Here are the tips that can improve your chances of getting approved for Online Personal Loan
A Personal Loan can be of immense importance in an individual’s life. Be it for hosting a wedding, paying unexpected medical bills, expanding a business, or even planning a quick getaway, a Personal Loan can be used to fulfil a whole bunch of needs.
Lots of people are skeptical about borrowing money, but the fact that temporarily borrowed finance helps protect savings while allowing people to enjoy the things they want might sway convince them to see Personal Loans in a new light. In today’s day and age, taking a Personal Loan is much easier and more accessible. Aspiring borrowers can complete the entire Personal Loan application online at attractive interest rates when they apply through websites of new-age fintech institutions like Poonawalla Fincorp.
People might need a Personal Loan for different reasons but are apprehensive about applying for one. Doubts regarding the application procedure and anxiety about whether the loan will be approved keep often keep them from enjoying its benefits. Many individuals have also faced rejection when applying for a loan.
Nevertheless, fret not. We are here to solve all your problems with Personal Loans. Let us guide you through the process and offer tips on increasing your chances of getting an online Personal Loan.
Eligibility Criteria for a Personal Loan
The first and foremost step in applying for a Personal Loan is understanding whether you meet the eligibility criteria. It varies depending upon the amount you wish to avail of from a Personal Loan. Below are the eligibility standards:
- For a salaried employee, the age limit for a Personal Loan is 22-58 years.
- A salaried employee should have a minimum income of ₹20k/month to get an online Personal Loan.
- A salaried person should have a minimum of 1 year of work experience to be eligible for a Personal Loan.
Here are the steps to apply for an online Personal Loan.
- You must register on the online portal of Poonawalla Fincorp by clicking on ‘apply now’.
- You will then fill in your details.
- After that, provide the required documentation, including your identity proof, address proof, etc., and upload.
- Select Personal Loan.
- Officials will review your application and upon verification of details, approve the loan quickly.
- Finally, the loan will be transferred straight to your account.
Top Tips to Enhance your Chances of Receiving a Personal Loan
Let us now look at the various factors that determine if a borrower gets a Personal Loan and how to use a personal loan interest calculator.
- A good Credit Score – Maintaining a Credit Score of 750 and above is a must for anyone looking to get a Personal Loan of their choice. A good score is a testament to your creditworthiness and responsibility when it comes to financial decisions. It is a numerical value that suggests how likely and how soon you will be able to pay back the loan amount.
- Experience in your Field – If you’re a salaried employee, experience counts. With a good amount of experience, you are more likely to get approved for a Personal Loan at a better interest rate.
Debt-to-Income Ratio – The debt-to-income ratio is the amount of debt you owe divided by your income. A higher ratio means that you have more debt and might not be able to afford any new loans, while a lower ratio gives the assurance that you can manage new debts and are capable of paying them back. Therefore, keep a low debt-to-income ratio if you want to procure a Personal Loan of your choice.