Taking a CA loan is a convenient way to fund the unexpected financial emergencies. However, if you are planning to take one, you must ensure that you are eligible. High creditworthiness ensures your CA loan application gets approved quickly, and the loan is disbursed immediately after that.
How Can You Manage High Creditworthiness To Get Faster Approval For A CA Loan?
Compare and choose the best for yourself: The process starts with browsing and comparing the different options available. Before you start comparing, make a list of features you need from the loan. This would make the task easier for you. Your list can include ‘n’ number of things: borrowing limit, the time taken for approval, additional facilities, end usage flexibility, interest rate etc.
Check the eligibility criterions for the loan: Moving on, check the eligibility criterions of the loan you are applying for. Make sure you can qualify all the criterions mentioned in the loan proposal.
Ensure a perfect CIBIL score: Maintain a perfect CIBIL score. Make sure the CIBIL score is above the standard threshold of 750.
Check the documentation: Apart from the eligibility, check the list of documents required for approval. Arrange them in advance.
Ensure a low debt-burden ratio: Pay off your existing loans in advance before taking a new loan. This reduces your debt-burden ratio which is absolutely necessary for faster approval.
Check your loan eligibility in advance: Last but not the least, use the eligibility calculator and check the exact amount you can borrow. Lastly, plan your loan application accordingly.
Read More :- Tips & Tricks to Increase Your CA Loan Eligibility
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