Personal loans cater to a variety of financial needs. Here are some ways to increase your odds of getting your personal loan application approved:
Personal loans are one of the most popular loans on the market today. These are the funding support you can count on when you have planned or unplanned expenses such as higher education, travel, weddings, or medical emergencies. A recent survey found that most working Indians use personal loans to pay for large unexpected expenses.
you ran out
Monthly limit for free stories.
To read more,
Just register or sign in
Read on for Indian Express Premium Memberships starting at Rs 91 per month.
This premium article is free for now.
Subscribe to continue reading this story.
This content is for subscribers only.
Subscribe for unlimited access to exclusive and premium stories from The Indian Express.
This content is for subscribers only.
Subscribe now for unlimited access to exclusive and premium stories from The Indian Express.
Personal loans are an easy financing option as they are unsecured loans that can be obtained at attractive interest rates. In addition, the debtor is free to use the money as they see fit, such as paying medical bills, luxury vacations, and more. To avail a personal loan, you must meet certain eligibility criteria. Here is a list of factors that increase your chances of getting a personal loan.
How to increase your chances of getting a personal loan
- Ensure a good CIBIL score
A CIBIL score, commonly referred to as a credit score, is a measure of creditworthiness. Lenders typically require a score of at least 750 points to determine whether a borrower is in good financial standing. If you want to know how to get a personal loan quickly and easily, pay your bills timely, pay off your debts, stay within your credit card limit and maintain a good CIBIL score. please.
- Validate lender eligibility criteria
Many NBFCs are Online personal loan eligibility calculator. Determine the loan amount. Before zeroing down to a lender, make sure you meet the specified eligibility criteria and verify your loan eligibility. By doing this, you will not face the possibility of getting rejected when getting a personal loan due to your age, income or other parameters.
- Avoid Applying for Too Many Loans at the Same Time
To ensure you get a loan, you can apply for multiple loans from different institutions. Every loan application leads to a detailed review of your credit report, which can also affect your credit score. Leave a gap of at least six months between loan applications to increase your chances of approval That’s wise.
- Disclose all sources of income
Lenders look at income details and credit scores to assess the creditworthiness of borrowers. Therefore, we recommend that you disclose all sources of income in addition to your fixed monthly income to build a solid foundation of creditworthiness. This may include performance bonuses, rent from real estate, and other passive sources of income from investments.
- Apply with a co-applicant
Having a co-applicant definitely increases your chances. get a personal loan This is because the common service fee is taken into consideration. Having a co-applicant with a good credit score is equally important. It helps strengthen your creditworthiness and also improves your chances of getting a loan at a reasonable interest rate.
The Debt-to-Income (DTI) ratio is calculated by dividing your monthly debt by your total monthly income. This can indicate your ability to repay your debts. A high debt-to-income ratio can be a red flag for lenders and can make them less likely to get a loan. Must not exceed 40% of monthly income.
Whether you are applying for a personal loan to cover large expenses or incurring small expenses, keep the above factors in mind to increase your chances of getting your application approved. With Bajaj Finserv Personal Loan You Can Get Up To Rs. $35 million* with convenient tenure of up to 84 months and disbursement of funds within 24 hours. You can also enjoy the benefits of using the Bajaj Finserv Personal Loan EMI Calculator. Calculate Monthly EMIand repayment period. This makes it easier for you to manage your finances in a more efficient way. Visit his website at Bajaj Finserv and get your personal loan now.