A personal loan can take care of various needs - be it funding a grand wedding in the family, or preparing to go on that exotic vacation. Such a loan can also top up what you already have with yourself, thereby adding to the funds and bettering your short-term liquidity.
While it isn’t possible to gauge the chances of your application getting approved with certainty, there are a few tips that you can read up on to better the likelihood of getting such a loan successfully.
Check and try to better credit score
In today’s times, almost all credit agencies and lenders hold sway over information relating to your spending and overall financial behaviour. Therefore, it is wise to check and better your credit score regularly. While availing of a loan despite having an unfavourable credit score is undoubtedly a possibility now, a better score increases your eligibility to borrow more that furthers your objectives.
Ensuring that all your details are accurately updated and keeping track of all the financial accounts to your name can go a long way in improving your credit score.
Manage your money well
Sound management of your finances is key to a good credit score. Tracking and managing existing credit (if any) according to your regular income is a vital step in this regard. Don’t apply for excess loans if you don’t need them and if you do, make sure you’re keeping up with timely repayments.
Organizing funds effectively will keep you on top of your finances, thus making you seem like a viable prospect to a potential lender.
Apply for only what you need
All other credit factors remaining the same, a lender will perceive more risk while extending you a high-value loan. A possible temptation here is that even if a particular amount suffices, you could think a little more would do only good, helping you to buy that dress or take the holiday that’s been long stalled.
However, the truth is that the extra bit of borrowing could well be the deciding factor between a successful and a failed personal loan approval.
One application at a time
Sending out personal loan applications to different lenders simultaneously might seem like a good idea to boost your chances, but in reality, it is far from it. Often lenders carry out an intra-institutional check and might end up denying your application solely because you have sent out multiple loan requests. This is because lenders, particularly the more reputed ones, could form a hasty impression of you being desperate for credit, or even surviving on credit for that matter.
Pre-approved offers from Bajaj Finserv on personal loans along with home loans and business loans, among others, make it easy and hassle-free to avail finance. Know your exclusive pre-approved offer by sharing a few basic details today.
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