Top Tips to Ensure Quick Personal Loan Approval

A quick personal loan can help you address urgent, unexpected financial requirements such as a medical emergency or home renovation comfortably. It can also help you plan a spontaneous holiday or even bridge a last-minute gap when financing a wedding. With many banks and NBFCs in India today, you have a range of options to choose from when you are looking for a personal loan. However, only when your loan application is approved instantly will you be able to tackle emergencies in the shortest timeframe possible. To ensure instant finance, take note of how you can get speedy approval on your personal loan application. 

Choose a lender that offers fast disbursal 

The most direct route you can take is to pick a lender that is known for its quick loan disbursal process. You can compare different lenders to check disbursal frameworks and finalize on the one that meets your requirements. Typically, look for a lender that offers an online personal loan application process as this expedites the process significantly by eliminating a physical visit. 

One lender that allows online application is Bajaj Finserv. Its personal loan offers approval in under 5 minutes, with disbursal to your account within 24 hours. 

Look for loans with added features 

Select a loan that offers flexibility with regards to withdrawing funds so that you have access to finance as quickly as possible. For instance, Bajaj Finserv with its flexi personal loan facility allows you to withdraw money as and when needed from the total sanction. You don’t have to submit a fresh application each time you need funds, making the disbursal process quicker. Apart from paying interest only on what you use, you can also pay interest-only EMIs for the initial part of the tenor, thereby reducing your installments by up to 45%. 

Analyse your credit score and improve it if needed 

A good credit score not only helps you with quick loan approval but also increases your chances of getting a better loan offer. With a good credit score and an excellent credit history, you can avail low-interest rates, improve your chances for future loan approvals, and negotiate a lower interest rate as well as a higher loan amount. In a nutshell, managing your finances responsibly and maintaining a good credit score of 750 and above can help you avail a loan more quickly, as you’re deemed to be a low-risk candidate. Conversely, if you have outstanding EMIs or a poor credit score, it’s best to address them first, before you apply. This will help the lender make a swift disbursal decision. 

Ensure that you meet eligibility criteria 

It is not only important to have a good credit score, but also to meet other eligibility criteria set by the lender. This gives the financial institution the confidence it needs to lend money to you and speeds up the entire process. When you don’t meet all criteria, lenders are likely to investigate further to decide if you’re a good fit for the loan, which translates into a longer approval and disbursal period. To simplify this process for yourself, it’s best to choose lenders like Bajaj Finserv who have simple eligibility criteria to begin with. You can avail a personal loan of up to Rs.25 lakh if you are a salaried or self-employed resident of India, aged between 23 and 55 years. 

Must Read: How Can You Fit The Personal Loan Eligibility Criteria Set by Financial Institutions?

Keep documents required ready 

After you meet the required eligibility criteria, gather the documents listed on the lender’s website. These documents confirm your eligibility and usually include KYC documents like your PAN card or Aadhaar card, along with your recent passport size photograph and bank account statements. By submitting the documents correctly and on time, you can eliminate re-submission procedures and thereby get your loan approved faster. 

Opt for a collateral-free loan 

When you apply for an unsecured personal loan, the financial institution doesn’t need to evaluate the asset you’re pledging or verify its paperwork. By eliminating this step, it’s able to offer you a personal loan much faster. Therefore, as far as possible, opt for a collateral-free personal loan.

Utilizing these tips can boost your chances of getting quick personal loan approval in times of need. Moreover, when you take this loan from Bajaj Finserv, you can don’t have to worry about repayment either. The low-interest personal loan comes with a flexible repayment tenor ranging up to 60 months. Moreover, if you opt for a Flexi personal loan, you can lower your installments by up to 45% by paying interest-only EMIs.  

To further expedite access to financing, remember to check your pre-approved offer before you apply. This offer is created keeping in mind your unique financial profile, which means that if you apply using it, you can get finance even faster. Simply start the process of getting a personal loan by entering your name and contact number and meet planned and unplanned urgent needs swiftly.

Must Read: Pros And Cons Of Instant Personal Loan