How to Improve Your Personal Loan Application?

Personal loans are a risky deal and it is vital for lenders to scrutinize borrowers and their payback tendencies.If you have been keeping an excellent credit record by being a faithful payer,the ball is in your court.This will boost your chances as a borrower and qualify you for loan approval.

Other than making regular payments and building your trustworthiness as a borrower, there are several other hurdles that you must cross in order to speed up your loan approval.A few tried-and-tested guidelines are laid out to make your personal loan application stand out.

Do You Meet the Eligibility Criteria?

Before heading towards a personal loan, go through the eligibility criterion that is required.Clix Capital has a minimum age requirement of 25 years and a maximum age requirement of 58 years.This, however, varies from lender to lender. In addition, NBFCs also have a different age requirement for salaried and self-employed professionals.

In the same way, a few banks also have a minimum income requirement and a certain employment requirement. Just like the age parameter, the employment and income rules also differ from bank to bank. Therefore, before availing for a personal loan from a specific lender, ensure if you match the eligibility rule for a quick approval.

Keep Paperwork Handy

The main documents you’ll need to have are listed below:

  • Identity proof with a photo ID such as your driving license, PAN card, or passport.
  • Age proof (Any ID - Pan Card, Voter Card, and Driving License)
  • Address proof (Rental Agreement or Lease Agreement, Passport, Voter Card, Ration Card, Driving License, Aadhaar Card, or utility bills such as water, electricity, phone, or gas bill can serve this purpose)
  • Income documents including current or last three months’ income slips and bank statements.

Don’t Ignore the Research

A huge mistake that can be avoided is not researching enough. Know the loan market like the back of your hand. Interest rates vary from bank to bank. Before you finalize a personal loan from a lender, revise all your options.If you settle for one first lender, you could miss out on better loan offers from other lenders. Have a good look at the initial fees and other charges too. Dig out if there are any hidden fees.

Credit History

Last, but not least, lenders will examine your credit history. If the score is less than expected you have a problem in your credit report. So, it’s always wise to ensure that your finances are in order. Go through your credit report for any errors and fix it before making a loan application

With these pointers, you’re sure to speed up your loan application. Explore Clix Capital to find out exclusive deals on financial products, loans, and other things. Just call us on 1800-200-9898 between 9:30am-6:30pm from Monday to Saturday (except public holidays). Alternatively, you can also write to us at hello@clix.capital to resolve your queries around a personal loan.

Location: Hisar Bypass Southern, Hisar Cantt, Hisar, Haryana 125044, India

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