Do you want to improve your chances of getting loan approval, especially during the financial crisis just like the COVID-19? Then you will need to follow a few points. Doing that may not only give you loan approval but even avail a lower interest personal loan. Read on and know more! 1. Know your CIBIL score The first thing that your lender will check while processing the loan application is your CIBIL score. Hence, you need to check your CIBIL score in advance. Having a robust credit score can help you avail a lower interest personal loan. A credit score of 750 or more is known as ideal. 2. Research for the best offers The next thing is checking out the offers of many lenders in your city. To do that, you can land on a third-party website and compare all offers at one place. Doing that will help you compare the lower interest personal loan offers. 3. Pay off your existing debts If you want to avail the lower interest personal loan and a large amount, then your need to prove that your debt to income ratio is lower. And the best thing to do is pay off your ongoing debts and increase your income to debt ratio. When lenders see that you are the eligible fit for the loan, then it may offer you the lower interest personal loan. By following the discussed tips, you can surely improve your chances of getting the loan during a financial crisis and otherwise. Additional Read: Know How To Avail Personal Loan During Financial Crisis
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |