An instant personal loan for students is among the top-notch financial solutions. It is better than conventional education loans because you can avail of a large amount without any end usage restrictions.
Anyone having a higher CIBIL score can enjoy a low interest personal loan. In turn, it can help borrowers to repay lower EMIs and save big. But, a personal loan for CIBIL defaulter may be available at a higher interest rate.
One can also check the personal loan eligibility by using the eligibility calculator and know an amount that they can avail of.
Let’s know quick steps that can help you get faster loan approvals in this post!
- Maintain a higher CIBIL score
If your credit score is higher, it means that you have repaid earlier loans and other bills on time. It also means that you can be relied upon for timely repayments even for future loans. A credit score of 750 or more is considered best for quick and low interest personal loan approval.
2. Keep your debt to income ratio lower
If your debt to income ratio is lower, you can enjoy a reduced rate of interest on personal student loans. You can do that by lessening your debt burden by paying 1-2 loans. By showcasing that your income can support the upcoming loan EMIs, you can get quick loan approvals.
3. Ensure meeting lender’s eligibility norms
By meeting the personal loan eligibility criteria of your lender, you can also show that you are the right loan customer. In turn, your loan application may be approved faster.
4. Use your past relationship with the lender
If you have had an earlier relationship with the lender, you should apply for an instant personal loan for students with it. This way, it may sanction your loan request faster. Why? It is because the loan provider is well aware of your financial standing.
Bajaj Finserv offers pre-approved offers on personal loans, home loans and more. It is to simplify the processing of the loan.
You can check out your pre-approved loan offers today after sharing your basic details such as your name and mobile number.