The Biggest BestPersonal LoanBlunders

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The following are some of thebiggest mistakes that you canmake you applying for an axisbank best personal loan, SBIbank best personal loan, etc.:

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Skipping HomeworkIf you want the best personal loan

available, then you have to work forit- there is no way around it.

First and foremost, you musteducate yourself on the various typesof best personal loans that you can

apply for .

Not Checking CIBIL ReportThe only way you stand a good

chance of having your loanapplication approved is when your

CIBIL score is high. In fact, it’sextremely challenging to get a bestpersonal loan for a low CIBIL score.

Settling for the Interest Rate Offered

Different banks offer differentpersonal rates to their customers.

For instance, as of today, axis bankbest personal loan is offering a rateof 15.50%-24%, SBI personal loan of

12.55%-17.65%, HDFC Bank of11.49%-20%, etc.

You have the right to negotiate with your lender regarding the interest rate offered

In fact, if your credit rating is good,then you can easily get a better rate

than the one initially offered.Unfortunately, many people don’t

know about this and simply agree towhatever rate is offered by their

banks.

Prepayment Fine

A prepayment fine is a penaltythat you have to pay if you

decide to repay a loan soonerthan the actual date of the final

payment.

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