Easy Tips to Improve Your Chances of Getting a Fast Personal Loan
Whether you’re faced with an emergency or are looking for quick funding to address an unforeseen expense, a personal loan is arguably among the best options.
This is mainly because the offering is sanctioned faster than secured loans owing to its collateral-free nature.
Further, apart from tackling emergencies, Personal loan solutions are beneficial when you’re looking to finance big-ticket expenses such as your child’s overseas education or a dream vacation abroad.
Nevertheless, the key to securing instant financing is to meet your preferred lender’s eligibility criteria.
So, if you’re looking forward to a personal loan, make use of these easy tips to improve your eligibility.
Maintain a High Credit Score
Having a good credit score, ideally over 750, greatly improves your chances of getting quick approval.
This is because an excellent score tells lenders that you are a responsible borrower.
In fact, a high credit score not only expedites access to funding but also helps you avail the same on favorable terms.
In contrast, a low or subpar credit score deprives you of special benefits and may even cause your application to be rejected.
Keep Your Debt-to-Income (DTI) Ratio in Check
Your debt-to-income ratio determines your capacity to borrow and so, your goal should be to ensure that your total outgo towards debt does not exceed 40% of your monthly income.
Further, the lower your DTI ratio, the more likely you are to get a fast personal loan as lenders are assured of the fact that you have ample income for timely repayment.
To bring down your DTI ratio, pay off outstanding dues as soon as possible and look for additional sources of income.
Maintain a Gap Between Loan Applications
When you apply for a loan, your lender assesses your credit history.
During the process, a hard inquiry is made into your credit report and this lowers your credit score by 3–4 points.
Thus, making multiple applications within a short period of time lowers your score by a fair amount.
Also, making multiple loan applications in a hurry may cause you to be seen as overly dependent on credit and this could be a red flag for lenders.
To avoid this, use a loan eligibility calculator and apply only for one that you’re sure of qualifying for.
Pick a Lender With Easy Eligibility Criteria
You can increase your chances of getting a fast personal loan by handpicking a lender that offers funding on simple terms.
To this end, consider opting for the Loan as it has simple personal loan eligibility criteria and minimal documentation requirements.
To qualify you must be a resident of India, aged between 23 and 55 years, with a stable income.
Once you qualify for a loan from Bajaj Finserv, you can get approved for a collateral-free sanction of up to Rs.25 lakh and can repay the same over a flexible personal loan tenor of up to 60 months.
You can also opt for the Flexi personal loan facility for added ease.
The feature allows you to borrow funds from your sanction multiple times, as required while paying interest only on the amount withdrawn.
With it, you can also lower your EMIs by up to 45%.
In a nutshell, you can greatly improve your chances of getting a fast personal loan when you employ these tips.
As you implement them, remember that the instant financing solution offered by Bajaj Finserv is immensely beneficial as you can get your application approved within 5 minutes.
Further, on approval, the loan amount is disbursed to your bank account in just 24 hours.
To avail this loan on customized terms once your eligibility is immaculate, check your pre-approved personal loan offer.
It extends hassle-free, speedy financing that’s tailored to your needs.
Category: Loans
