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. 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.
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 interest rate 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!