3 Tips to Increase Your Personal Loan Eligibility
Are you looking to apply for the personal loan facility and cover your needs? If yes, then the first thing that you need to do is meet the personal loan eligibility criteria. It will help you improve your chances of getting the personal loan approval quickly and at a lower rate. Read on to know quick tips to improve your personal loan eligibility.
- Ensure to check your credit score before applying
Personal loans are unsecured, which means not submitting any collateral. Lenders see if you have required creditworthiness by checking the credit score. It lets your lenders know if you have managed to pay existing and earlier debts on time, defaults and more. You should be paying your credit card and other loan bills on time to have your cibil score higher. A credit score of 750 and more is considered the best.
2. Do not apply with many lenders at a time
You should not apply for a personal loan with many lenders at a time in the hope of getting the loan approval at least one. It makes you appear desperate for credit, and it makes a bad impression that you need more funds to cover your needs. If you don’t get approved for these loans, then your credit score goes for a toss. Hence, if you want to increase your personal loan eligibility criteria, then you should apply with only one lender.
3. Keep a gap of at least 6 months between loan applications
You should ensure to keep a gap of at least 6 months between loan applications. Hence, your lender may doubt your repayment capacity. If you don’t need funds urgently, then you should wait for at least 6 months before applying for a loan.
Implementing these tips will help your personal loan quickly and fund your needs.
Bajaj Finserv offers pre-approved deals on EMI finance, home loans, personal loans and more. It can simplify your loan deals and make it less time-consuming. You can explore your pre-approved loan deals now after sharing your basic details such as our name and contact number.
Reference: Increase Your Personal Loan Eligibility
