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How to Make Sure Your Personal Loan Application Gets Approved?
Posted on Thursday, June 30th, 2022 | By IndusInd Bank
A personal loan is an unsecured loan that does not require collateral to be offered up as a security to the credit institution that is providing a loan. The cash from this loan type usually comes in handy for meeting sudden, unforeseen financial emergencies. Requiring minimal documentation, a personal loan is fairly easy to apply for – an instant or paperless personal loan has made the application process even more hassle-free. But despite its ease of application, getting your loan application approved is not always a cakewalk. Here are six useful tips to make sure your personal loan application gets approved:
Make sure you meet the Eligibility Criteria
Though most of the eligibility criteria set by credit institutions or banks are common, there may also be a few eligibility requirements you may not meet. Before applying for a personal loan with the chosen lender, it is imperative to go through their eligibility criteria and make sure you fulfil the criteria to get an approval.
Maintain a Good Credit Score
Your credit score is a measure of your creditworthiness based on your income, assets, and previous credit and loan repayment history. Having a good credit score makes it easy to get a personal loan. The higher your credit score, the more reliable you are deemed, and the greater your chances of being approved for a personal loan.
Furnish Accurate Information
Furnish correct information regarding your income and expenses when applying for a personal loan. The lender can access your credit profile, which includes details of your bank transactions, assets, previously availed loans, IT returns, etc. So any incorrect information you provide may promptly lead to rejection of your application.
Do Not Apply with Multiple Lenders
It is wrong to assume that applying at multiple banks will increase your odds of obtaining a loan. On the contrary, multiple applications may prompt multiple rejections. Lenders can see your applications with other lenders, which leads them to assume that you are desperate, lack confidence, and may not be able to repay the loan on time.
Avoid Reapplying Too Soon
If, due to whatever reason, your personal loan application has been rejected once, avoid reapplying for another loan immediately. If waiting is possible, give yourself at least six months in the course of which you can work to meet the lenders’ eligibility criteria and improve your credit score before filing a fresh application.
Apply Online
To make it easy to apply for a personal loan, many banks have introduced paperless process. The new and improved application process is characterized by instant approval and swift disbursal of funds – very often, on the same day as the filing of the application.
Today, a personal loan is one of the best and safest ways to access funds. Thanks IndusInd Bank, you can get a personal loan without any hassles and enjoy a number of advantages such as flexible tenure and easy documentation. Additionally, a low interest rate and low processing fees make it one of the most customer-friendly personal loan offers on the market.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
