Ways To Improve Your Personal Loan Eligibility Faster
Availing a personal loan is comparatively more relaxed than other types of loans, which explains the popularity of such loans among the salaried and self-employed. Banks/NBFCs show a lot of flexibility when it comes to personal loans and asks for relevant and less documentation to make the loan processing a hassle-free process. Hence, must check your personal loan eligibility and documents before availing the loan. Despite being a simple process, a significant proportion of people do end up having their application rejected.
ways to be eligible:
To improve your chances to qualify for the personal loan, you need to consider below ways:
- Having a good credit score: The first thing a lender would assess during your personal loan eligibility phase would be your credit score. CIBIL score is usually between 300–900 and is determined based on your past transactions. Any rating more than 700 makes you eligible for personal loans, although there are top lenders who show flexibility in such criteria.
- Source of income: Banka/NBFCs do not ask for any collaterals during the application process but are particular about the source of income of the borrower. Hence you need to submit required income proof documents so that you do not have to worry about loan application rejection.
- Using EMI calculator: One of the best ways to assess your repayment phase is by using a personal loan online EMI calculator so that you could know the rates, monthly EMI and reach out to a lender who can approve your loan accordingly.
Conclusion:
Submitting relevant documents, providing strong references, having a good association with your lender are some of the other ways to boost your personal loan eligibility.
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