When there is a dire need of money, the shortfall of money can be met through a personal loan. But the process of personal loan is not as easy as it is publicized. It is quite difficult to get a personal loan without any security as there are many conditions that need to be fulfilled for the loan to be approved.
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Methods to get personal loan easily from any bank
However, everyone’s eligibility to get a loan varies and depends on factors such as the applicant’s age, financial status, credit score, liabilities and personal profile. In such a situation, if even after trying many times, if you are not able to get a personal loan or are facing problems in getting the loan, then you can easily get a personal loan by adopting some methods.
Lower your debt-income ratio
Pay off your existing debt and credit card bills on time to lower your debt-income ratio before applying for a personal loan. Specifically, the total amount of EMI that you have to pay every month should not exceed 30-40 per cent of your monthly income.
Improve your CIBIL Score
You need to have a good CIBIL score to get the instant loan approved. Credit score is a 3-digit number that reflects your creditworthiness to the lender and helps in estimating your risk of default. It shows how you have managed your finances and bills in the past. The lower the score, the easier it will be for you to get the loan and the higher the CIBIL score, the more difficult it will be to get the loan. Most of the lenders in the country depend on the CIBIL score, which ranges between 300 and 900.
Include all sources of income
Lenders calculate whether the borrower is capable of repaying the loan based on the total income of the applicant. So while filling the online loan application form, make sure that you include not only your regular salary but also additional sources of income like rental income, part time income.
Do not apply for multiple loans at once
If you apply for multiple loans at once, all the lenders are likely to start hard inquiries on your credit report. This will automatically bring down your credit score. In this case your loan application may also be rejected. So it is better to apply for the most suitable option for your needs and personal loan eligibility after comparing all the options.
Select a Lender
Verify the different eligibility conditions of different lenders and only find that you are ineligible for all of them. Instead of applying to multiple lenders at once, whose eligibility criteria you may meet, Select him.
