Applying for A Personal Loan? Here Are Some Mistakes You Need to Avoid

Ah, Mistakes. People usually do mistakes when they apply for the personal loan in Delhi. But, when it comes to your Finances, you cannot afford mistakes. Instant Loans Delhi will help you to avoid those grave, let’s say, errors in judgment.

Five mistakes to avoid when you taking a loan

Learning is the Golden motto of our life. Every day is the Learning Day. Same goes for your Finances and that’s what brings us to the first lesson.


Research is an important factor because we know finance and economics are ever changing. New products come every day and there might be just a right product fit for you out there. And, you can only come to know of that product with sufficient research. If you search for something then you might end up paying a lot more than you have bargained for. Lesson to be learned, not doing sufficient research is a big mistake. So when you apply for a personal loan avoid these mistakes.

Not checking eligibility

Out Statistics show that about 30% of loans applications are rejected because the person is not eligible for the personal loan. Often, most people choose to apply for a loan that is meant for a different purpose. For example, a person, want to buy a car and applying for the personal loan then your loan can be rejected.

So how to fix this? Before applying for any loan check the eligibility term. And if you meet the eligibility then apply for loan call on 8448448519 and customer service executive and they shall take care of the rest.

Lying in the application

Lenders, whether a bank or an NBFC, provide loans they earn profit from them. However, until the loan amount is repaid, the lender’s money is at risk. So, lenders always look for borrowers who will repay the loan on time and who are reliable. Lying with lenders will not help you so your application will be rejected. This is because lenders will verify the documents of personal loan you have submitted and any lie is bound to be found out.

You will then lose the creditability and the lender would think twice before considering your application again. In case you feel there are any changes of a loan rejection due to some limitations, you can always talk to a customer service agent and that person can figure out your options.

Borrowing beyond repayment capacity

Loans can be avail on the bases of your salary or sometimes against a collateral. However, your expenses tell how much you can save each month and pay back to the lender. Don’t make the mistake of borrowing more than you can afford to repay.

Hiding Existing Loans

People hide their existing EMIs to help them avail a greater loan amount. Doing this cannot help you to get the higher amount it will harm your credit score. and then you will be not eligible for the loan. if you have the existing loan then clearly tell this to your Customer Service provider they will help you to get the loan or find some alternate solution like Balance Transfer.

Applying for a personal loan is quite a big decision. Take sufficient time to decide how much money you need and for what purpose. Then, talk to your Financial Adviser or call on 8448448519 and instantloansDelhi will give you lots of options and then you can compare them.

By | 2018-07-23T06:39:40+00:00 July 21st, 2018|Blog|
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