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How to improve your chances of getting a personal loan
Posted on Friday, August 26th, 2022 | By IndusInd Bank
Whether you need immediate funds to extinguish a medical emergency, or you wish to take your family on the vacation of a lifetime, a personal loan can provide for your personal and professional needs. In 2019 the RBI reduced its lending rate to 5.15 per cent making personal loans affordable and accessible. Additionally, a new-age bank such as IndusInd Bank offers a comparable personal loan interest rate making personal loans even more feasible.
Availing a personal loan does not require any collateral. While this has contributed to its popularity, it has also made regulations around eligibility rather stringent. To help you get a green light on your personal loan application, here are five tips on how to improve your chances of getting a personal loan.
Five ways to improve your chances of getting a personal loan
1. Build your CIBIL score
A CIBIL score or credit score is a 3-digit number that denotes an individual’s creditworthiness to the lender. This number is assigned based on how you have managed your bills and finances in the past. This is what lenders look at before approving a personal loan application. Hence, building a strong credit score can prove very helpful.
2. Avoid taking multiple loans
Applying for multiple loans at once or submitting a loan application while already servicing another loan can lead to rejection. Moreover, having a gap of 6 months between your loan applications can help you get approval on your personal loan.
3. Keep a low debt-to-income ratio
Debt-to-income ratio suggests the number of EMIs you pay with your income. If the ratio exceeds 45 per cent your loan application may face a delay or even be rejected. Keep a low debt-to-income ratio to get a personal loan without any hassles.
4. Show all Income Sources
Having multiple stable income sources can also convince lenders that you would be able to repay your debts. When applying for a personal loan, it is better to reveal all your income sources as that increases your chances of swift approval.
5. Choose the right lender
Before applying for a personal loan, it is important to study the terms and conditions levied by different lenders to choose the one most suitable for you. Factors like personal loan interest rate, eligibility criteria, documentation, loan tenure, etc should play an important role in determining your lender.
Interest rates offered by IndusInd Bank
At IndusInd Bank interest rates start as low as 10.49% and go up to 29.50%. It also offers flexibility in choosing a loan tenure between 1 to 5 years, depending on your financial requirement and repayment capacity. You can get a personal loan online with just your PAN and Aadhar.
Final words
If your profile aligns with the above-mentioned requirements you could get a personal loan instantly. However, in case you find that you fall short on certain aspects, you could always work to improve your chances of getting a personal loan at a low-interest rate. Contact IndusInd Bank for more details on personal loans.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
