Tips to Boost your Chances of Getting Fast Approval for a Personal Loan
According to a Forbes India report, unsecured finance for the financial year 2018 amounted to Rs.5,76,600 crore or $82 billion, showing the huge popularity of credits like a personal loan. This rising popularity is a consequence of numerous benefits of instant personal loans like no end-use restriction, easy repayment tenor etc. Nevertheless, customers have to qualify through the eligibility conditions first so that they can avail a fast personal loan.
Must Read: Top 5 High-Cost Mistakes To Avoid When Getting A Personal Loan?
Here are some tips that individuals need to follow to better their chances of approval for a loan application –
Tips for fast approval of a personal loan
- Improve CIBIL score
Since personal loans are unsecured, financial institutions are strict with the eligibility conditions. Applicants need to have a decent CIBIL score of 750 and above for approval. Individuals having a CIBIL score below this range may face difficulties when having their personal loan application approved.
- Provide proof of income from stable sources
Since financial companies offer fast personal loans to customers who are a salaried employee of an MNC, private, or public firm, providing proof of income in support of the application is a must.
Also, the loan offered to a customer depends upon their monthly income. Hence, they should be able to show proof of income from all reliable sources to boost the chances of availing credits.
- Apply with a co-applicant in case of lower salary or poor credit score
In case a customer has low monthly income or a poor credit score, opting for personal loans with a co-applicant can help them seek approval. However, the co-applicant needs to have a decent CIBIL score and credit history along with substantial monthly income.
- Check debt to income ratio
Financial companies check the debt to income ratio of an applicant to estimate repayment capability for the loan. Keeping a low ratio will result in improved chances of personal loan approval.
Subsequently, customers can seek an instant paperless loan by adhering to these points and boost chances of approval.
Must Read: GETTING FAST APPROVAL FOR A PERSONAL LOAN
