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 3 tips to guarantee you get approved for a personal loan
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3 tips to guarantee you get approved for a personal loan

Applying for a Personal Loan online has become a cake walk in today’s Internet era. However, the underlying question is, are you eligible to get the offer of your choice? Well, that is what we are going to look at today; 3 of the basic techniques that will help you land a personal offer of your choice.

#1 Your Income

If your monthly (take home) salary is well above 80,000 INR then you have a good chance of being eligible for a loan amount of 10 lakhs, sometimes more. Irrespective of the company you are working for, if your income can support the loan amount you require then, that increases your chances as well.

Remember, higher the income, higher will be the loan amount you are eligible for.

#2 Your Cibil Score

Having a neat repayment record be it for your loan or your credit card, ensures you have a great cibil score. This instills a lot of confidence in the lending institution that your chances of being delinquent is close to none, which makes it easy for them to approve your loan.

A cibil score of 750 and above is most welcome by banks.

#3 Stability

Your residence & company stability, i.e the number of years  you have stayed at your residence as well as your current experience in the organization where you presently work also weigh on your chances of getting approved.

A minimum of 1 year at your residence and at least 3 years in your current company is an ideal combination.  

So, you must be wondering, are these 3 aspects enough to get me my loan sanctioned?

No, it definitely isn’t.

Although these are the vital factors that determine vastly your chances of approval. Remember, that credit is always at the sole discretion of the bank, and the profile of no two individuals is ever the same. But, personal loan being an unsecured form of loan; there are certain specifications every bank puts forth. In turn, these need to be met by the applicants so as to get their loans sanctioned easily.

What’s more exciting is that, the several offers that you come across while searching for the ideal personal loan – these are mostly based on the aspects mentioned above – especially your income and the loan amount you are looking for.

Looking for more tips on getting the best deals on personal loans?

Get knowledge here.

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Priya Rai is a loan consultant.