Gone are the days when you have to stand in front of long queues in banks to avail a personal loan. Now, with the advances in technology, you can get an instant personal loan online from EarlySalary – the most reliable online personal loan app.
Personal loans can be of great utility in times of financial needs, such as paying medical bills, electricity bills, paying school or college fees, etc. You can easily opt for personal loans for unexpected expenses or emergencies.
However, to grant personal loans, the lenders and banking institutions have an eligibility requirement that you need to pass. Apart from the eligibility criteria, other factors such as credit score, income, bank statements, etc. that lenders consider before granting loans. This guide will list a few tips and tricks that you must consider before applying for an instant personal loan.
6 tips and tricks to avail of personal loan
- Maintain a good credit score: A credit score defines your creditworthiness and reflects whether you repay your dues on time, such as paying previous loan EMIs timely and clearing your credit card dues. If you miss out on your EMI payments or credit card dues, your credit score will decrease and affect your chances of getting a personal loan.
Banks and lending institutions usually look for a credit score (or CIBIL score) of 700 or higher before approving the personal loan. Therefore, if you have a low credit score, you have to make sure you pay your EMI’s and clear the credit card payments on time. Paying the dues on time will help you maintain a good credit score.
- Apply for a personal loan online: To avoid submitting piles of documents, you can always opt EarlySalary’s fast and reliable services by providing minimum documents and avail an instant personal loan.
- Show clear sources of income: The lending institution usually asks for bank statements for the past 6 months or salary slips to determine whether you have adequate income to repay the loan amount. If you have more than one source of income, you can provide all the documents to the lender as it will make an eligible candidate for easy loan approval.
- Maintain a good bank balance: Since lending institutions ask for your bank statements for the past 6 months, it is always advisable to maintain a good balance. If your expenses exceed your income, you are less likely to receive a personal loan. With your bank statements, the lender can get insight into your spending and saving habits, which helps the lender decide whether you will be able to repay the loan amount or not.
- Make sure you meet the eligibility criteria: Before applying for a personal loan on an online personal loan app, you must check whether you meet the eligibility criteria for a loan application. For instance, the eligibility criteria by EarlySalary is as follows:
- You must be 21 years of age and not more than 55 years.
- You must be a resident of India.
- You must have KYC documents for verification. (Aadhar, Pan card, driver’s license, etc.)
- You must be a salaried employee with Rs18000 as minimum salary (Metro cities) or Rs15000 (Non-metro cities)
- If you are self-employed, you will have to provide documents for alternate sources of income.
- Use a personal loan EMI calculator– If you are taking a personal loan for unexpected emergencies, then you can use a personal loan EMI calculator to calculate the monthly EMI amount before you apply for a personal loan. By calculating the monthly EMIs, you can get a clear idea about how much you will have to pay for the monthly EMI payments, further simplifying your decision regarding applying for a personal loan.
Getting an Instant Personal Loan Quickly
Fast approval of a personal loan depends on passing the eligibility criteria and presenting yourself as a credible borrower with good credit history and proper documentation. If you work on the above key areas, you can get fast approval on your personal loan request. Get started on your instant personal loan with EarlySalary, and get your funds within hours!
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