How To Increase Your Chance To Avail A Personal Loan Easily? - Loan Trivia


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Thursday 28 June 2018

How To Increase Your Chance To Avail A Personal Loan Easily?

Personal Loan is an unsecured loan which can be used to fulfill several financial obligations. The lender does not foresee your usage of the loan. It can be used to pursue education, manage wedding expenses, finance vacation, manage business, purchase inventory and much more.

To increase your chances of availing a Personal Loan amount you must take care of below-mentioned criteria.

Maintain good CIBIL score – make sure to pay off all your past dues on time such as loan repayment and other bills due. Especially have no outstanding on your credit card. Also, maintain 30% credit utilization limit on your credit card to have a good CIBIL score.

Wisely choose the lender – as most financial institutions and NBFCs are offering attractive loan amount and an interest rate on a personal loan it is advisable to do a background research. You can check and compare plans on aggregator sites to avail affordable interest rates along with the basic eligibility for a personal loan and opt for a convenient repayment structure.

Maintaining a good CIBIL score will allow you to negotiate the terms and conditions of your loan better. As the lender may be willing to offer higher loan amount and lower interest rate based on your past good payment history.

Additional Reading:: Five Golden Tips to Increase your Personal Loan Eligibility

Regular income source – it is mandatory to have a regular income source such as a job or business as a regular income source. Fulfilling these criteria ensures you will be able to pay off the loan as per the specified due date.

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