Loan Mistakes People Make – And How EaseMyDeal Helps You Avoid Them

Steps to Avoid Loan Mistakes Before Applying

Here are few steps you should avoid before applying a personal loan, home loan, car loan or student loan. Remember to research completely, accurately understand how much amount you need and compare with different NBFC’s.

1. Not comparing loan options                                                                   

The mistake 

Many people went straight to the bank or the money lender they found. They don’t check what other banks are offering or what NBFCs are giving. They often end up paying the higher interest rate or missing out on the much better payment options.

How EaseMyDeal helps

With EaseMyDeal, you can compare online loan options with multiple lenders in one place. You don’t have to run from bank to bank, one to another; the interest rates are clear, as well as tenures, processing fees, and other benefits. With this, you can find good loan options and save money in the long run.

 

2. Borrowing more money than needed

The mistake

It is pretty tempting to take the loan that is a higher amount, just because that money is available and they're giving it to you. The more you take more EMI burden you will take down and can cause a huge debt, because taking is easy, but giving it back is always difficult. 

How EaseMyDeal helps
The loan calculator tool shows you the exact EMI you need to pay if you are borrowing this amount of money for a perticular tenure. This feature ensures you know what you need and how you can comfortably repay the home loan, personal loan or student loan with low interest rates.

 

3. Ignoring Hidden Charges

The mistake
Those who borrow money only look at the interest rate and don’t worry about the extra charges like processing fees, late payments, and penalties. At the time of payment, it can turn into a higher cost and making our loan more expensive.

How EaseMyDeal helps
With EaseMyDeal, you get 100% transparency, allowing you to check loan options and charges upfront. There are no hidden fees later, so you can calculate the real cost of the loan before applying. 

 

4. Not Checking Credit Score Before Applying

The mistake
Sometimes people apply for instant loans and wonder why they are getting rejected. It is because of their low credit score which makes their application get rejected so many times, as a good credit score is important if you are applying for a loan.

How EaseMyDeal helps
With smart options, before applying, you can get for which NBFC you are eligible and how much loan they will provide you. With this, you can avoid the rejections and protect your credit score. EaseMyDeals shares the tip to improve your score and get better deals in the future.
Except this you can also check your credit score in the EaseMyDeal App.
 

5. Choosing the Wrong Tenure

The mistake
Most people opt for a wrong tenure and try to get debt-free very quickly, but have to struggle with high EMI’s. On the other hand, the long tenure increases the no of EMIs, and the interest is paid over the period.

How EaseMyDeal helps
With the EaseMyDeal EMI calculator you choose the tenure period that fits your pocket and see how it affects your total interest. You should try to find the right balance between cost and affordability.
 

Conclusion 

Taking a loan should help you not to be trapped. Still because of small mistakes, we end up in huge debt, and it can turn a loan into a heavy burden. With EaseMyDeal, you can solve all of these problems very easily, check the eligibility, transparent charges, EMI amount, loan tenure  and all the things 

At the last, what is important is to know the difference between a stressful loan application and a successful emi calculation, which is pretty easy with the knowledge of the right tools. And EaseMYDeal gives you both of them. For more information about loans, you can also check - How to Get Instant Personal Loan with Cashback

No Branch Visit Needed. Apply Now for Instant Loan

 

FAQ’s - Instant Loans

What is a loan?

It is money, property, or another material given to another person as a form of future repayment.

What is the tenure period of the loan?

The tenure period of the loan is, in how much time you have to pay or would like to pay the complete loan.

Is the EaseMyDeal app safe to get a loan?

Yes, it is a safe app to apply for a loan without any hidden charges and does not affect your credit score while enquiring about loans.

What if I won’t be able to pay my loan?

If you won’t pay, the interest will increase, and the legal proceedings will start against you, which can put you in trouble.

What is the best loan app?

EaseMyDeal, early salary, and Moneytap is the best apps to get a loan, and you can also calculate your EMI Via EaseMyDeal.

Is a credit score important for a loan?

Yes, it is important it show your eligibility to pay the loan on time if you have a good credit score, then it’s easy to get the loan in the future.

Are there any hidden fees while applying for a loan?

If you are applying through EaseMyDeal, there won’t be any hidden fees in the process.

What is the maximum amount of a loan I can get?

It depends on your credit score and eligibility whether NBFCs can offer you a large loan amount or not.

What cashback does EaseMyDeal offer on instant loans through them?

They offer 1% cashback on an instant loan after the disbursement process.

Can I get a personal loans in 24 hours?

Yes, in under 5 minutes, you will get the personal loan at best interest rates with EaseMyDeal.