An individual’s income and repayment capability are decisive factors to avail any credit facility. Consequently, any individual with a fair repayment capability and a stable source of income is usually deemed more creditworthy.
This is why, intending borrowers must make it a point to enhance their personal loan eligibility significantly to increase their chances of loan approval.
Tips that help to increase your personal eligibility
By following these tips, you would be able to improve your eligibility successfully –
1. Clear existing debt preferably on time
The best way to increase your personal loan eligibility is by maintaining a fair credit history. To achieve it, applicants must repay their existing debts and try to do so on the scheduled date.
2. Improve your credit score
Another way to achieve this is by increasing one’s credit score. Start with paying off your small unsecured debts and move on to the bigger ones. Eventually, it will not only help to increase your credit score but will further help secure a lower rate of interest.
3. Show a stable source of income
Individuals with a stable job and a substantial source of income are considered to possess a healthy repayment capacity. This directly creates a positive impression and makes them eligible for availing a personal loan.
4. Opt for a loan option with easy criteria and simple documentation
By choosing an NBFC that extends easy eligibility criteria to avail a loan, you would increase the chances of having your loan approved quickly. Similarly, make it a point to submit the essential documents to further back your application.
5. Do not apply for multiple loans at once
Additionally, applying for multiple loans at once projects a negative impression of the borrower. Also, NBFCs enquire with the credit bureau to check applicants’ creditworthiness, which tends to show applicants’ credit report. Eventually, it may lead to the rejection of their application.
Hence, by following these tips, individuals should try to increase their chance of availing a personal loan successfully. Further, they should use an efficient personal loan eligibility calculator to find the amount they are eligible for.
Tips that help to increase your personal eligibility
By following these tips, you would be able to improve your eligibility successfully –
1. Clear existing debt preferably on time
The best way to increase your personal loan eligibility is by maintaining a fair credit history. To achieve it, applicants must repay their existing debts and try to do so on the scheduled date.
2. Improve your credit score
Another way to achieve this is by increasing one’s credit score. Start with paying off your small unsecured debts and move on to the bigger ones. Eventually, it will not only help to increase your credit score but will further help secure a lower rate of interest.
3. Show a stable source of income
Individuals with a stable job and a substantial source of income are considered to possess a healthy repayment capacity. This directly creates a positive impression and makes them eligible for availing a personal loan.
4. Opt for a loan option with easy criteria and simple documentation
By choosing an NBFC that extends easy eligibility criteria to avail a loan, you would increase the chances of having your loan approved quickly. Similarly, make it a point to submit the essential documents to further back your application.
Get answers to your queries instantly related to personal loan, anytime and anywhere Contact Bajaj Finserv Customer Care.
