Personal Loan is a loan given to a single person. The rates of return vary primarily on the various banks. The rate will also depend upon the money you take as a loan. That said, can you make mistakes while applying for a personal loan?
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5 silly mistakes you can make for your personal loan to be declined or delayed
Here are five silly mistakes you can make while applying for a loan. A slight inconsistency in the details can delay your personal loan, or worse declined. Here is a comprehensive list of the mistakes you could make:
Not Disclosing the Purpose: Although it is true that personal loans can be used for about everything and anything; you must not forget to disclose your plans the utilization of the money. You might be told that the bank does not care where and how you use it, but it is your responsibility to inform the bank.
Uncertain Loan Amount: Loans are not flexible, which is why you need to chalk out all your requirements carefully. Make a comprehensive list of all the monetary requirements before you approach a bank for your loan. An uncertain loan amount will make the lender feel that you might not be able to repay the amount. And once the lender feels you are incapable of making the repayment, you will be denied the loan amount.
Compare, compare and COMPARE!: Do not accept the first offer, ever! It is possible that you could find a better quote for your loan elsewhere. Accepting the offer from the first every bank you visit, would fall nothing short of utter stupidity. Always try to find about the loan and other things from other banks, before settling for one.
Salary: Do you fall among those people who don’t know how to distinguish between gross salary and net salary? Well, know the difference. Gross salary is the amount of money you are paid, without deductions. If you apply for a loan by providing the details of your total salary, then you are likely to be declined! The bank wants to be assured that you can pay back the money. If your salary and money details fall short of their requirement, the will not provide you the funds.
Not Reading the Printed Leaflets of Information: Banks provide many details with your application and when they are willing to pass your personal loan. If you make the mistake of not reading them due to them being lengthy, then you are in for huge trouble. These humongous long pages contain many details regarding your loan, the terms and conditions, legal objections and much more. One mistake on your end could land you into a lot of inconveniences!
A person will not be sanctioned a personal loan quickly. You will be required to fulfill many statutory obligations. Also, many details, financial and other miscellaneous information, will have to be duly submitted to the bank. After a thorough inspection, and after the bank is assured that you can pay the money back, the loan will be sanctioned.