the best options for getting a personal loan online is to choose Indus Easy Credit Personal Loan from IndusInd Bank. Entailing just a four-step process, it is extremely easy to apply for an online personal loan.
The Indus Easy Credit Personal Loan is marked by such features as personalized loan offers based on your details, quick approval, low rate of interest, speedy processing, and instant disbursal of funds in your account.
True to its name, this loan gives you instant access to easy credit in times of need, thanks to its 100% paperless, online application process. So, apply and get your personal loan online today!