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How You can Increase Your Chances of Getting a Personal Loan

Taking a loan can make sense when you can comfortably afford the repayments for the duration of a loan term. Personal loan interest rates are fixed, meaning they can’t change over time like credit card rates. This means your monthly payments will be the same each month until the loan is paid off, making it easier to keep track of your payments. However, to get a loan you need to fulfil the criteria set by the lender. Numerous banks and financial institutions look at factors like credit history, credit score, income and sometimes employment to determine the creditworthiness of the borrower. So, here are a few tips that will help boost your chances of qualifying for a personal loan.

 

  1. Make Sure Your Fit In The Eligibility Criteria

All banks and financial institutions have a set of eligibility criteria that needs to be fulfilled by the borrowers. Different lenders run a check with the applicant’s age, income level, employment type details, etc. to determine their creditworthiness. Checking that you fulfil all the personal loan eligibility criteria is the first important step and it makes the loan application process smoother and faster.

  1. Check Your CIBIL Score

Your CIBIL report keeps a track of your past repayment on loans and credit cards. Lenders run a check through your past credit history along with your present activity to determine your loan repayment intent in the future. Your credit score is an important factor to be considered when availing a loan. The lenders make the final decision based on your CIBIL Score. If you have a low CIBIL Score your loan application might get rejected or you may be charged with a high-interest rate on the loan. With a good CIBIL Score the lender gets convinced that you will be able to repay the loan on time. Hence your loan has higher chances of getting approved.

  1. Browse All Available Loan Options

It’s best to do your research and look at other options available. Avoid moving ahead with the first available choice due to the dire need for funds. With a whole range of financial players flooding the market, chances are that you might miss out on the best offers if you apply without comparing your options.

  1. Your Loan Tenure

Most of us think that opting for longer repayment tenures will be beneficial as it would lead to lower EMI amounts which would be affordable. What we overlook is that by opting for longer tenure the borrower ends up paying more in terms of interest charges. If you go for a short tenure your EMI amount is automatically spiked. So, finding the right balance in terms of tenure is what you need to look for.

  1. The Purpose of The Loan

It's best to take a loan when you actually need it. Personal loans are an easy way to avail instant cash. But keep in mind these are debt that needs to be paid off. So, you need to avoid temptations at all costs, by putting the money to good use. You can use the loan amount to clear your outstanding bill and other payments. If you fail to make your loan repayments on time you will have to face severe consequences on your CIBIL Score. Thus, you need to be well aware of your finances and the capability of repaying the loan in a timely manner.

  1. Multiple Loan Applications

When you're planning to get a loan, you'll probably apply for several loans to compare terms and see which lender will offer the highest loan amount and the best interest rate. However, too many hard inquiries will affect negatively on your credit score. While multiple loan applications can be treated as a single inquiry in your credit score, these single inquiries can cause your credit score to drop. Hence, it is advisable to avoid applying for multiple loan applications.

Lastly, find the right lender that understands your financial requirements. You can get a loan at Finserv MARKETS to meet a wide range of financial requirements. With Bajaj Finserv Personal loan, you get flexible repayment tenure with easy access to EMIs over a period of 12-60 months. There are no hidden charges on your loan and you can easily access your loan account anytime, anywhere. Their hassle-free online application process with minimal documentation of loan makes it an ideal choice for getting a loan.

With personalized pre-approved offers, instant approvals, and quick disbursal of loan, on the Finserv MARKETS App, you can get the most attractive interest rates on loans. By applying for a Bajaj Finserv Personal loan you can check your CIBIL Score for free and also obtain a Financial Health Check Report (FHCR). Also, there is an EMI calculator, that gives you the exact monthly outflow of your EMI amount, which makes your loan repayment much easier.

 

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.”