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    5 Simple Tips to improve your Eligibility to get a Personal Loan

    Published on September 30, 2021

    In times of desperate financial needs, people resort to undertaking instant loans. During such times of urgency, making the wrong decision is possible. When rushed, there are often lapses in judgement among borrowers when picking a lender. 

    Nowadays, you can avail of personal loans online with Fullerton India. With our digital lending system, you can acquire and avail the benefits of a personal loan instantaneously. Hence, meeting your needs with regard to funding. Although the process of applying for and borrowing a personal loan is straightforward, you must follow a few steps to ensure that the sanction period is as short as possible. 5 tips to get instant approval on your online personal loans will be discussed below.

    Fill the Application Correctly

    Filling the application correctly sounds like the simplest and most unsaid step of the way. Unfortunately, a lot of people find that their applications get rejected because they may have made some spelling mistakes in the application, or failed to enter some crucial details correctly. At the very least, one may have to spend more time redoing the same steps. Thus, if you fill the loan application form accurately the first time by double checking everything and making sure all the information provided is correct, it can significantly decrease the amount of time it takes for lenders to process and verify the details provided in your application. Proofread the form at least 3 times to ensure that all the information is precise and there are no errors in spelling.

    Have a High Credit Score

    A very large part of your personal loan application approval is dependent on your credit score. Credit scores help lenders determine how reliable you are and your repayment capacity. Applicants who have a high credit score, which is ideally 750 or more, are much more likely to have their personal loan applications approved in a short span of time (within 24-36 hours). Therefore, before applying for a loan, by ensuring that your credit score is at least 750, your sanction period can decrease by a lot. In addition to this, an excellent credit score may offer you opportunities for lower and better personal loan interest rates.

    Limit Frequent Credit Applications

    Many borrowers have the misconception that they can apply to as many lenders as they want to see which one is accepted first during the application period. While you can do that, it is certainly not ideal for your financial health. Having multiple requests for extensions in your line of credit reflects poorly in your credit history. It has a negative effect because frequently applying for loans indicates credit hungry behaviour. During the verification process, lenders pick up on these things, which may discourage them from approving your loan.

    Meet the Eligibility Criteria

    Checking the eligibility criteria is a must before applying for any loan. Given the negative impact of loan request rejections and multiple applications, you always want to be certain that you are a good fit for those you are applying to. Being fully aware of where you stand regarding your eligibility against the parameters increases the chances of your loan being approved drastically. It also enables you to avoid glitches in processing further down the line. To clarify the eligibility criteria, the best idea is to visit Fullerton India’s website and check the basic eligibility criteria.

    Submit All Necessary Documents

    Organised documentation is a major part of your loan application and getting the request approved. But often, you might forget to attach a certain document or miss something out of the list. Although natural, these mistakes must be avoided at all costs as they delay the process and cause hindrances. In addition to this, the documents you submit must be clearly visible and legible for the lenders to verify smoothly. Blurred, unclear, or smudgy documents can make the procedure much longer. Or worse, it may even lead to your request being rejected. That said, personal loans require minimal documentation. Therefore, keeping track of documentation requirements is not overwhelming.

    Availing a personal loan has several benefits, and it is essential to make a sound choice to keep these pointers in mind. The process of personal loan applications is simple and can be availed in a very short period of time. By following the steps mentioned above, you can rest assured that your borrowing process will be seamless!