Are you looking for a personal loan to fund your short-term money requirements? Here’s a quick guide to finding the best quick personal loans. 

Check the Eligibility Criteria and Needed Documents

First things first, check if you’re eligible for a personal loan. Lenders can have different eligibility criteria for quick personal loans, but here’s what most lenders ask for:

• Age: 23-60 years
• Employment Status: Salaried at any recognized firm
• Citizenship Status: Indian
• Salary: Rs. 20,000 or more

Also, check the required documents. Most lenders will ask for your personal and financial details, such as your personal ID and bank statement. 

Evaluate the Interest Rates

After confirming your eligibility, evaluate the interest rates. This is important because a small increase in the interest rate can have a substantial impact on the total loan amount. Almost all lenders have a personal loan interest calculator that lets you calculate the estimated loan costs. 

Choose the Right Tenure

The next thing to consider is the loan tenure. The tenure you choose will depend on your loan amount and the EMI you’re willing to pay each month. A loan with a short tenure will have high EMIs and low-interest payouts. Loans with long tenures have low EMIs but high-interest payouts. 

Consider Processing Costs

Lastly, consider the processing costs, if any. The loan processing fee oscillates between 0.5% and 2.5%. Look for personal loan providers that charge a low processing cost, so your total payable amount is less. 

Quick personal loans are great for supporting your instant cash requirements. However, finding the right lender is important. Follow the steps discussed above to find the best personal loan. 

Additional Read: Know how employment status affect your personal loan eligibility?