Are you an employed person who is looking to meet some urgent financial needs?
If yes, then you don’t need to liquidate your savings and assets. You can go for the easy unsecured personal loan facility and get up to Rs.25 lakh as per your eligibility.
But if you don’t know how to get a personal loan, then we are here with this guide.
Going through this post will help you consider some vital aspects to get loan approval. Read on!
- Maintain a good cibil score
The unsecured personal loan does not require you to submit any collateral to get the loan approval. The lender checks your creditworthiness by reviewing your cibil score. If it is 750 or more, then you may get the loan approval at a reduced rate. You can maintain a strong credit score by repaying your ongoing loan EMIs and credit card outstanding on time. You should also go through your credit report from time to time to check if there are any errors or wrong entries. If yes, then you should rectify it at the earliest so that your credit score improves quickly.
- Ensure meeting the basic eligibility criteria
The next thing if you want to know how to get personal loan approval is meeting the essential eligibility criteria. Many lenders may have different eligibility conditions. But the standard eligibility conditions for the unsecured personal loan are:
- Your age should be between 23-55 years.
- You should be a resident citizen of India.
- You need to be employed with n MNC, Private or a Public Limited Company
- KYC Documents.
- Employee ID Card.
- Last 2 months’ salary slips.
- Previous 3 months’ statement of the salaried account.
Other than these conditions, you can also check out the unsecured personal loan eligibility calculator. It is an online tool that is available on the website of your lender. You can use it and know how much loan amount you can get. Based on the result that you get, you can apply for the exact loan amount to get the approval swiftly.
- Do not apply with many lenders at a time
Many borrowers apply for the unsecured personal loan with numerous lenders at a time. It is to enhance their chances of loan approval if one declines it. But what they don’t know is that doing that can hurt their credit score and lead to rejections. Yes, every time you apply for a loan, the lender pulls up your cibil score while processing the application. It is considered a hard inquiry on your credit card, and it reduces your credit score by some points. Now if you apply for the loan with many lenders and if they pull your credit score, just imagine the beating your cibil score will take. Thus, always apply with one lender at a time. If your application gets rejected, don’t apply for the next loan for at least 6 months.
- Apply for an amount that you can repay
Many borrowers don’t consider the amount that they can repay before applying and instead apply for a large amount. Lenders reject such applications if they see that the applied amount is too much. They also reject if they see that the applicant won’t be able to make timely repayments. Thus, you should be sure of an amount that you can repay. You should calculate it after taking into account your other monthly outlays.
If you are an employed individual, then you can consider these factors before applying for the unsecured personal loan. This way, you will have more confidence while applying for the loan.
