A successful personal loan application means that you have provided all the necessary information and documents to the lender which will ultimately translate in the approval for your loan. Though it may sound easy, sometimes, for reasons you are unaware of, your loan application for a personal loan may be rejected by the lender and hence, in the below section, we have provided some tips for you on how to make a successful personal loan application.
The first thing that lenders check for when you apply for a personal loan is your credit score. If your credit score is above 750, it is considered healthy and lenders will be glad to offer you a loan. Check your credit score before you apply for a loan to avoid any chances of loan rejection. Checking your credit score will give you confidence while approaching the lender, if your score is above the mentioned range and in case it is low, you can take corrective measures to improve it before you submit a loan application.
Another important thing that you should do to ensure a successful personal loan application is to check the eligibility criteria set by the lender. Once you do that, you will know if you fulfil the criteria which could be the minimum annual income, age limit, type of employment, credit score, etc. The eligibility criteria of the lender will be available on its official website or at any of its branches.
A successful personal loan application would require you to fill in your personal information such as your name, contact number/address, annual income, Permanent Account Number, employment type, etc., on the application form correctly. Only when you fill the details correctly will the lender be able to verify the details and approve the loan application.
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.
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 instalments (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 wish to know how much EMI you need to pay to repay your loan, you can use the EMI Calculator tool available on the BankBazaar website.
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