6 Ways to Improve your Chances of Personal Loan Approval in 2020
- By NewsOnFloor Staff
- Feb 12, 2020
- 159 views
According to a recent study, the personal loan market in India is set to expand at a noteworthy CAGR of 10% from 2020 to 2024. Further, the RBI cut its lending rate by 5 times in 2019, bringing it to 5.15%, the lowest figure since March 2010. This revision may make personal loans more affordable and easier to access.
Availing a personal loan does not require collateral and since lenders have nothing to fall back on in case of a default, they are even more stringent about eligibility parameters. Obtaining a personal loan requires you to make an application that gets the green light every step of the way. To help you do this, here are 6 ways how you can improve your chances of approval on a personal loan in 2020.
- Possess an excellent credit score
A high score gives you access to loans like the Bajaj Finserv Personal Loan. Offered through the lending arm of the Bajaj Group, Bajaj Finance Limited, this offering gives you funding of up to Rs. 25 lakh. Further, a healthy score can help you secure an attractive personal loan interest rate.
- Keep your debt-to-income ratio within limits
- Use a personal loan eligibility calculator when planning
- Meet your lender’s eligibility criteria
- Pay attention to your employment status and history
- Pick the tenor wisely
Finally, stay away from making multiple loan applications at once as this causes your credit score to dip. To avoid this, you can simply check your pre-approved loan offer for a customised deal!
Source : business-wire-india