Personal loans are unsecured and thus it becomes important for the lender to check everything for a sure-shot full repayment. To make sure that the money is credited into your savings account, we have brought forth some valuable suggestions to help you make winning personal loan application.
1. Submit the right documents
There are high chances of your personal loan application getting rejected if you do not submit the relevant documents or submit documents that do not tally with the information you provided on the application form. Hence, submitting the relevant documents are critical for a successful loan application.
2. Try not to make multiple loan applications
Even if you are in a hurry to get loan, make sure that you don’t apply to many lenders at the same time. This might create an uncertain situation for the lenders. They might think that you are in need of huge funds. Moreover, too many personal loan applications may also affect your credit score.
3. Check your Credit Score before you apply
If you apply for a loan without knowing your CIBIL score, you may get rejected for a low score. So, the first thing you should do when planning to get personal loans is to check your credit report, so that you don’t get a dreadful astonishment when you apply for the loan.
You may think that you have a decent score since you have taken care of all your bills and payments. But, different components could also be hauling down your credit score. This can be a high credit utilization ratio, a loan for which you are a guarantor and even a mistake is possible in your credit report. So, it is important to check for your credit report and get a copy of it, to rectify the errors if any and to improve the score if it’s low. Doing this before you apply for a personal loan will surely get your personal loan approved.
4. Apply for a loan after assessing your affordability to repay the loan
Before you make a loan application, you must assess if you can afford to repay your loan. Repayment of a personal loan can be made in equated monthly installments (EMIs) that you are comfortable with. Keep your monthly debt obligations in mind while you are evaluating your affordability to make the EMI payments. Doing so will help you plan your monthly budget better.
If you are looking for instant loan then you can use online loan app like SmartCoin. It just takes a few steps to apply for a loan and within 24 hours the amount gets credited to the bank account.
