online personal loan

How To Avoid Risk of Missed EMIs

Collateral-free funding options, fast approval, and versatility are a few driving factors for increasing personal loan outstanding. Borrowers must ensure that they pay each EMI (Equated Monthly Instalments) on time to avoid a negative impact on their credit score. Delayed EMIs lead to penalty charges and fall under the minor default category.

Here are a few crucial points that can help to avoid the risk of delayed payments:

Apply for an amount that fits in their budget for easy repayment

Before applying for a Personal Loan, loan aspirants can check the monthly EMI using an online personal loan EMI calculator. Most lenders offer this calculator on their official website for free.

Choose a convenient tenure

Individuals with a low monthly income can consider a long-term repayment tenure. It helps them to reduce the loan EMI. Borrowers can repay a personal loan in easy and small EMIs in a convenient tenure between 12-60 months.

Be proactive

If borrowers suspect they will not be able to pay the next EMIs on time, they need to contact their lending institution before the due date. They need to explain their financial situation and check if the lender can temporarily help and stop the EMI. If it is impossible, borrowers can request the lender to reduce the EMI for a few months. The lender can honour this request, especially when one has a clear credit history and a good relationship with the lender.

These are the major steps that one can take to avoid the risk of missed EMIs for an online personal loan and maintain a spotless credit history for further favourable loan terms. Apply for a loan as an informed user and get ready with the personal loan documents required for quick processing.

Also Read: 4 Tips to Manage Your Personal Loan EMI Payments in a Better Way

Tips to Stay on Top of your finances with Ongoing personal loans

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As you manage your money, you manage your life, said Dan Miller, a lecturer in the personal development field. Money management is considered an art. It includes every aspect of effectively managing your finances so that you never need to draw from your savings, especially when you require money for an emergency. Money management and repaying your personal loan on time go hand in hand.

When used wisely, an online personal loan can be among the best strategies to reduce debt and position oneself for success. Managing personal loans and budgeting your finances might be a little tricky if you are a rookie.

Tips to help you regain control over your finance

  • Bookkeeping personal finances: Budgeting your expenses into categories makes calculating and keeping track of costs easier. This guarantees to avoid wasteful spending. A predetermined budget should be established and followed, especially if you have an online personal loan. 
  • Paying a little extra on time every time: The best way to avoid late fees, penalties, and low credit scores is to always make your monthly payments on time. Additionally, paying a little extra each month keeps you ahead of your loan’s term. 
  • Look after your credit score:  The optimal score for your credit report is 750 or higher. Maintaining a decent credit score is essential because it affects financial activities like loans and credit card limits. Your credit score will increase if you stick to or even stay ahead of your monthly payment schedule. On the other hand, missed payments will lower your credit score. 
  • Consolidating loans: Consolidating your debts could be an intelligent approach to paying off loans if you overlook multiple personal loans. Consolidating your debt can be beneficial if you get a new loan with a lower interest rate than the average of your prior loans. Ensure you have the required personal loan documents ready before applying to a new lender.

Use the personal loan wisely to lower debt constraints while increasing economic stability.

Must Read: Key Aspects to Consider Before Taking a Loan Against Property

How To Increase Your Personal Loan Eligibility?

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People, who have a bad credit history or not much of an income to show for their online personal loan application statement can find it hard to get a loan approved. However, there are still things that you can do in order to increase your personal loan eligibility. Here are the important factors on how to increase your personal loan amount.

Factor that Increase Your Personal Loan Eligibility are:

  1. Income Stability – Banks and lenders prefer customers with stable incomes so they would recommend that you think about having extra savings before applying. If you really need a certain amount of cash then prepare yourself financially and show a stable income.  Check your EMIs through a personal loan interest calculator to get more information.

  2. Improve your credit score: Having a good credit history will really help you increase your personal loan eligibility. Getting a secured card and pay all of your bills on time is one way to show lenders that you are responsible with their money.

  3. The Number of Credit Cards: If you have additional credit cards than most banks would prefer people who only have one or two active accounts as this is proof of proper financial management. Showing multiple cards could mean that you’re in debt for the rest of your life and it might be harder to apply for loans in the future.

  4. Whiten Your Credit Report: Whitening your report includes paying down previous debts, keeping balances low or getting them removed from your record entirely if possible. When applying for a new loan, lenders look at your credit history to gauge your creditworthiness.

So improve your eligibility and apply for a personal loan rightaway!

Additional Read: How to Apply for Personal Loan Using Aadhar Card in 2021

How To Apply For Personal Loan Online?

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A personal loan is an instant credit financial tool that allows individuals to borrow money for incurring all their expenses. During an emergency when you require instant funds for a wedding, vacation, medical emergency, education or any other purpose, a personal loan offers the freedom to use the funds as you please.  

How to Apply for a Personal Loan Online?

Step 1: Browse to the Fullerton India website and click on the ‘Personal loan’ tab.

Step 2: On the personal loan page, read the terms and conditions and click apply for loan here: https://www.fullertonindia.com/personal-loan.aspx

Step 3: You will be asked to log in through your mobile number, which will be reverified through an OTP.

Step 4: You will be redirected to the application form of Fullerton India, where you will have to fill in the details like: Personal, professional and income. You also need to mention the loan amount you are applying for.

Step 5: You will be required to upload some documents like:

  1. Duly filled and signed application form
  2. Proof of identity
  3. Proof of address
  4. Proof of age
  5. Salary slips for the last three months (for salaried)
  6. Bank statement for the last six months
  7. Income tax returns or form 16
  8. Proof of Income / financial statements (for self-employed)

Step 5: Recheck all the mentioned details and submit the form.

Once the above process is done, your application will be analysed and based on that you will receive a call from the customer care executive, who will inform you about the loan terms.

Conclusion

A personal loan is available for both salaried as well as a self-employed individual. Based on the loan terms offered, you can pick the lender of your choice.

Must Read: Get Online Instant Cash With An Instant Personal Loan From Fullerton India