Tips to Better your Chances of Getting your Personal Loan Sanctioned - Loan Trivia

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Friday, 5 October 2018

Tips to Better your Chances of Getting your Personal Loan Sanctioned

Many times we need an instant source of money at our disposal without the need to explain the need to anyone, even to the banks. This is because can stem from any reason which can even be of a personal nature. In such cases, personal loans can offer to be of great help.

These days a number of financial institutions offer personal loans of up to 25 lakh at competitive rates. The documentation involved is minimal and gets approved very soon. Also, there is no need to find a guarantor and an EMI calculator online using which one can check her/his monthly installments.
Must Read: Benefits of Using an Online Personal Loan EMI Calculator

So how do you ensure that the chances of your personal loan application getting approved increases? Here are thus a few pointers which can better the probability of your loan getting approved –

  1. CIBIL Score: You should always try to keep your CIBIL score above 750. This because, the higher the CIBIL score, the better the chances of your personal loan getting approved. 
  2. Documentation: While the documents required are minimal, if those very basic documents are not available, then the chances are the loan request might get quashed altogether.
  3. Interest Rates: There are two types of interest rates – floating and fixed. It is essential to know the type of interest rate to be availed as it affects the cost of installments. 
  4. Type of Loans: There are two types of personal loans viz. secured and unsecured. Secured loans are the ones which require collateral and are useful in cases when the CIBIL score is low. 
  5. Knowing the Lender: There are a number of financial institutions that offer personal loans but their eligibility and terms and conditions vary greatly when it comes to offering personal loans.

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