123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Business >> View Article

Tips To Enhance Your Personal Loan Eligibility

Profile Picture
By Author: Anil
Total Articles: 9
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Personal loans are an excellent financial facility offered by banks and NBFCs. This unique loan gets availed for varied reasons. The borrower need not mention any specific reason for availing of the loan, and the amount receives disbursed immediately, usually within the same day. The loan amount also gets repaid in easy and pocket-friendly installments. However, for availing of such loans, you must qualify for the same.

If you need a loan, some simple tricks will improve your personal loan eligibility. They are as follows –

Debt-free during application

The simple and best way to improve your eligibility is to make sure you have no outstanding debts. If you are paying credit card bills, ensure you can repay the entire amount instead of repaying in installments. Being debt-free, including paying the credit card dues often, shows the lender you can handle the finances responsibly.

Clear existing debts

When it is a personal, vehicle, or home loan, lenders generally ask to provide a credit report. It is a document that demonstrates your borrowing habits and your capacity for repaying the ...
... debts taken on loan. It also allows them to check if you have defaulted on the EMI payments. As such, lenders see your existing dues and quote higher interest rates. If you avail of low-interest loans, try clearing all the current dues.

The low credit utilisation ratio

Credit card issues typically offer generous limits based on the income you draw. They increase the credit limits timely, especially if you pay off the debts by defaulting. While it is ideal to avail of the increased credit limit, it is better to maintain a low credit utilisation ratio. Generally, your credit utilisation ratio should not be more than 30 per cent of the credit limit prescribed. For instance, if the credit limit is INR 2 lakh, the bill should not exceed INR 60,000. This improves your eligibility for personal loan.

Consider all income sources

Many have additional income sources besides the monthly income we draw. For example, you may have market investments that offer additional funds. You could also be earning incentives from sales and annual bonuses. Showing these sources during the loan application process can improve your eligibility.
You can take out a personal loan for varied reasons. The loan amount you are eligible for gets determined once done with calculations on the personal loan eligibility calculator. You will find the instrument on all lender portals. You need to add details like age, income, residence, and find the eligibility.

Anil is a financial expert with over 5-plus years of experience in investment banking. In his free time, he writes on Finance niche Here, he discussed about Tips to enhance your personal loan eligibility

Total Views: 104Word Count: 452See All articles From Author

Add Comment

Business Articles

1. Lucintel Forecasts Wearable Sensors Market To Grow At A Cagr Of 30% From 2019 To 2024
Author: Lucintel LLC

2. How And Why Test Tube Baby Treatment Is Essential?
Author: seedsivf

3. Silicon Photonics Market Is Anticipated To Grow At A Cagr Of 20% During 2019 To 2024
Author: Lucintel LLC

4. Second Annual 'mental Health Action Day' To Drive Culture Of Mental Health From Awareness To Action
Author: Chikeitha Owens

5. An Overview Of Flange And Its Types
Author: New Era Pipe Fittings

6. Journal Of Pediatric Surgery Case Reports
Author: Literature Publisher

7. The History Of Shop Fronts In The London, Uk:
Author: Rahul Sharma

8. How To Choose The Quality Shopfront And Doors For Your Business?
Author: Rahul Sharma

9. Global Ankle Replacement Market: An Exclusive Study On Upcoming Technology Trends And Growth Opportunities
Author: Lucintel LLC

10. Find An Alexander Technique Teacher New York | Judith Muir
Author: Judith Muir

11. Buy Turtle And Ocean Coins | Bold Precious Metals
Author: BOLD Precious Metals

12. Basic Requirements Of Iso/iec 17021 Implementation
Author: niha

13. 10 Most Important Types Of Aluminium Sheet And Its Uses
Author: Inox Steel India

14. Know About Inconel X750 Sheet And Inconel X750 Spring Wire
Author: Neptune Alloys

15. Sabre Gds Api
Author: williamsmith

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: