Availing a personal loan is the most preferred way to manage instant funds. Personal loans are no-qualms loans. You do not have to provide any collateral as a form of guarantee. Also, they can be availed for any personal reasons, which makes their application and processing much more easier than other types of loans.
If you are wondering how to get a personal loan, below mentioned are few tips that can help improve your chances-
Before looking for any personal loan provider, make sure you assess your loan requirements. Have a clear goal about the total amount that needs to be availed as a personal loan. Weigh all your financial options and determine if availing a personal loan is an absolute necessity or not.
A CIBIL score is a three-digit number between the ranges of 300-900. This score is calculated based on the borrower’s past credit history. Generally, a score of 700 and above is considered as a good credit score. Your CIBIL score plays an important role when applying for a personal loan. Since most personal loans are unsecured in nature, the risk is more on the loan provider’s part. As a result, loan providers prefer borrowers with a good credit and CIBIL score. A good credit score of the borrower gives them an assurance that the borrower would not default on the EMI payments. Hence, it is important that you improve your CIBIL score before applying for a personal loan.
If you already have existing debts to your name, a personal loan provider might feel reluctant to grant you a new loan. Existing debts also paint a negative picture about you, making you seem incapable of managing funds to repay your debts. Thus, in order to avoid that from happening, make sure you clear any existing debt from your past financial transactions, before applying for a personal loan. Doing this will not only help lessen your financial strain but also dispense a positive impact on improving your credit score.
These days, there are many personal loan providers in the market. Thus, as a borrower, you have many loan options to choose from. Many of these personal loan providers have a strong online presence. You can visit their websites and check out the different features and benefits displayed on their website that lets you apply for quick personal loans. Make sure that you thoroughly research and explore your options with these loan providers before making a decision. Factors like interest rates, loan tenure, and EMI payments must all be considered while deciding on a personal loan provider.
Apart from the credit score, several other parameters determine your eligibility for a personal loan. However, different loan providers have different eligibility criteria for granting a personal loan. For instance, to qualify for the Bajaj Finserv Personal Loan, you have to fulfill the following eligibility criteria-
A lot of personal loan providers offer online eligibility & EMI calculators for their personal loans. You can use these online tools to determine your eligibility for availing a loan with them.
A major point to consider while applying for a personal loan is to take care of your repayment options. In order to ensure that you do not default on any of your EMI payment, make sure that you have a steady source of income for every month. This steady source of income can also help avoid causing any strain on your monthly finances. A proof of a steady income source also helps assure the loan provider that you are capable of managing funds and would not have any trouble repaying them. Thus, whether salaried or self-employed, make sure that you have a financial arrangement that assures a monthly source of credit to your account.
The chances of getting your personal loan approved increases when you have a co-signer. Having a co-signer improves your creditworthiness. This is because along with you, the credit score of a co-signer also comes into the picture. Thus, even if your credit score is weak for you to individually apply for a personal loan, attaching your co-signer’s credit score can help boost your chances. Having a co-signer also provides an advantage when it comes to making a loan repayment. The added income of your co-signer can help take the load-off on the EMI amount. You can ask either of your parents, your spouse, or any close-friend to be your co-signer.
Finserv Markets is a one-stop destination for all your financial requirements. Avail instant, easy personal loans at attractive interest rates with minimal documentation. Choose the Hybrid-Flexi Personal Loan facility and enjoy principle holiday tenure, flexible part-payments and unlimited withdrawals on your Bajaj Finserv Personal Loan. For more details on your personal loan options, visit Finserv Markets today!
Finserv Markets, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!