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4 Easy Approval Tips for a Personal Loan

  • Highlights

  • Improve your credit score

  • Be prudent with your finances

  • Avoid multiple applications

  • Opt for the amount which you actually need

A personal loan can take care of a variety of needs - be it funding a grand wedding in the family or financially preparing to go on that exotic vacation. Such a loan can also act as a top-up on what you already have with yourself, thereby adding to the funds and bettering your short-term liquidity.

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While it isn’t possible on the lenders’ part to correctly gauge the chances of your application getting approved, there are a few tips that you can read up on to better the likelihood of availing 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 regularly check and better your credit score. While availing a loan despite having an unfavourable credit score is surely a possibility now, a better score ups your eligibility to borrow more that furthers your objectives.

Ensuring all personal details are accurately updated along with keeping a track of all the financial accounts there are 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), in accordance with your regular income is a vital step in this regard. Don’t apply for excess loans if you don’t need it 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 obviously 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, truth is that the extra bit of borrowing could well be the deciding factor between a successful and a failed personal loan approval.

5 things you can get on EMIs for your wedding

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 on the ground of you having 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 loan along with home loan and business loan among others make it easy and hassle-free to avail finance. Know your exclusive pre-approved offer by sharing a few basic details.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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