Ut Too Many Applications Can Also Harm Your Credit Score This Is Because Every Loan Application Leads Toa Hard Enquiry On The Report News Today : Breaking News, Live Updates & Top Stories | Vimarsana

New Delhi [India], September 17 (ANI/India PR Distribution): For most people, a personal loan is one of the most sought-after options during a financial emergency. Personal loans prove helpful for various planned and unplanned expenses - borrowers can use the funds for medical expenses, plan home renovations, pay for their child's education, wedding, and more at competitive interest rates. Not to mention, digital lending has made it easier to obtain a personal loan; borrowers can apply for an unsecured personal loan online in just a few clicks. This is probably why 77 per cent of the Indian working class depends on instant personal loans to meet their needs. However, since personal loans are collateral-free, lenders set strict eligibility criteria to qualify borrowers for the loan and minimise the lending risk. So, to ensure quick loan approval without any hiccups, below are a few tips to increase your chances of getting a personal loan. 1. Know the lender's eligibility criteri ....

New Delhi , Tata Capital Personal , New Delhi India , Eptember 17 Ani India Pr Distribution For Most People , A Personal Loan Is One Of The Most Sought After Options Duringa Financial Emergency Loans Prove Helpful For Various Planned And Unplanned Expenses Borrowers Can Use Funds Medical , Lan Home Renovations , Ay For Their Child 39s Education , Nd More At Competitive Interest Rates Not To Mention , Igital Lending Has Made It Easier To Obtaina Personal Loan Borrowers Can Apply For An Unsecured Online In Justa Few Clicks This Is Probably Why 77 Per Cent Of The Indian Working Class Depends On Instant Loans Meet Their Needs However , Ince Personal Loans Are Collateral Free , Enders Set Strict Eligibility Criteria To Qualify Borrowers For The Loan And Minimise Lending Risk So , O Ensure Quick Loan Approval Without Any Hiccups , Elow Area Few Tips To Increase Your Chances Of Gettinga Personal Loan 1 Know The Lender 39s Eligibility Criteria Before You Settle Ona , O Go Through The Set Eligibility Criteria Carefully This Includes Age , Income Level , Nd More Use An Online Eligibility Calculator To Ensure You Can Easily Qualify For The Loan And Avoid Rejection 2 Apply Amount Afford Applying Fora Higher Than Repay Lower Your Chances Of Personal Approval Consider All Income Sources Financial Obligations Arrive At Affordable That This Will Make Repayment Much Convenient Help Risk Defaults 3 Maintaina Good Credit Score Isa Measure Creditworthiness One Key Factors Impacting Approvala 750 Above Increase Getting Approved Said , F You Havea Low Credit Score , T Is Best To Wait And Improve Your Score By Paying Emi Credit Card Bills On Time Maintaininga Low Utilization Ratio 4 Check Fixed Obligation Income Foir An Individual 39s Debt That Indicates How Much Disposable They Have With Respect Their Monthly Since Lenders Want Ensure Borrowers Repay The Loan , Oir Holds Much Importance While Determining Their Loan Eligibility Ideally , Ou Should Maintaina Foir Between The Range Of 40 Per Cent To 55 Centa Lower Means You Havea Higher Disposable Income Pay Off Loan Thus , Ncreasing Your Repayment Capacity And The Chances Of Loan Approval 5 Avoid Multiple Applications Duringa Financial Emergency , Ou Might Consider Approaching Several Lenders Simultaneously In The Hopes Of Securinga Loan However , Ou Must Avoid This Lenders Might Not Only View Asa Credit Dependent Behaviour , Ut Too Many Applications Can Also Harm Your Credit Score This Is Because Every Loan Application Leads Toa Hard Enquiry On The Report , Hich Can Reduce Your Credit Score Over Time 6 Adda Co Borrower Most Lenders Will Allow You To Apply Fora Personal Loan With Parent Or Spouse As The Applicant This Is Especially Helpful If Are Not Able Meet Lender 39s Income Criteria Up Mark They Havea High And Monthly , Dding Them As Co Applicants Will Improve Your Chances Of Gettinga Personal Loan At Attractive Interest Rates 7 Mention All Income Sources When You Apply Fora ,