Few Smart Things to Consider Before Applying for a Personal Loan - Loan Trivia


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Thursday 22 October 2020

Few Smart Things to Consider Before Applying for a Personal Loan


From arranging funds for an upcoming marriage, business expansions, debt consolidation, medical emergencies and more, a personal loan can cover all. 

From application to processing to approval to disbursement, everything is smooth if you apply for a personal loan online. 

What’s more, if your CIBIL score is high, then you can enjoy lower personal loan interest rates and save on EMIs. 

But before you apply for a personal loan, you need to consider a few factors. Why? It can help you get the loan approval swiftly. Know more as you read on!

  1. Ensure having a clean repayment history 

Paying your outstanding and earlier loan EMIs and credit card outstanding can help you get one step closer to the loan approval. If you have a loan to apply, make sure you maintain a clean repayment history. 

  1. Ensure that you have a consistent employment record

Having a consistent income means that you can repay the loan EMIs on time. This is what lenders like – an applicant with a great employment track record. They also reward such applicants with lower personal loan interest rates. 

  1. Ensure your CIBIL score is high 

Since the personal loan is an unsecured facility, it is given on the basis of your creditworthiness. And your CIBIL score is a key component. By repaying your loan and other EMIs on time, you can maintain a robust credit score. This way, you can also get lower personal loan interest rates and pay smaller EMIs. The best advantage of having a healthy CIBIL score is getting the loan approval super quick

  1. Ensure to compare all available loan offers

If you want to avail the best personal loan interest rates in your city, then you must compare all such deals. You can do that on a third-party website and choose an offer that best suits your needs and repayment capacity. 

By following these easy steps, you can get the personal loan approval in no time and at a lower rate of interest.

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