5 TIPS TO NAIL PERSONAL LOAN APPROVAL
Getting a personal loan approval back in the day was sohard, that people had to find a relative who works in a bank or knows someonewho does, to get their personal loan approval. If you knew the branch managerin a public sector bank, people would visit you with gifts and would doanything to convince you to get their loan approved from the bank!
Today there is so much access in the digital world that ittakes a few minutes to get personal loan approval, you can do it at the comfortof your home. The digital world sure has made our lives easy, but it has alsocreated 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 aregular basis.
The real question is what do banks look for? What is it thatmakes the bank secure about your financial status so that they can lend you alump 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 achild’s play for you to get an instant approval next time you visit a bank or awebsite to get your loan sanctioned.
Most of the banks and financial institutions have a minimumage criterion that you must fulfill to get your personal loan approval. This isthe most basic criteria and is mandatory so make sure you’re at least 21 yearsold! The age cap is usually between 21 to 60 years in most of the banks.
Also Read:- Personal Loan For Self-Employed With No IncomeProof
You must have read this in our previous blogs, it is a factthat maintaining a good credit score has always been a major factor to get loanapprovals, maintaining a good credit score gives assurance to the bank that youhave handled credit in the past and have the ability to pay back the loan ontime. The credit score ranges from 350 to 900 so, if you have a score more than700 then you have a fair chance to apply for personal loans. If you want tocheck your credit score for free, click here.
Also Read:- IS Credit Score Necessary forPersonal Loan?
Applying for a loan to several lenders may portray a badpicture about your credit worthiness. Lenders might get an idea that you arecredit hungry and have to depend on multiple loans for funds and willeventually reject your application, moreover this will also result in a drop inyour credit score. Banks use this data for scrutiny, so you need to find themost 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 interestrates in the market, click here.
In order to get a loan approval, it is important that you aclean loan history. It is important that you pay off your existing loan on timeso that you do not face problem in the future. Also, you must not have any loanhistory in the past 6 months as banks. It will hesitate to accept yourapplication as they will doubt your repaying abilities.
Last but not the least it is very important to choose theloan amount wisely. Banks have their own methods of scrutinizing the income andexpected savings of the borrower. If it doesn’t match your loan requirementthen the banks will not accept your application. so make sure you have a cleanrecord before coming to any conclusions about the amount to be borrowed.
See! We told you it is not as difficult as you thought itwill be! If you follow the above criterion then you are good to go. If you wantus to do a blog on a topic of your choice. write to us and we might feature itnext week and give you a shout out! you can also readout about what happen ifyou fail to pay back your loan.
Steps to apply for personal 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’
See! We told you it is not as difficult as you thought itwill be! If you follow the above criterion then you are good to go. If you wantus to do a blog on a topic of your choice, write to us and we might feature itnext week and give you a shout out!
Till then… happy buying!