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Want To Get Approved For Personal Loan Scheme? Follow 5 Easy Tips

· personal loan

Personal loans are unsecured financial tools offered by financial institutes and NBFCs without pledging any asset. If one possesses a healthy credit score, stable source of income and a good repayment track record – one can procure a personal loan easily from the preferred lender.

 

However, to make availing loans a hassle-free process, follow these 5 essential tips –

1. Make sure you meet the lender’s eligibility criteria

To apply for a loan, the borrower –

  • Needs to be an Indian citizen.

  • It should be between 23 and 55 years of age.

  • Must be a salaried professional at any MNC, public or private company. For a self-employed individual, one needs to have a stable source of income with proof of business.

2. Do not apply for a personal loan from multiple lenders at once

Multiple loan applications deem the applicant a credit-hungry individual and thus, reduces his/her credit score. As such, lenders consider such individuals as risky prospects as borrowers.

3. Maintain a healthy CIBIL score

A credit score around or above 750 improves your chances of availing a personal loan. The score reflects your repayment ability and makes you more eligible to avail a loan.

4. Borrow as per your capacity

Always apply for a loan amount as per your current monthly income. You must plan your finances and make sure you do not default on your payments. Use a personal loan calculator to calculate the monthly payments before applying for the loan.

5. Do not apply for a loan while paying off another

Avoid applying for a loan while you are still repaying an on-going one. Plus, make sure you have not obtained any other form of credit in the past 6 months or so.

Follow these tips to easily get your loan approved by prominent financial lenders.

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