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Take These Steps to Ensure Your Personal Loan Gets Approved

Author: Chinmay T Barot
by Chinmay T Barot
Posted: Oct 02, 2020

The urgent nature of financial needs makes it difficult to predict them. While you may have certain expenses planned, some personal needs may occur that require seeking loans. But fortunately, getting an instant personal loan in India is now quite possible with the introduction of the online mode of application. However, various factors can delay the approval process of your application. And such situations can be extremely frustrating, especially when you do not have time for delays. So, knowing the ways of making a faster exit can be helpful.

Uses of Personal Loans

A personal loan is an unsecured loan that you can take from a non-banking financial company (NBFC) or a bank. Because this is an unsecured loan, you do not need to secure a personal loan against an asset. But you do need to pay a higher interest rate as compared to other loans that involve some collateral.

You can avail of personal loans for a wide variety of personal financial needs. You may have a home renovation planned, need to arrange for marriage related expenses, want to buy any appliances, or have an emergency medical condition. A personal loan can cater to various such personal needs without the bank monitoring the use of the loan.

Steps for Easy Personal Loans in India

You can apply for personal loans using online personal loan apps or in-person by making a direct inquiry in the bank. The approval process of personal loans can be hassle-free if you are well prepared with the pre-requisites. So, you can check the below-mentioned steps.

  • Checking your personal loan eligibility is the first and foremost requirement. Different lenders will have different criteria. But the general criteria involves your occupation, age, income, residential address, and your repaying capacity. Not meeting the set criteria can lead to the termination of your application. Personal loans are disbursed to people belonging to the age group of 18 to 65 years. The net monthly income requirement may vary from Rs 15000 to Rs 30000. For salaried persons, a minimum of 1-year tenure in the current organization might be asked for.
  • CIBIL score is another important factor. A lot of applications do not find success due to the poor CIBIL score of the applicant. A credit score below 750 does not stand a chance for personal loans. So, do pay your existing dues before applying for a new loan.
  • Submitting the correct documents is another crucial factor for ensuring the approval of your loan. Document requirement varies across lenders. Residence proof, age proof, proof of nationality, Income Tax Returns or Form 16, and current employment details, including salary slips, are some of the common document requirements. However, many lenders provide personal loans without any documents. All they need is your credit score, bank statements, and personal details. So if you are trying to avail of an instant loan without documents, ensure that you have the details available.

Thus, you can get your loan approved if you stay prepared way ahead of the final application. Know the loan amount and rate of interests offered by different lenders, and then decide as per your requirement. Providing correct details during the application will help in expediting the verification process.

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Author: Chinmay T Barot

Chinmay T Barot

Member since: Sep 29, 2020
Published articles: 23

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