Since it comes with end usage flexibility, you can finance a range of monetary needs using this credit tool. Having said that, you need to perfectly plan your loan application to obtain the loan easily. If you are doing it for the first time, you can follow the Personal Loan checklist and ensure quick approval and loan disbursal. Read on to know more…
1) Check your credit score
The first and the foremost part is to check your CIBIL score because everything depends on it. On an average, your score must be above 750. If it’s not, hold on your application and improve your creditworthiness before reapplying.
2) Compare the different schemes
Find out different Personal Loan schemes on the internet and compare them comprehensively. Jot down your requirements in advance and use it here, in this step, to compare your options.
3) Review the eligibility criterions of your prefered lender.
Find out your eligibility for the loan. There are two things you need to do for the same: (1) check the eligibility criterions of your prefered scheme and ensure you can qualify those. (2) Use the Personal Loan eligibility calculator to know your exact eligibility and the amount you can borrow.
4) Find out the feasibility using EMI calculator
Now to the most crucial thing - find out if you can afford the loan. The best way to find that out is by finding out if you can pay the resulting EMIs comfortably. A Loan calculator can be your best sidekick in the process.
5) Plan a repayment strategy in advance.
In the end, plan a repayment strategy in advance and submit it with your loan application. This will help the lender assess your repayment ability and will get the loan approved faster.