Best and Fastest Personal Loan Provider - GimBooks
Availing of a personal loan is one of the easiest way to arrange funds for your personal needs & there is no limitation on how you can use the money borrowed. But the money you borrow also costs you charges like documentation charges, interest charges, processing fees etc.
Thus being able to compare the best loans can help you make an informed decision.
Read further to choose the most suitable personal loan from you.
How to choose the Best Personal Loan?
First identify the key features that can help you to identify the best among available personal loans.
- Low Interest Rate -
The amount you have to pay in addition to the amount you have borrowed over the repayment tenure determines Interest Rate.
You should always look for the personal loans that offer the lowest interest rate in comparison with others as that will cost you a very less amount for borrowing the money.
Gimbooks offers you an interest rate of 15% - 24% whereas other app charges upto 40%.
- Low Processing Fees -
Processing fees are charged according to the loan amount disbursed. So it will be better for the borrower if the processing charges are less. Processing fees include - administrative and documentation charges applicable to your loan application.
GimBooks offers processing charges of only 2%. It can be the best personal loan provider for you.
- Simple Documentation and Quick Disbursal
Personal loans generally have simple documentation and quick disbursal and that is the reason people prefer personal loans. You should prefer a loan that has the shortest disbursed as well as simplest documentation.
Like Gimbooks, you just need a document that is a bank statement or a GST Number, it is 100% digitised and your loan will be disbursed in a single day.
- Flexible Repayment Tenure
Most personal loans offer flexible repayment tenure which generally varies from 12 to 60 months. With minimal impact on your monthly budget, it offers you to pay the EMIs as per your convenience. In some cases, you might get additional flexibility.
- Low Partial Prepayment
A personal loan offers you to pay the loan amount before the designated due date either in part or full at extra cost which significantly saves on the interest component of the loan and lower.
- Reducing Balance Method Of Interest Calculation
You should know that even the calculation of the interest rate impacts the cost of borrowing money. The interest on personal loan is calculated with two methods: Reducing balance method & Flat Balance Method. Typically, use the Reducing balance method of calculation.
These are the features to compare the loan offers. GimBooks provides you with the best of the features.
Make your decisions wisely.