Which is the cheapest personal loan of them all?

Picture this. Sunday afternoon. Sitting with the monthly bills. I did not know what was depressing me more, the premature Monday blues or the fact that the missus has single-handedly decided to bankrupt us with her shopping. Why could I not man up and tell her to stop shopping, you ask? Well, you have certainly not tried this a woman then! And frankly jokes apart, I did want her to have everything she desired. Even if that meant 64 pairs of shoes and 45 types of wall paintings. Since we got married less than a year ago, there had been a lot of coping with all the changes. And now, that the fore-planned move to Delhi also looked like it would come through, we required the money. That is why an instant personal loan. So that we could afford the big-small luxuries without having to pay for all of it upfront. There is nothing wrong with wanting small joys, only it comes at a cost. And managing that cost is an art we are mastering.  

But after the loan rejection followed by the meeting with Armaan at the gym last week, we tried to figure out what went wrong. A constant monitoring of our CIBIL scores, control on the credit card payments, withdrawal from the guarantor-ship of my cousin’s car and a check on the credit utilization had helped us get the credit score back on track.

All this information is easily available online, I wonder why we never checked it before. “Mai aur mera credit score, aksar ye baatein karte hain. Ki online loan hota toh paisa hota. Hum flat screen TV se baatein karte. Bose ke music system se intro ho jata. Loan hota toh…”

After going through the tantrum phases just like a 3-year old i.e. DenialàScreamingàSulkingàAcceptanceà. Moving on, we were now finally ready to apply again!

Much more informed now and armed with a better score, I was ready to launch my counteroffensive. I had been researching on the options available in terms of interest rates of various banks and NBFCs to find best personal loans available online. Everything is available on a single click these days, but we sure as hell don’t need to accept what comes up in that first click. Read on, has been my mantra! Along with the interest rate, what also needs to be considered is the processing fee. Hence, the sum of the two needs to work out for you.

I figured that the interest rates start at 10.75% and there was YES bank offering the same, with NBFCs’ interest rates being slightly higher. There was also the good old ICICI and Citibank offering 10.99%. The other advantage being, if you are already a customer of that bank then the whole transaction can be completely paperless too! Voila! Moreover, all of this information is available online and also on the apps/websites one is using to apply for the cheapest personal loans online.

Cheapest Personal Loan | PaySense

If you are aware of your score and worth, booking a personal loan online can be as easy as booking a cab. Sans the trauma of listening to the life-history of the driver. Give it a try!