When you are faced with an urgent situation in some situations in life and need some cash, you can rely on an online personal loan to fund your needs. People with the required eligibility can get personal loan online up to Rs.25 lakh quickly.
You can get personal loan online super quick as it is an unsecured loan facility which is offered on the basis of your creditworthiness. Although the personal loan interest rate is a bit higher, it lets you enjoy quick approval and disbursement.
However, the biggest concern is availing the quick personal loan in India and its approval at the earliest. Hence, if you wanted to know some steps to get personal loans online, here is a quick post to help you out. Read on!
Easy steps to get approval for loan online
1) Monitor your CIBIL Score
The most crucial factor that a lender will check while processing your personal loan application is your CIBIL Score. It reflects your creditworthiness and shows your lender how well or poor you have managed your current and earlier loan accounts. Anything above 700-750 is taken as an excellent score to hand over a personal loan approval at a lower rate of interest. If you have not managed a better Credit Score, then you can improve it by paying loan EMIs and credit card bills on time. It will help you secure the personal loan approval without hassles. check CIBIL report before applying for a personal loan
2) Don’t change your job often
Would you like changing your jobs often to get some portion of a hike in your salary? You should stop doing that straight away! Lenders don’t consider borrowers safe who does not have a consistent employment record. Not having a healthy employment record means that the risk of loan defaults are more. Hence, have a job history of at least 1-3 years to get personal loans online approval.
3) Your age
Your age is another personal loan eligibility factor that lenders see while processing the loan application towards the approval. If you are a young borrower with more working years left, then you can get personal loan online approval quickly. Middle-aged and other borrowers’ loan may not be approved. Even if it is sanctioned, it may be at a higher interest rate.
4) Apply for a shorter tenor
Although opting for a shorter tenor means paying higher loan EMIs, but you may get a loan online without issues. It is because a lender may not see you as a risk. Also, it would be good for you to save extra interest payment on going with a longer tenor. And yes, you would be able to close the loan earlier and ward off the debt burden quickly.
5) Meet the lenders’ eligibility criteria
Some borrowers don’t check a lender’s eligibility conditions and apply for a personal loan to be rejected. Hence, it’s good to match the personal loan eligibility criteria of a lender to march on their way towards a loan approval. You can also use the personal loan eligibility calculator to check the loan eligibility before applying for the loan. This way, you may know the exact amount that you can borrow as per your income.
You can follow the discussed easy tricks to get the personal loan online approval without hitting roadblocks.
NBFCs like Bajaj Finserv offers pre-approved deals on personal loans, home loans, EMI finance, credit cards and more. It can help you minimize the loan formalities and get the loan approval faster.