Personal Loan Tricks For First Time Borrowers In India

Applying for your first personal loan? Great! But before you jump in, here are 5 essential tips to help you borrow smart and avoid common mistakes:

Check If You Have a CIBIL Score

If you’ve never taken a loan or used a credit card, you may not have a CIBIL score yet. No worries! You can still check your Free CIBIL Score on our CIBIL Score page. Even if you don’t have one, lenders like Muthoot Finance can still offer loans based on your income.

Borrow Only What You Need

Don’t take more money than required in a personal loan. A bigger loan means more EMI and more interest to pay.

Compare Loan Offers

Different lenders offer different interest rates. Always compare and go with a trusted name like Muthoot Finance for the best deal

Know All the Charges

Read the loan details carefully. Look out for extra charges like processing fees or penalties for late payment.

Choose a Comfortable Tenure

Pick a repayment time that fits your monthly budget. Longer tenure = smaller EMIs, but more interest. Shorter tenure = higher EMIs, but quicker repayment.

Suggested Read: How To Get An Instant Personal Loan Without Any Documentation