Many people borrow funds as personal loans due to an urgent or quick need to fund certain activities. In such cases, sanction periods play an important role. To get everything right in the first go, the following are a few tips to ensure to increase your chances of getting a personal loan in a short time.

Check Your Credit Report

Thoroughly fact-check your credit report before a personal loan application. This includes your credit score and balance. Alongside this, you should also check out for unexpected account balances, credit accounts you did not open, unexpected hard inquiries, and charges you do not recognize.

Check Your Income Stream

Ensuring a stable stream of income is important since lenders consider it when determining your repayment capacity. They cross-check whether your income comes from a credible source and how much debt-to-income ratio it amounts to.

Check for Co-Borrowers

If you do not have a strong credit profile and have a high debt to income ratio, then it is best to have a co-borrower. You can determine what loan amount you are eligible for with a personal loan calculator and choose your co-borrower with an excellent credit score and stable income.

Although personal loans are a quick fix for financial woes and the need for funding, following the procedure properly and proper documentation is an integral part of loan approval. If you meet the Fullerton India personal loan eligibility criteria, you get instant approval on your loan amount, and disbursement within 30 minutes!

Additional Read: Avail Personal Loan of up to Rs 10 lakh with Easy Tenure with Fullerton India