
5 TIPS TO NAIL PERSONAL LOAN APPROVAL
Posted by Creditkaro
Getting a personal loan approval back in the day was so
hard, that people had to find a relative who works in a bank or knows someone
who does, to get their personal loan approval. If you knew the branch manager
in a public sector bank, people would visit you with gifts and would do
anything to convince you to get their loan approved from the bank!
Today there is so much access in the digital world that it
takes a few minutes to get personal loan approval, you can do it at the comfort
of your home. The digital world sure has made our lives easy, but it has also
created a lot of confusion in the mind of the average Indian customer,
especially those people who are not used to dealing with banking websites on a
regular basis.
The real question is what do banks look for? What is it that
makes the bank secure about your financial status so that they can lend you a
lump sum amount for a long time? We thought we should solve the puzzle for you,
guess what! it is not all difficult! After reading today’s blog it’ll be a
child’s play for you to get an instant approval next time you visit a bank or a
website to get your loan sanctioned.
Most of the banks and financial institutions have a minimum
age criterion that you must fulfill to get your personal loan approval. This is
the most basic criteria and is mandatory so make sure you’re at least 21 years
old! The age cap is usually between 21 to 60 years in most of the banks.
Also Read:- Personal Loan For Self-Employed With No Income
Proof
You must have read this in our previous blogs, it is a fact
that maintaining a good credit score has always been a major factor to get loan
approvals, maintaining a good credit score gives assurance to the bank that you
have handled credit in the past and have the ability to pay back the loan on
time. The credit score ranges from 350 to 900 so, if you have a score more than
700 then you have a fair chance to apply for personal loans. If you want to
check your credit score for free, click here.
<a class="btn btn-info" href="https://www.creditkaro.com/credit-score">Check Free Credit Score</a>
Also Read:- IS Credit Score Necessary for
Personal Loan?
Applying for a loan to several lenders may portray a bad
picture about your credit worthiness. Lenders might get an idea that you are
credit hungry and have to depend on multiple loans for funds and will
eventually reject your application, moreover this will also result in a drop in
your credit score. Banks use this data for scrutiny, so you need to find the
most suitable lender according to your income and the interest rate before you apply for personal loan products. If you want to check out the best interest
rates in the market, click here.
In order to get a loan approval, it is important that you a
clean loan history. It is important that you pay off your existing loan on time
so that you do not face problem in the future. Also, you must not have any loan
history in the past 6 months as banks. It will hesitate to accept your
application as they will doubt your repaying abilities.
Last but not the least it is very important to choose the
loan amount wisely. Banks have their own methods of scrutinizing the income and
expected savings of the borrower. If it doesn’t match your loan requirement
then the banks will not accept your application. so make sure you have a clean
record before coming to any conclusions about the amount to be borrowed.
See! We told you it is not as difficult as you thought it
will be! If you follow the above criterion then you are good to go. If you want
us to do a blog on a topic of your choice. write to us and we might feature it
next week and give you a shout out! you can also readout about what happen if
you fail to pay back your loan.
Log on to CreditKaro.com
Click on ‘Personal Loan’ tab
Fill your personal details
Compare from the listed products
Once you find the product of your choice, click on ‘Apply’
<a class="btn btn-info" href="https://www.creditkaro.com/loan/personal-loan">Personal Loan Apply Online</a>
See! We told you it is not as difficult as you thought it
will be! If you follow the above criterion then you are good to go. If you want
us to do a blog on a topic of your choice, write to us and we might feature it
next week and give you a shout out!
Till then… happy buying!
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