‘Money cannot buy happiness,' is how the age-old saying goes. However, the fact remains, the entire world runs on money. We need money not just to purchase our day-to-day products but also to fulfil our other requirements. This is why banks such as HDFC, Axis Bank, ICICI Bank, offer money in the form of a personal loan.
What are personal loans?
It is an unsecured loan that does not require any collateral as security. They come for a fixed tenure and are provided to fund your immediate needs such as refurbishing your home or going for a dream holiday, etc.
Who are eligible for a personal loan?
Since this kind of loan does not require any collateral, your credit history and healthy income would suffice. If these factors are in place, there are chances of you obtaining an instant personal loan. At the time of application, you should keep your identity, address and age proof handy. The loan can be paid in monthly instalments as soon as they are processed. The tenure usually does not exceed beyond 2-3 years.
What are the factors that enable you to get personal loans quickly?
1) Credit score: Your credit history plays a crucial role in getting you an instant personal loan. If your credit score is somewhere near 750-800, you have high chances of getting the loan on time. However, if the score is around 300, the chances are slim.
2) Loan Amount: If you apply for a higher loan amount, you might face rejection from the lender. Nowadays, banks are wary of providing individuals with loans who are playing multiple EMIs. In fact, the loan amount you choose determines the amount of money you would have to pay monthly. In such cases, you can use the loan eligibility tool that assists in determining the loan amount you can afford based on your credit score.
3) Documentation process: The document requirements are simple such as PAN card, passport, driving license, voter’s ID, bank passbook, ration card, bank statements, payslips, etc. Hence, there should be no margin of error. However, it is advisable to read the document requirement instructions before submitting your loan application. If your documents are in place, your loan can get disbursed quickly.
4) Research: You can apply for a personal loan online as well. One of the significant advantages of getting the loan online is competitive analysis. As users’ emphasis on the interest rate, they can compare the interest rates from various banks and take a call accordingly. This will help you get a loan that is most suitable for you.
5) Simultaneous applications: Applying for multiple personal loans can hamper your credit score. You will be deemed as ‘credit hungry,’ which could, in turn, lead to rejection of your investment. And if your loan gets rejected initially, there is a high risk of not receiving any loan efficiently in the future.
The above pointers can help you get an instant personal loan. These factors hold true even if you opt for a home loan, car loan and others.
What are personal loans?
It is an unsecured loan that does not require any collateral as security. They come for a fixed tenure and are provided to fund your immediate needs such as refurbishing your home or going for a dream holiday, etc.
Who are eligible for a personal loan?
Since this kind of loan does not require any collateral, your credit history and healthy income would suffice. If these factors are in place, there are chances of you obtaining an instant personal loan. At the time of application, you should keep your identity, address and age proof handy. The loan can be paid in monthly instalments as soon as they are processed. The tenure usually does not exceed beyond 2-3 years.
What are the factors that enable you to get personal loans quickly?
1) Credit score: Your credit history plays a crucial role in getting you an instant personal loan. If your credit score is somewhere near 750-800, you have high chances of getting the loan on time. However, if the score is around 300, the chances are slim.
2) Loan Amount: If you apply for a higher loan amount, you might face rejection from the lender. Nowadays, banks are wary of providing individuals with loans who are playing multiple EMIs. In fact, the loan amount you choose determines the amount of money you would have to pay monthly. In such cases, you can use the loan eligibility tool that assists in determining the loan amount you can afford based on your credit score.
3) Documentation process: The document requirements are simple such as PAN card, passport, driving license, voter’s ID, bank passbook, ration card, bank statements, payslips, etc. Hence, there should be no margin of error. However, it is advisable to read the document requirement instructions before submitting your loan application. If your documents are in place, your loan can get disbursed quickly.
4) Research: You can apply for a personal loan online as well. One of the significant advantages of getting the loan online is competitive analysis. As users’ emphasis on the interest rate, they can compare the interest rates from various banks and take a call accordingly. This will help you get a loan that is most suitable for you.
5) Simultaneous applications: Applying for multiple personal loans can hamper your credit score. You will be deemed as ‘credit hungry,’ which could, in turn, lead to rejection of your investment. And if your loan gets rejected initially, there is a high risk of not receiving any loan efficiently in the future.
The above pointers can help you get an instant personal loan. These factors hold true even if you opt for a home loan, car loan and others.
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