Applying For Personal Loan: See This Checklist First

Outlook Money


Before giving a loan, banks check the CIBIL score. CIBIL Score is a 3-digit score which comes in the range of 300 to 900, from this it is seen how easily one can take a loan and repay it. 

CIBIL, Credit Score

Personal Loan Interest Rate

Before applying for a personal loan, one should check which bank is offering the loan at what interest rate.

Interest Rates

What is the relief on EMI?

There are two parts to a personal loan – the principal amount i.e. the principal amount and the interest on this principal amount i.e. the interest rate. One can have to pay them in installments or EMI (Equated Monthly Installments).


Track record of the bank

It is also important to check the track record of banks. One should first check the track record of the lender, how long it has been in the market, how strong it is, and what has been the experience of the customers. 


Terms and conditions of loan repayment

Before repaying the personal loan, one should also check the terms and conditions of repaying the loan amount before the completion of tenure i.e. loan prepayment.

Loan Repayment