A personal loan an unsecured loan that assists the borrower to fund the professional and personal needs. Since the loan is unsecured, the lenders typically conduct thorough due diligence before offering this. Here are some tips to increase your chances of getting a personal loan, fitting into personal loan eligibility criteria:
Show the lenders that you have an adequate, stable source of income
If financial institutions see that you have substantial financial means to repay the debts, and then they will not reject your loan application. But if you don’t have the sufficient monthly income then the lenders will be hesitant to process your loan application. The minimum salary required to get a personal loan is in the range of Rs. 30,000-40,000 a month.
Maintain a good CIBIL score
CIBIL score of 750 or above indicates that you have a great repayment history and that you are financially responsible. A good score indicates that you can manage a new loan even if you are having previous loans. Maintain a good CIBIL score and if you are having a poor credit score than work on it before applying for a personal loan otherwise, the lender may reject your loan application. Before applying for a loan you may request your credit report and correct discrepancies if any. Check CIBIL score online
Service all of your existing loans
Any existing loans imply an existing expense. Most lenders offer you a loan based on your income after deducting the other commitments. Rationalize your existing loans to be eligible for a new personal loan.