Want to maximize your chances of getting a personal loan by boosting your eligibility? One way is to borrow less if you wish to finance an immediate goal and for which a lender can expect you to clear the debt quickly. The best Fintech companies offer micro-loans starting from ₹1,000 and short-term loans to this end. Besides, there are various other ways to up your loan eligibility. Here’s a look.
Build a Good Repayment History
Make sure to pay your credit card bills and the EMIs of all your loans regularly and on time. Thus, you can build good repayment records. On the other hand, if you have unpaid credit card bills and loan EMIs, try to clear all your dues. That way, you can improve an existing bad repayment history. Both ways, you can boost your personal loan eligibility as the lender can trust you with responsible loan repayments.
Up Your Credit Score
Your credit score reflects your creditworthiness. So, with a high score between 750 and 800, you can have higher eligibility for a personal loan. A good repayment history gives a lift to your credit score. An error-free credit report can also help. So, make sure to revise your credit report. If you spot any errors, request the credit bureau to rectify them. Then, wait and apply for a loan only with a clean report. However, to avoid these hassles, you can apply for an instant loan on a loan app such as CASHe. It uses a unique technology-driven credit rating system called Social Loan Quotient (SLQ) based on smart analytics, machine language, and artificial intelligence. However, unlike a conventional credit score, you can improve your SLQ score easily by boosting your social media presence, increasing your career experience, and maintaining your basic KYC details. That’s it! And you’ll be eligible to apply for an instant loan that’s processed digitally and disbursed super-fast.
Use Your Additional Income Sources
Make sure to declare all the sources of your income to the lender. Besides your monthly salary, these may include rental income and income from another small business. According to a lender, the higher your income is, the more is your repayment capacity. This will only help increase your personal loan eligibility.
Submit Genuine Documents
Make sure to submit legible and genuine documents when applying for an instant loan. This can prevent your loan application from being canceled, and you can enjoy a faster approval, processing, and disbursal of the loan.
Go for a Short Loan Tenure
If you opt for a short tenure, the lender has peace of mind that you’ll repay the loan somehow in time. Since conventional financial institutions don’t offer loans for a very short tenure, you can conveniently apply for an instant loan through an app.