How to get quick personal loan? - Buddy Loan - PowerPoint PPT Presentation

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How to get quick personal loan? - Buddy Loan

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Get a quick personal loan online from Buddy Loan with minimal documentation. High approval rate. Check eligibility criteria and apply them now. – PowerPoint PPT presentation

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Title: How to get quick personal loan? - Buddy Loan


1
HOW TO GET QUICK PERSONAL LOAN
  • Guide on Steps and factors

2
WHAT IS PERSONAL LOAN?
  • Personal loan is a short to medium term unsecured
    loan (no collateral) that you can use to meet
    your financial needs.
  • Though most commonly used to meet expenses
    related to debt consolidation, vacations and
    unexpected medical expenses, personal loan rates
    may be used practically for any type of expense.

3
When Should I Apply for a Personal Loan?
  • At the time of financial or medical emergency
    Instant Personal loans are disbursed quickly,
    therefore, they are best suited for financial
    emergencies. Since they can be used for any
    purpose, you can avail it to fund big medical
    expenses.
  • When you wish for less documentation To apply
    for INSTANT personal loans, you require minimal
    number of documents. Therefore, its documentation
    process is simpler and faster than many other
    secured loan options.
  • When you want money to fulfill multiple purposes
    If you want money to fulfill multiple financial
    commitments, apply for unsecured loans. Unlike
    for many secured loans
  • To consolidate your debts Finding difficult to
    track multiple loan and credit card EMIs? If yes,
    you can consolidate them by taking a personal
    loan. Doing so will not only making repaying
    debts easier but also will save on the interest
    amount.
  • You do not have collateral If you do not have
    collateral or do not wish to put your collateral
    at risk, apply for easy personal loans as these
    loans are unsecured, which implies that it does
    not require collateral.

4
Personal Loan Eligibility Criteria
  • Dos
  • Know your credit score before applying for
    personal loan
  • Research different personal loan rates offers to
    get the best deal
  • Read the fine print carefully
  • Pay your loan installment full every month
  • Borrow what you can repay
  • Donts
  • Submitting multiple applications to get a
    personal loan for self employed.
  • Going for the first loan offer that comes your
    way
  • Partially paying your loan installment
  • Missing the due date of your loan installment
  • Asking for a personal loan interest rates as per
    what you want rather than what you need
  • Signing the loan-related documents without
    properly reading or understanding them

5
Factors on which Eligibility criteria are based
  • Repayment Ability Applicant should have worked
    for an organization or been involved in a
    business for a certain number of years.
  • Income Applicants should have the lender
    stipulated monthly repaying capacity or minimum
    salary.
  • Age Applicant must qualify for the applicant
    age bracket defined by the lending institution
  • Credit Score Applicant should have the bank
    specified minimum credit score and good credit
    history.
  • Existing EMIs Applicant should not have any
    other loan liabilities or must have strong
    ability to take additional debts.

6
Some of the major factors are
  • Credit History Your credit history helps lenders
    analyze your repayment behavior . If you have a
    poor credit history, you will get personal loan
    at higher interest rates.
  • Income For lender your income is an assurance
    of repayment. Therefore, the more you earn,
    lesser will be your personal loan interest rates.
  • Employer When examining your loan application,
    lenders also consider the reputation of the
    organization you work with. You can enjoy lower
    interest rates on personal loans if you are
    associated with a well-known and stable
    organization.
  • Lender-customer Relationship If you are planning
    to apply for personal loan with the bank you have
    an account with, your good relationship with your
    lender can also help in getting you lower
    personal loan interest rates. In addition to the
    rate of interest, borrowers must also consider
    other charges such as pre-processing fees,
    foreclosure charges, etc. before applying for
    personal loan.

7
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