“Taking a Personal Loan for home improvement is easy.” Though it actually isn’t that easy as it looks. The approval for a Home Improvement Loan depends completely on the creditworthiness of the applicant. Hence, if you are planning to avail the needed cash from a loan, below are some tips that will help you get faster approval.
1) Choose a lender with easy eligibility criteria: Choose a loan scheme with easy eligibility criterion. Find something easily accessible in the first place. Having said that, don’t compromise with other necessities of the loan. Find different schemes on the internet and compare the Personal Loan interest rate for different schemes. Check other essential factors such as repayment tenor available and the flexibility.
2) Maintain a good CIBIL score: As said in the above paragraph, the approval for a Personal Loan depends on the creditworthiness of the applicant. The creditworthiness of a person is subject to their CIBIL score and their debt-repayment history. A person with a good CIBIL score (anything above 750) along with an equally unblemished credit history has a higher worthiness for a loan and vice versa. Therefore, get your credit score checked and ensure it’s up to the mark.
3) Ensure a low debt-burden: Last but not the least, a person already having multiple loans in their name tend to have higher liabilities. This, in other words also mean the person has a very high debt-burden ratio; which isn’t a good sign if you are planning on a fresh credit.
In the end, check the various plans like flexi Personal Loan and home loan for improvement before signing the agreement.