Boost Your Personal Loan Approval Chances During the Pandemic

Ways to Boost Your Personal Loan Approval Chances During the Pandemic

23 Jul 2020
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With the current pandemic outbreak being an ever-present feature of our current reality, it is more important than ever to be financially prepared. This is particularly true if you are planning to apply for a personal loan  to meet your current requirements or any needs that may arise in the future. To that end, you can consider availing an easy, secure and efficient personal loan, such as the ones available on Finserv MARKETS.

However, you will need to make sure that the loan approval comes through without a fuss. Which is why you will be pleased to know that boosting your chances for loan approval can be much simpler than you think.

Simple Ways to Improve your Personal Loan Approval Chances During the Pandemic

1. Build and Regularly Check Your CIBIL Score

Even in the midst of a pandemic, your credit score remains one of the most essential factors that determine the likelihood of you getting the personal loan of your choice. It is a direct reflection of your past credit worthiness and is utilised by potential lenders to review your credit history.

Therefore, it is important that you keep working on building and improving your credit score at every opportunity that you can. This means being financially diligent and paying off any existing debts and credit card bills in a timely manner. You can also assess your chances by keeping a close eye on your credit score. You can achieve this by checking your CIBIL score for free on the Finserv MARKETS platform, where you can also avail loans at lucrative personal loan interest rates.  

2. Space Out your Loan Applications

There are a number of loan products and personal loan interest rates in the market today. However, when seeking out personal loans, certain borrowers can often misjudge the impact that simultaneously applying for multiple loans can have on their chances of approval.

Loan applications, whether approved or not, make up a crucial part of the information that is received by any prospective lender to whom you might be applying. Several loan applications within a short amount of time can cast your credit worthiness in a bad light to a prospective lender. Hence, it is recommended that you have a gap of at least 6 months between successive loan applications. If your personal loan is not urgent in nature, this patience will certainly bear fruit in the long term.

3. Plan Out Your Loans Thoroughly

Even in these uncertain times, a little bit of extra planning can help secure your finances and boost your chances of getting a personal loan approved. Firstly, it helps to do a fair share of research and then find a lender that offers competitive personal loan interest rates. Secondly, it is vital to choose an appropriate tenure based on factors such as your repayment capability over the next few years as well as the interest payouts that you are willing to pay.

That is why availing personal loans available on the Finserv MARKETS platform is a popular option for borrowers today. Not only do they offer loans at some of the best personal loan interest rates in the market but also help you to calculate your ideal EMI and tenure on their online calculator. 

4. Keep Your Debt-to-Income Ratio in Check

Since the pandemic outbreak has brought with it a sense of instability, it is prudent to keep a tighter rein than ever on your finances. When it comes to applying for and paying off personal loans, this means keeping a definite debt-to-income ratio in mind. A debt-to-income ratio is all your monthly debts divided by your gross monthly income, and should be kept as low as possible. 

By most accounts, it is recommended that you spend about 40% of your overall income in paying your EMIs, such as for personal loans. To make future debt payments possible as well as to keep your credit score in check, make sure that this ratio is adhered to at all times.

While all of these tips can help you improve your chances of securing the personal loan you desire, you must make sure that you meet its eligibility criteria. But most importantly, make sure to avail a personal loan from a trusted lender and on  the right platform. To that end, the personal loans available on Finserv MARKETS are an ideal choice. The platform has more than 100 million trusted clients across the country and offers several useful benefits such flexible tenures, no collateral requirements and super-fast online loan processing.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition -- Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.