7 Quick Tips for Getting a Personal Loan When You Need it the Most

1
7 Quick Tips for Getting a Personal Loan When You
Need it the Most
Imagineyou you received an
applied for the personal loan.and within few
hours
email for your
loan approval. Congratulations! So and savings
account. Yes, you can get the to the personal
loan eligibility
so money is credited into your same
happiness adhere
criteria specified by the banks and non-banking
financial institutions. Along with that, let us
bring forth some valuable suggestions to help you
make winning personal loan application.
? Check your credit score -
Check your credit score. Banks are very
particular about the credit
score. A poor score reflects your inability to
repay the loan, whereas a good credit score
showcases your likelihood to repay the loan. A
score which is 650 or below indicates a poor
credit score whereas a score above 720 is
considered good. You must make sure to review
your credit report and credit score for the same.
Still, if you have poor credit score, come to
Afinoz. We help you get even bad credit
personal
loans.
2
? Check the minimum income requirement -
Most of the lenders have a minimum income
requirement. If you cannot find this information
on the lenders website, you can do so by calling
up the bank if they have any such parameter. Most
of the lenders have a minimum monthly income
requirement to assure that you can repay the
EMIs. Have a few clicks on the personal loan emi
calculator, you will
get some good idea.
? Apply for the right amount -
Personal loans are for the short term. Apply for
the amount that a lender can approve easily. Take
help of personal loan calculator, and you will
get a fair idea about eligibility. The calculator
works on the following formula
EMI

P
x
R
x
(1R)N/(1R)N-1
? Try not to make multiple loan applications -
Even if you are in a hurry to get the loan, make
sure that you dont apply to many lenders at the
same time. This might create an uncertain
situation for the lenders. They might think that
you are in need of huge funds. Moreover, too many
personal loan applications may also affect your
credit score.
? You should not have applied for a loan
recently -
You must make sure that there is a gap between
two loan applications. For example, you must have
not applied for the personal loan in the last six
months from the date of recent application.
? Duly filled application form
If you are applying for the personal loan or any
other type of loan, it is important that you must
complete all the paperwork. Although personal
loans have a simplified application and approval
process, it is important that you must run
through the paperwork so that there is no delay
or hurdle in the way of loan approval.
3
? Purpose of Unsecured Loan is specified -
Well, we all know that personal loans are
multi-purpose and you can use them for sponsoring
your holidays to education to buying gadgets.
But, it is always advisable to check with the
lender the purpose which the bank approves for
the personal loan to be used. You can talk to the
bank about the same or check their website. Make
sure that the purpose for which you want the
unsecured personal loan is listed with the bank.
Conclusion
If you follow all these tips and adhere to them,
your loan personal loans applications stand a
fair chance to get your application approved. The
key lies in your past behaviour with your
finances. Ask for a loan amount that meets your
requirement and you can pay the same with ease.
Read More
? Top 10 Banks for Personal Loan in India 2018
? How to avoid rejection of your personal loan
request?
? Personal Loan Secrets You Need to Know