Personal loan growth is estimated at around 16.2% in India over the year 2019. Numerous lucrative benefits are offered by different financial on such loans, accounting for this growth. Personal loan apps have been developed by major financial institutions as well, aiming to reduce the hassles of loan application and approval. Popular usage of such apps has additionally aided customers to keep track of their loan accounts as well.
Use of personal loan apps ensures that a customer can avail such credits readily by submitting essential documents. Most apps of major financial institutions offer fast and convenient loan approval, through subject to verification of uploaded documents.
Nonetheless, approval of such loans can be done instantaneously if borrowers keep the following pointers in mind.
Factors Impact on Your Loan Approval:
- Build a healthy credit score
Credit or CIBIL score is a three-digit number which represents the risk factor involved in lending a sum of money to a specific individual. This score is generated for every individual and is developed over time as per his or her debt repayment habits.
Generally, a score above 750 is safe though having even better score has numerous advantages. While availing an instant loan, this score also decides the rate of interest that is offered by a specific financial institution.
- Age and income restrictions
Every potential customer must look up the eligibility criteria beforehand so that they can apply and get quick approval from their financial institution of choice. Usually NBFCs grant these loans to individuals aged between 23 and 55 years. Furthermore, there are different income requirement slabs which depend on the resident city of an applicant.
- Arrange all documents
Personal loans are unsecured loan products which have various documentation requirements. Potential borrowers can use loan apps in India to check all the necessary documents and arrange them beforehand to save time during their application. Some of the vital documents that are imperative to any loan application are KYC documents and income proof.
Additionally, bank account statements are also required by financial institutions to check the economic stability of a borrower for approval of instant loan. Such account details should be of the last 3 months or more before the application for the loan.
- Plan all finances
Potential borrowers must begin by taking into account their income along with their debt-to-income ratio. In case an individual has an existing credit account which is about to be closed, it is often advisable to wait for its completion before applying for a new line of credit.
A customer must plan out his or her finances from ahead so that they do not face any trouble in their EMI repayment. Along with checking eligibility and document requirements from apps like Bajaj Finserv App – Experia or others, they should also check the exact EMI using a loan calculator.
Any potential borrower following the above guidelines can easily apply for a personal loan online. Along with easy access via personal loan apps, NBFCs like Bajaj Finserv even bring you pre-approved offers that make availing personal loans quick and easy. Pre-approved offers are also available on numerous other financial products like business loans, home loans, loans against property, etc. You can check your pre-approved offer by providing your name and phone number.
Furthermore, once a loan is approved and the amount disbursed, customers should keep track of their EMI repayment. Maintaining the schedule strictly ensures that a borrower’s CIBIL score is not affected negatively. Customers can use instant loan apps to keep track of their EMI due dates along with the payment itself. This allows customers to clear their debt on time without any financial hurdle.