How to get your personal loan approved in 2019

A personal loan is a quick loan given by online lenders for a short period of time. These are unsecured loans which means you don’t need any asset ownership document. These loans are very useful during the financial crisis. But it is crucial to get these loans approved by the lenders.

Here are a few tips which will help you get your loan approved:

Prepare the documents for the personal loan:

There are certain documents that are required to avail of a personal loan online with loan apps. These involve your identity proof, address proof, and residential proof. If you can’t provide any of the required documents your loan request might be disapproved. So instead check the eligibility before you submit the request. Documents like Aadhar card, Pan card, passport, driver’s license, rental agreement, utility bills, salary slips, and bank statements are required. At times, there might be some documents or specifications you might lack to use the personal loan app, in such a case, it’s best to check the eligibility in advance and get your valid documents in place. For e.g.: if you have newly joined and don’t have salary slips for 3 months, you might have to take for a couple of months to avail of the quick loan.

Check the eligibility before you apply:

Before you start filling out online forms, read the FAQ section to understand the criteria. The maximum loan eligibility on a quick loan app on CASHe is set at 30% of your monthly salary if you wish to take a loan for 15 days. And the maximum amount of loan you can avail is INR 50,000. So, for e.g.: If you earn INR 30,000 per month you are eligible to take a loan of INR 9,000 for 15 days. Basically, you need to have your employment proof before you opt for a personal loan.

Check your credit ratings

Make sure you have good credit ratings. If your ratings are poor, invest some time in fixing it and by paying the bills on time. You can opt for a post-dated cheque on the app if you don’t meet the internal credit ratings.

Avoid applying at multiple lenders

Don’t apply with multiple financial lenders at the same time. This might affect your application as there are chances that your personal loan will get rejected. And multiple rejections will influence your credit score.

Apply for a realistic amount

Take a loan that you can pay off on time without missing out on any EMIs. Borrow how much you need and apply thoughtfully. This will reduce the chances of rejection.

It is always advisable to read the FAQs and loan eligibility terms and conditions on the app before opting for one. One best part of the personal loan app is that you can re-apply. This means if your loan gets rejected, you can rectify your mistake and get it checked and reapply.

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