How to get Personal Loan approved easily
A personal loan is an unsecured loan which is utilized to meet “All-Purpose” requirements.
It consists of meeting your current financial needs like medical expenses, wedding expenses, home renovation expenses, traveling expenses, credit card bills, buying gadgets, etc.
A loan application process can get delayed or rejected, if your credit score doesn’t meet the bank’s requirement. The loan approval process can also be delayed,
- If all the required documents are not submitted.
- If you don’t qualify for the minimum income requirements.
- If you don’t qualify for the employment requirements.
- If you don’t check whether the bank allows the loan to be used for everything or not. Because not all the banks allow the personal loan to be used for everything, so it’s better to mention for what purpose you want the loan.
- If your details are incorrect. It is a must-do activity to check all the details correctly before clicking the submit button or submitting the application offline, otherwise, your loan application will get rejected.
Following Are The Ways To Get The Personal Loan Approved Easily
Meet Eligibility Criteria
Before applying for the loan, please see if all the eligibility criteria are met by you or not. The eligibility criteria are based on age, income, employment, location, credit score, etc.
The age of the salaried employee should be between 21-60 years and so on, Make sure you met each and every criteria before you apply for the loan.
The criteria’s are different for a self-employed individual and a salaried individual Read our detailed guide for the personal loan to know more about eligibility criteria in detail.
personal loan to know more about eligibility criteria in detail.
Maintain A Good Credit Score
A good credit score is of utmost importance for getting the personal loan quickly. A credit score is based on
- The payment history of the existing loan.
- How well you have utilized your credit as compared to credit limit in the past. You should use only up to 40% of your credit limit. If you don’t do this then your credit score will get affected and as a result, it will go down.
- How well you have handled the payments of both secured and unsecured loans in the past on time.
- On the number of the basis of your application being accepted. If the lenders in the past rejected your loan application, then this will really affect your credit score.
A credit score is given from the range of 300-900. The loan will be only approved if the score is greater than 700. Generally, the greater the score, the good chance of getting the loan with many benefits like low-interest rates is possible.
Don’t Apply For The New Loan Before Clearing a pending Loans
If you already have so many loans, then generally the lenders reject your loan application. You should not have a loan in your credit history report for at least 6 months before you apply for the new loan application.
Be Prepared With Documents Required to Get a Loan
Be ready with all the documents that will be asked by the bank. If you forget to submit even one document, then your loan approval process will be halted which will lead in delaying of getting the loan amount from the lender.
Be Reasonable While Deciding Required The Loan Amount
Approval of the loan amount is depended on your income statement. If your repayment capacity is less as compared to the loan you asked for, then there are chances of your loan application getting rejected by the lenders.
So it is very much necessary to analyze your repayment capacity before applying for the loan.
Do Not Send Out Multiple Loan Applications
If you send multiple applications then that will affect your credit score. Because the number of times your application is rejected, your credit score will go down. Also, the banks will be suspicious whether you will select their bank or another bank, thus this will lead to rejection of your loan application.
Make A Perfect Application With LoansXpert
The loan approval process can be complicated if you go by doing it by yourself. So, LoansXpert has a team of experts that will help you in getting the loan with a low-interest rate very easily and quickly.
To get the personal loan easily you have to have a good credit score, repayment history, and good financial planning. Also just don’t go rushing in applying for the loan, do check the eligibility criteria and keep all the required documents ready.
Apply only for the loan amount that will qualify your repayment capacity and have at least 6 months gap before applying for a new loan. Also, be patient and don’t apply to multiple lenders at a time as it will only increase the chances of your application getting rejected.