How to Get Quicker Approval for Personal Loans for Salaried Professionals?
Personal loans are highly lucrative funding options during emergencies and financial crunches. Salaried professionals can avail them without collateral, with minimal documentation and attractive interest rates. While many NBFCs provide instant approvals, getting a personal loan is not always quick. Here are a few tips for cutting out the possible delays and getting a personal loan for salaried professionals instantly.
- Apply Online
Applying online is the safest and fastest way of obtaining a personal loan. Once the applicant fills out an online application form and provides the necessary information for verification, the lending institution approves the loan instantly. It disburses the loan amount into the borrower’s account.
- Maintain a Good Credit Score
The credit score represents an individual’s creditworthiness. For personal loans, lending institutions like Clix Capital ask for a minimum credit score of 630 to approve loan applications. Consistently paying bills and EMIs, maintaining an old credit history, and reducing financial obligations are the sure-shot ways of improving credit scores and getting quick loan approval.
- Fulfil Minimum Monthly Salary Requirement
While considering a personal loan application, the lending institution checks the income proof of the applicant to ensure it meets their minimum income criteria. Online lending institutions like Clix Capital require a minimum monthly salary of Rs 20,000 to approve the personal loan for salaried professionals.
- Apply for One Loan at a Time
While many individuals need urgent funds to cater to their financial requirements, they make the mistake of applying for multiple loans simultaneously. This often results in multiple hard enquiries, impacting the credit score negatively and making loan approvals more challenging. NBFCs perceive such applicants as credit-hungry borrowers and may not consider their applications.
- Keep the Necessary Documents Ready
Before applying for a personal loan for salaried professionals, ensure that all the necessary documents are ready. Since personal loans are unsecured, most NBFCs do not ask for extensive documentation. A loan seeker must check the lending institution’s specific documentation requirements and keep them handy while applying. This simple step significantly saves the loan processing time and attracts faster approval.
- Double Check the Details Before Applying
Provide accurate income and personal details to increase the chances of approval and make processing smoother and hassle-free. Providing complete information in the first go will save time, while any incorrect or incomplete information can lead to application rejection.
- Apply for an Adequate Loan Amount
Since personal loans are unsecured, applicants must consider their income sources and decide on a loan amount they can easily repay. Applying for a loan amount exceeding the repayment capacity will eventually lead to rejection, making the loan processing slower and more complex.
Before applying, the applicants can use a personal loan Calculator online to calculate EMIs based on the loan amount, interest rate and repayment tenure. The applicant can change the variables in the calculator to decide an EMI amount suitable to their monthly budget.
Although applying for a personal loan for salaried professionals is easy, following the tips in this article will accelerate the loan process and ensure approval quickly. While many require personal loans urgently, we advise not applying for a loan in a hurry. Research and apply carefully to avoid any unpleasant surprises later.
About the Author
Amaira sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.