This article will provide tips and tricks to help you get a Personal Loan in 2023. Personal loans are beneficial in times of crisis and can be used to achieve a wide range of goals. Preparing your profile before applying for a loan increases the likelihood of faster approval.
Personal Loan Tips and Tricks
- Only apply for a loan when you need one. You read that right. A loan is an obligation that must be repaid. Only apply for a credit card for urgent or essential needs.
- Calculate existing payments/EMIs – Check out your current obligations. You may have to pay utility bills, credit cards, loan repayments, or EMIs. Your application for a loan may be rejected if your ratio of expenses to income is above 30%. You should pay off your existing debts before applying for a personal loan.
- Check out your credit score – A high credit score will significantly increase your chances of being approved for a personal loan. CreditMantri allows you to check your credit score free of charge. Keep an eye on your credit rating to reduce the risk of rejection. Apply for a loan if your credit score exceeds 750. Your credit score below 700 may be worth improving before applying for a personal loan.
- Compare unique loan offers – Personal loans can be obtained from banks, NBFCs, and fintech lenders. Check the interest rate, loan amount, repayment period, and any other fees before applying for a loan.
- Look for a loan that has been pre-approved– Many banks offer personal loans pre-approved to loyal customers who have a good credit rating. The bank is likely to provide a low-interest rate on loans. In such cases, the applicant’s negotiating power increases. In the case of pre-approved loans, banks may waive additional charges.
- Check eligibility criteria. It is essential to verify the eligibility criteria before applying for a loan. This includes age, income minimum, nationality, and more. You should only use it if you are eligible. You can avoid rejecting your loan application, which can lower your credit score.
- Review the documentation process. It is better to review and submit all documents requested by lenders. It is essential to remember that personal loans only require a few copies.
- Avoid applying for multiple loans– Applying multiple times can negatively affect your credit score. Apply for the loan which best suits your needs after assessing how much you need. Check eligibility criteria, documentation requirements, interest rates, and tenure.
- Check the information you provide– The lender will only ask for the minimum information. Check the information requested and provide the correct details. The wrong details could lead to rejection.
How to Apply for a Personal Loan via CreditMantri
- Personal loans are available in a variety of options. To check the interest rates and charges, click “Know More.”
- Click on “CHECK ELIGIBILITY.”
- Please fill in the details such as Email ID, Phone number, Loan Amount Requested, Full Name according to PAN, Date Of Birth, Pin Code of Residence, City of Residence, Gender, Marital Status, etc.
- Click “Next”
- Continue to fill out the remainder of the application.
Conclusion
The application process for a personal loan is fast and requires minimal documentation. A few tricks and tips can help an applicant get approved for a personal loan. Before applying, check out the interest rates, eligibility, and documentation. Keep your credit utilization under 30% and only apply for needed loans. If you keep your credit card balances low, it should be easy to get a personal loan.
