Personal loans can be utilized for several purposes. They can be availed while you are planning the vacation, arranging the dream wedding for yourself or someone special in your family, or renovating your house. Applying for Personal loan plans online is an ideal way of meeting the expenses during an emergency or fund the unplanned situation in your life. Be it for planning the next dream vacation with the loved ones or for getting funds for the marriage of your child, the personal loan provides you with double advantages of instant access to the funds as well as zero requirements for collateral. Personal loans have come out as a great way for financing purchases which otherwise would have been tough with a routine paycheck.
For getting the personal loan, you are required to meet the below-mentioned eligibility requirements –
- Must be self-employed or salaried
- Between the age group of 18/21 years – 60/65 years
- At least a monthly income of INR15,000 for the non-metro cities as well as INR20,000 for the metro cities
- Must be employed at the existing organization for at least 6-12 months or the business tenure of at least 3 years (continuous)
- The credit score of 750+ along with the good credit history
To get the personal loan, make sure to follow these 7 steps so that your application never gets disapproved –
- Check the credit score – Whether you are looking for one of the best Home loan plans online or you are opting for an education loan, the credit score is a relevant factor while qualifying for the unsecured personal loan.
- Order the credit report’s copy – Have a quick look at the credit report to view those areas where you are on track and the ones where you can take the steps for improvement.
- Pay the bills timely – In case the credit score is low, you can attempt to better it through paying the bills on time.
- Pay down the debt – In case you have a high debt-to-income ratio, then paying down the debt can help increase your score.
- Present the proof of your stable income – Along with the stable employment history, proof of income displays a lender that you will be capable of managing repayment over your loan’s life.
- Submit the joint application along with the creditworthy cosigner – Apart from improving the credit score as well as boosting the income, another step to take for getting the unsecured personal loan is applying with the creditworthy cosigner.
- Look for the right lender – You may have a better chance of approval in case you have a relation with a lender, be it the local credit union or a bank.
To apply for the Personal loan plans online, you are required to ensure the fact that firstly, you pass its eligibility criteria as you should not apply for a loan for which you are not eligible because it can hurt the credit score. Besides checking the eligibility, make it a point that you get all the required documents in hand before you apply for the same.