The collateral-free nature of the personal loan makes creditors double cautious while approving the personal loan. It is because it is unsecured and is given on the basis of your creditworthiness.
If you are not earning a good income, then you may not be able to get a large loan amount.
However, if you can follow a few tips, then you can enjoy the low-income personal loan approval. Read on!
1. Maintain a higher credit score
If you can manage to pay your loan EMIs and other bills on time, then you can easily get the approval for the personal loan. Since the robust credit score is the mirror of your creditworthiness, it convinces the lenders that you can make timely EMI payments. A CIBIL score of 750 or more is what is considered ideal by lenders to award the loan approval fast.
2. Apply for a lower amount
If you are earning a lower income, then you should apply only for a smaller amount. It may convince the lender that you will make timely repayments. It is because the EMIs will be well within your budget to manage per month.
3. Opt for a longer tenure
If you want to get the approval for the low-income personal loan, then you should go for a longer tenure. It is because that will spread the loan cost and help you pay lower EMIs. In turn, you will find it affordable for your income level to manage smaller EMIs.
Other than these tips to get the approval for the low-income personal loan, you can also opt for a joint loan to enhance your eligibility.
Bajaj Finserv presents pre-approved personal loan offers on financial products like personal loan, home loans, and more. It can make your loan processing faster and hassle-free.
You can share your basic details like the name and mobile number to check your pre-approved loan offers today.
