Urgent financial requirements can easily be met with a personal loan. However, in order to avail the loan, you need to consider certain steps to increase your chances of personal loan approval.
Following are the requirements to qualify for this loan – 1. Fulfil the eligibility criteria
2. High CIBIL score A credit score of 750 is mandatory to avail personal loan interest rates in india. Increase your chances of approval by maintaining a credit score higher than 750. This assures the lender of your financial responsibility and compels them to offer you the loan on affordable interest rates. 3. Income threshold The minimum salary required to avail personal loans is based on your location of residence. Generally, your minimum net salary per month should be at least Rs.25,000 for metro cities and Rs.20,000 for other cities. In order to know about the salary applicable to your city for personal loans, use a personal loan eligibility calculator. 4. FOIR Fixed obligation to income ratio determines your repayment capability. It is the ratio between your total income and financial obligations. The high FOIR ratio indicates your inability to repay your existing loan. If more than 50% of your monthly income is used to repay your debt, your personal loan application will get rejected. Make sure to maintain a low FOIR ratio by effectively managing your debts to increase your chances of approval. Following these steps will help you make your personal loan approval easy and instant. Successfully meet the eligibility, provide all documents as required, and make sure to refer to the leading lender for the most beneficial terms other than just attractive rates of interest. Additional Read: Know How To Avail Personal Loan At Low Interest Rate
6 Comments
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10/8/2020 06:15:21 pm
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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. |