Financial emergencies can drain your savings and cause financial distress. It happens with people who dig into their emergency funds for everyday challenges. Therefore, it is always prudent to opt for a personal loan to meet such expenses. One can choose an affordable EMI plan based on income and repayment capacity to repay the personal loan. A leading lending institution like Fullerton India offers a personal loan amounting to INR 25,00,000. It is sufficient to manage various emergency expenses such as medical bills, education fees, travel expenses, etc. The repayment tenure can be up to 5 years. It provides plenty of time for borrowers to repay the loan amount.
Tips To Get Personal Loan Approvals
Personal loans are unsecured loans, meaning the borrowers do not have to bother about collateral. However, it increases the risk for lending institutions in case the borrower defaults. Therefore, they have personal loan eligibility criteria to weed out bad borrowers and minimise their losses. People who meet the eligibility criteria are granted the loan amount. Those who fail to meet the eligibility requirements will not be offered a loan. Here are a few tips for getting personal loan approvals.
- Maintain a high credit score
A credit score measures an individual’s creditworthiness in the market. Maintaining a high credit score is essential for getting your loan approved easily. Always aim for a credit score over 750 points.
- Choose a longer repayment tenure
A longer repayment tenure means lower EMIs. These low EMIs might be more affordable for the borrower based on their repayment capacity.
- Stable employment
Stable employment records with a reputed organisation can boost your chances of personal loan immediate approvals. Also, a higher income denotes a higher repayment capacity.
Also Read: Tips to Manage your Finances with an ongoing Personal Loan
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