Tuesday, September 17th, 2019
6 Tips for Boosting your Loan Eligibility
A personal loan is an unsecured loan provided by financial institutions without any collaterals, which means one doesn’t have to provide any ownership document or so. Whenever a lender provides an unsecured personal loan, they check up a user’s credit score and financial history to avoid risk. If you have a bad credit score and want to improve its work on your financial health. Before you submit your application for the loan app there are things which you can do to boost your eligibility.
1. Pay off your current loans:
Before you opt for another loan pay your existing loans. This will help maintain your credit score otherwise it is difficult getting a loan when you already have multiple loans. The lender will consider you as a risk if you already have multiple loans.
2. Maintain your credit score:
A credit score is an important aspect in which lenders will check when you apply for a loan. Keep your credit score well by paying bills on time, avoid missing the deadlines and so on.
3. Plan your EMIs:
Choose a tenure that suits your needs. Go for a longer tenure loan as it will be easy to repay the amount. You can always use EMI calculators. Also, when you enter your loan amount and duration of the loan on CASHe app, you will see the EMIs and the interest rate charge and then you can plan accordingly.
4. Pay all your credit card bills on time:
It is convenient to pay almost everything via your credit card but it can be really difficult to maintain the repayment on time. Declutter your bad credit card habits and pay all the due bills on time.
5. Rental Income:
Showing any type of valid income is always a plus point while getting a loan. If you own property from where you get a fixed monthly income show that income while getting a loan.
6. Variable Income:
If your monthly income is variable, keep a track of it. If your variable income is frequent it will be an add on while getting a loan.
If you are looking for getting a loan online your eligibility will depend on two factors your monthly income, your documents, and your age. One has to be 18 years old and above to avail a personal loan online. Your monthly income should be INR 15,000 and above with a registered employer. With your basic valid documents, almost everyone can apply for a personal loan.