Updated: May 28
Nowadays, in times of a financial crunch, getting access to funds has become more comfortable and convenient. One of the reasons is the readily available instant personal loan from Banks and NBFCs. Unsecured personal loans have become a preferable mode of getting instant money in times of an emergency. Personal loan apps have reduced the time spent on availing a personal loan. However, getting a speedy unsecured personal loan depends upon multiple factors. These factors are what the banks and NBFCs list as eligibility criteria. Apart from the basic KYC details, each lender could have a different eligibility criterion which you will have to fulfill to get an instant personal loan. As an unsecured personal loan does not involve any collateral, it becomes imperative for the lenders to check whether or not you fulfill the eligibility criteria.
Here we share a few financial habits which can positively impact your personal loan eligibility when you apply for a personal loan.
1. Keep Your CIBIL Score in check the CIBIL score is an indicator of your credit history. When it comes to an unsecured personal loan, lenders make sure to check the CIBIL score of the applicant. This CIBIL score is found in the credit information report (CIR), which is formulated by TransUnion Cibil Ltd, a credit information bureau. The CIR is a record of your debt repayments and loan inquiries from the past. While the score can be anywhere within the range of 300-900, typically, a score of 700 and above is considered to be a good score by lenders.
2. Be Timely With Your BillsBeing timely with your bill payments shows discipline and control over your finances and is considered to be a healthy financial habit. So, whether it is paying EMIs of a loan, credit card bills or utility bills, make sure you pay them on time. This one habit can help you fulfill the personal loan eligibility criteria set by many lenders.
3. Avail A Personal Loan Only When necessary if you apply for a personal loan frequently, then this can reflect poorly on your credit history. Frequent loan means you have to pay frequent EMIs. This gives the lenders and impression that you are a reckless spender and are unable to manage your finances properly. This will not only put your finances into disarray but also reduce your chances of being eligible for an instant personal loan.
4. Have a Low Credit Utilization RatioThe amount of debt as compared to the available credit limit is something that you should keep track of. This becomes particularly true for credit cardholders. If the credit utilization ratio is high, then it may lower your credit score. Hence, you need to use your credit limit wisely.
5. Avoid Owning Multiple Credit CardsHaving multiple credit cards leads to multiple debts to pay at the end of each month. This increases the possibility of forgetting a bill payment which reflects in your credit report as default or late payment. This causes your credit score to go down. Hence, stick to one or two credit cards only so that you can manage to pay the credit bills on time. There are many banks and NBFCs in India which provide an unsecured personal loan. Indiabulls Dhani provides speedy personal loans to loan borrowers via its mobile app. Indiabulls Dhani’s Personal loans app is designed to make personal loan applications smarter and more manageable. All you need to do is enter your PAN details, loan details, identity details, and bank details.
The personal loan interest rates by Sunita finance are also among the most competitive ones. Sunita finance also provides you with a personal loan EMI calculator to get an estimated amount of your EMIs. This can help you decide on the amount of your personal loan.
If you have all the above points in check, then there are high chances of you getting an instant approval and disbursal of a personal loan when you need it.If you need a loan in Raipur please visit our office.
Sunita Finlease Ltd is one of the best Personal loan companies in Raipur.