In today’s times, everyone has felt the need to opt for a loan at some point in their life, but it is often tricky because getting approval is different for each applicant. While it is up to the lender or the bank to once you apply for a personal loan and put in your application, there are ways you can strengthen your application and fast-track your loan process. Here are some quick tips to help you get loan approval at ease:
1. Do Your Research On Eligibility Criteria
Check the loan eligibility criteria of the lenders you apply for a personal loan. Following that criterion to the tee and ensuring that your documentation and application are precisely what you could do could help speed up your loan approval.
2. Check Your Credit History
If you have opted for loans in the past or even credit cards, check if your payments have always been on time. Timely and regular payments ensure that your CIBIL score stays higher, making you an ideal candidate for a loan. Your loan application could also be dismissed if you have missed or defaulted on some of your payments.
3. Check Your CIBIL Score Frequently
Remember to keep checking your CIBIL score, updated based on your payment activities. The higher the CIBIL score, the more your chances of getting loan approval and a fast-tracked application. Moreover, a higher CIBIL score can also help you get a higher loan amount and a discounted interest rate on a personal loan.
4. Keep Your Documents Ready
Nowadays, the entire loan process is online, so there is not much to worry about regarding paperwork. However, it is always best to check the list of documents the lender needs, like your proof of address, a bank statement, proof of income, etc., and keep them handy.
5. Make Your Loan Repayment Plan
With the help of a loan calculator, you can easily calculate your monthly EMIs and plan your monthly budget around these payments. This practice will also help you pay your loans on time and ensure that your CIBIL score stays higher and you never enter any lenders’ list of risky loan applicants.
Conclusion
While many personal loan products and lines of credit are readily available nowadays, you must avoid making multiple applications simultaneously as a safe practice. This could mean trouble when you must start repaying them, and missing the repayment date or cycle would make you a risky applicant.
If you want to find various personal loan products in one place, head to Finserv MARKETS. This will help you compare the benefits and features and opt for a lower interest rate. Remember always to have a repayment plan chalked out for the loan amount you need to ensure you are always ahead of your installments!
