Blogs
How to get Personal Loan Approved 2021?
31 Mar 2019 | 3 min read
Applying For Personal Loan helps in getting the much-required credit during a financial crisis. It provides funds to meet your personal needs. Some may need extra funds for wedding purposes or for the education of a child or to finance any other expenses etc. In other words, it is a multi-purpose loan that allows you to use the amount on things that matter to you. Compared to other loans, personal loans have a shorter-term and more flexible monthly installment scheme.
Different lenders have a specific set of requirements for potential loan borrowers. Many personal loan applications get rejected as loan applicants are not able to fulfill the specific requirement criteria.
7 Best Tips to Get Your Personal Loan Approved.
1#. Check the loan eligibility criteria before applying
It’s essential to check whether you are able to meet the personal loan eligibility criteria of the lender you wish to borrow from. Most of the lenders require applicants to be in a particular age group, preferably between 21 and 65 years. Moreover, you must annually earn a minimum amount that is specified by the lender. Also, you should not have any outstanding defaults on loans or on any of your credit cards.
2#. Check your credit score
If you are not attentive of your credit score while applying for a personal loan, your loan application might get rejected. Obtain your credit report, so as to identify your credit score and rectify errors, if any. A decent credit score not only increases your chances of loan approval but also helps you grab an attractive interest rate.
3# Avoid multiple applications
Applying for a loan at numerous places is not a good idea. The probability of getting your loan application approved is less in such cases. Also, rejection of multiple loan applications will influence your credit score.
4#. Provide truthful information
Loan providers verify the information provided by you through supporting documents. They may possibly give you a call to verify your information personally. Therefore, you must provide factual information about your residential details, annual income, past loan repayments etc.
5#. Aim for a realistic loan amount
Often, many borrowers apply for an extremely huge amount and get rejected by the lender. It is crucial to recognize how much you need to borrow. Quick Apply for a Personal loan amount based on your capability to repay the amount. Most lenders conduct a check of your income and repayment ability before approving your loan. Thus, aim for a reasonable amount in order to avoid loan rejection.
Now, you can conveniently assess your personal loan eligibility or EMI using utility tools like personal loan eligibility calculator & personal loan EMI calculator at afinoz.com. The calculator will help you to determine your factual loan amount, EMI outflow every month including the interest rate you need to pay. Using the calculator at afinoz.com is free, easy and simple.
6#. Maintain work stability
Lending institutions require loan applicants to have a stable job history. Many lenders require the borrower to have at least two years of work experience in a particular job. Thus, avoid switching jobs frequently if you are planning to apply for a personal loan. Constancy in the job helps in assuring that you have a steady source of income.
7#. Documents Required For Personal Loan
- Income statements
- Latest Income-Tax Returns
- Salary slips and Form 16
- Bank statements
- Qualification proof or registration proof (for practicing doctors, architects, CA, CS, ICWA, MBA consultants, engineers)
- Credit report
- Age proof (Passport, Aadhaar, PAN, etc.)
- Address proof (Aadhaar, Passport, electricity bill, telephone bill, ration card, etc.)
- Photo identification proof (Aadhaar, Voter Id, PAN, Passport, driving license, etc.)
➯ Documents Required For Personal Loan
Conclusion
There are several aspects that lenders take into consideration, like the ability to repay, income, job stability, and credit score. Hence, it is important that you have appropriate knowledge about personal loan documentation process, eligibility criteria, repayment options, and other factors. A suitable understanding of such factors will lessen your risk of loan rejection. To avoid all the hassles, you can simply visit our online user-friendly portal Afinoz through which you can get the loan quickly. We, at Afinoz, ensure that you get the best offers, instant approval, lowest interest rates and easy disbursal of your loan. Be it any advice or help regarding the personal loan process, you can contact us at +91 120 411 0376 or email us at info@afinoz.com and we will be glad to help you. You will find that Afinoz is the greatest option to meet your needs. You will realize that Afinoz is not only here to help you through the difficult financial time you may be experiencing as of now, but also that we jointly set you on the path to a more stable financial future.