Money is required for a variety of planned and unexpected needs, such as a marriage, home improvement, higher education, vacation, medical emergency, or debt consolidation.
But if you’re not financially prepared for it, the expense may deplete your funds and potentially negatively impact your financial health. And that is where personal loans can help. To qualify for a personal loan, you must meet the lender’s eligibility requirements.
Here are 3 tips to help you improve your personal loan eligibility.
1. Reduce your other loans
Holding many loans on your head is financial suicide and a sure way to default. Banks will be careful about giving another loan to someone who is already troubled by previous installments. Before qualifying for a new personal loan, you should pay off your previous debts. A loan EMI calculator or a personal loan calculator helps determine how big of a financial hardship an additional loan would be.
2. Boost and Maintain Your Credit Score
Because personal loans are unsecured, lenders base their decision on your credit score. A CIBIL credit score of 700 or above might portray you as a reliable borrower who makes on-time payments. Furthermore, the loan repayment history of a Home Loan/Personal Loan with a strong track record over the previous 12 months might add substantial weight to age. Your chances of acceptance and receiving a larger loan amount grow dramatically.
3. Should not apply for multiple loans at same time
Lenders do a hard check with a credit bureau when you apply for a loan to determine your default risk. If you apply for many loans at the same time, each lender will make multiple hard queries on your credit report, lowering your credit score. They may reject your loan application if they regard you as a credit-hungry borrower. As a result, it is preferable to evaluate lenders beforehand and apply for the one that best meets your needs and personal loan eligibility.
Personal Loan Eligibility
Follow the basic eligibility criteria to get the instant personal loan:
Your age should be between 21 to 55 years to apply for a loan.
Getloanoffer provides personal loans starting at Rs. 12,000 per month, which are credited to your bank account. Your monthly or yearly income also influences the loan amount you will be approved for.
Apply for a loan if you have a zero cibil score or a good credit score. Your CIBIL score represents your repayment history and increases your chances of receiving a larger loan.
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