Latest Posts

Everything You Need to Know About Third-Party Two-Wheeler Insurance Plans

In India, buying bike insurance is just another part of purchasing a bike. You cannot buy or ride a bike without having a valid...

Alterations That Can Affect Your Car Insurance Premium

Cars have a special place in the hearts of the majority of their buyers. It is their first car for some, while for a...

Flat Vs Plot Investment In India

Many people believe that investments made in real estate and gold securities can bring good fortune on rainy days. There are many benefits of...

Where do debt mutual funds invest their assets/money?

Debt mutual funds invest in debt instruments as per their investment mandate. There are different types of debt instruments that these mutual funds can...

What is the easiest way to get your loan approved?




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:

loan

1. Do Your Research On Eligibility Criteria

Check the loan eligibility criteria of the lenders with whom you apply for a personal loan. If you follow that criterion to the tee and ensure that your documentation and application are precisely what they need, it 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 on the higher side, making you an ideal candidate for a loan. If you have missed or defaulted on a couple of your payments, your loan application could just as easily be dismissed as well.

3. Check Your CIBIL Score Frequently

Remember to keep checking your CIBIL score as it is updated based on your payment activities. Higher the CIBIL score, more are your chances of getting loan approval and a fast-tracked application as well. 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 in terms of paperwork. However, it is always best to check the list of documents needed by the lender, 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 there are many personal loan products and lines of credit readily available nowadays, as a safe practice, you must avoid making multiple applications simultaneously. This could mean trouble when you have to start repaying them and missing the repayment date or cycle would make you a risky applicant.

You can head to Finserv MARKETS if you want to find various personal loan products in one place as it will help you compare the benefits and features and opt for one that has a lower rate of interest on personal loan. Remember always to have a repayment plan chalked out for the loan amount you need to ensure that you are always ahead of your installments!




Latest Posts

Everything You Need to Know About Third-Party Two-Wheeler Insurance Plans

In India, buying bike insurance is just another part of purchasing a bike. You cannot buy or ride a bike without having a valid...

Alterations That Can Affect Your Car Insurance Premium

Cars have a special place in the hearts of the majority of their buyers. It is their first car for some, while for a...

Flat Vs Plot Investment In India

Many people believe that investments made in real estate and gold securities can bring good fortune on rainy days. There are many benefits of...

Where do debt mutual funds invest their assets/money?

Debt mutual funds invest in debt instruments as per their investment mandate. There are different types of debt instruments that these mutual funds can...

Don't Miss

Your Bank and Business Financing – Reality Check

Business owners and managers want to compare equipment finance companies to their banks. For a good reason, a bank is a company's first reference...

Diversify Your Business Finance

The Government has announced a new initiative to help diversify business finance; UK industry experts will lead from both the business and finance sectors....

Merits and Demerits of Equity Finance

Equity finance means the owner owns funds and finance. Usually, small-scale businesses such as partnerships and sole proprietorships are operated by their owners through...

Choices in Finance Education

The finance industry offers a plethora of options to students wanting to join the finance profession. Today's finance profession is not limited to just...

Understand How Owner Financing Works In Order To Sell Your House Quickly

Wondering how does owner financing works and how to use owner financing to sell your house quickly? The following insider information will reveal secrets...

Stay in touch

To be updated with all the latest news, offers and special announcements.