A personal loan is one of the most popular loan options that these days borrowers consider during their financial needs. There are so many perks and benefits that you are going to get from a personal loan.
The best benefit of a personal loan is that you can use it in any way you want. Whether you want to use it to fund your child’s education or manage your family’s medical expenses, you can utilize a personal loan in the best way possible.
But there are some specific things that you need to follow if you want your loan to get approved. Upon doing these things, your loan request will have a higher chance of getting approved.
Add a Co-Borrower
It is always a good idea to add a co-borrower while applying for a personal loan. You have the option to either add your parents or your spouse as a co-borrower. This will be very beneficial if you fall short of meeting the income criteria of the lender to get the personal loan. Moreover, adding a co-borrower would also be beneficial and effective if you do not have enough credit scores.
Mention all the Income Sources
It is very important to let the lender know about your income sources. It enhances your chance of getting your loan approved. Besides your main job, you could be doing several side hustles. Or you could also have other income sources like bank interest or share trading.
You need to tell your bank about each of the income sources. This is how you could increase your chance of getting a loan request approved. This is surely going to be very beneficial and advantageous for you.
Choose a Longer Loan Period
Opting for a longer loan repayment period is always better if you do not have a higher income. This way, you would have more time to repay the loan. But you will also have to pay more money in the form of interest.
You should consider this aspect before choosing a longer loan repayment. Upon doing this, you would also be able to reduce your financial burden to a great extent. For example, if you want a Bajaj Finserv personal loan, choose a longer loan repayment period.
Always Provide the Right Information
It is always essential for you to provide the right information about yourself. The lender or bank asks you for various details, such as your address and income. It is always best to provide them with authentic information so that your chance of getting a loan application approved is higher. Moreover, it is also essential for you to keep all the required documents ready. This is also going to be easy and effective for you.
If you follow all the above aspects, you can certainly increase your chances of getting a personal loan approved. In this regard, you would benefit from finding a personal loan agent. The professional will give you the right guidance, help and advice.
Important Factors Considered By Banks Before Lending Money To Salaried Professionals
- Credit Score
- Current Income
- Employment History
- Repayment History
- Amount of Loan
- Purpose of the Loan
- Surplus Income
Personal loan eligibility is determined by several critical factors. You need to keep all the points mentioned above in mind to improve your chances of getting a personal loan at a lower rate of interest. Apart from these, banks also consider the length of the relationship the applicant has had with their institution. If you have maintained a good reputation with your bank and maintained a healthy bank balance, chances of your loan getting approved become higher. Once you secure your loan, make sure to make your payments on time, so the next time that you decide to apply for a loan, your b will approve it readily.https://kwirmedia.com/dark-chocolate-is-healthy-for-heart-dark-chocolate/
If you are looking for an instant personal low with minimal documentation and formalities, there are several alternatives to banks as well. PaySense is a financial lender that offers online personal loans up to Rs. 5,00,000 without any collateral or a high credit score. If you are a self-employed individual, you must earn a minimum of Rs. 15,000 and if you are a salaried professional, you must have a monthly income of Rs. 12,000. Plus, you must be a citizen and resident of India, in addition to being between 21 years and 60 years of age and have an active bank account.