Getting approved for a personal loan is a difficult task even for individuals with good income, let alone people with low eligibility. So, how do people with low income get approved for a personal loan? Though there aren’t many options available, you can still try what’s suggested below.
1) Find out a lender who accepts loan application of low-income individuals: There are 21 public sector banks which include nationalized banks as well along with countless privately-owned banks. In addition, there are 11,469 legally registered NBFCs (as of September 2017) in India. Given the plethora of options, your odds of getting approved even though your income isn’t considered enough as per many reputed lenders is good enough. All you have to do is find the right lender. Again, if you use the right tools for your research finding a credible financial institution who would approve your personal loan application won’t be tough.
2) Ask them about your borrowing eligibility: Once you find a suitable lender, ask them about your borrowing eligibility i.e. how much you can borrow.
3) Plan your loan accordingly: Once you know how much you can borrow, use personal loan calculator to find out incurring EMIs and then decide how much you can manage to repay every month.
4) Apply for a loan: Lastly, navigate to the lender’s online website and then to online personal loan application section. Fill the application form, submit it, attach all the documents, and wait for approval.
Read Also: How Can You Get a Personal Loan with a Low Salary?
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