3 Tips to Follow if You Need a Personal Loan

Today, thanks to the advances in technology as well as the rapid increase in the number of loan providers over the last couple of years, it has become quite easy to apply for a loan today. Gone are the days where taking a loan meant countless waiting hours, long queues to just submit basic documents, and a lot of follow-ups. Advancements and technology have changed the way people take loans today. Today, you can avail loans from the convenience of your home, and from your smartphone itself. The approval time is reduced to a few minutes, thanks to a few clicks on your smartphone.

Even then, one should still exercise due diligence while applying for a personal loan. Yes, how you get a loan is important, but it is equally important to do everything you can to get your loan approved. We’ve listed out three things you need to follow in case you’re planning on availing a personal loan:

1. Keep Your Job

This point may sound a little strange to you, but it’s a valid one all the same. When it comes to approving your application for a loan (whether you apply for one with your bank or a personal loan app), all lenders check if you have a stable job, so that you’re able to pay off your EMIS at the end of the month, if at all they do approve your loan application. It’s obvious that if you don’t have a fixed monthly salary, your personal loan application is most likely going to be denied. Along the same lines, if you’ve changed jobs a little too frequently over the last couple of years, some lenders may also look at that as a disadvantage.

2. Read Up on the Eligibility Criteria

This is the first thing you need to do if you want a loan. You need to see if you meet the minimum eligibility criteria set by your lender. This also varies from bank to bank. For example, when it comes to minimum age, most banks only lend to customers who are 25 years of age and older. But then, there are also a few lenders who have lowered the age limit to 21 years. Another parameter we can take is your profession. If you’re a self-employed individual, you need to make sure that you fall into the list of professions that your lender approves of.

3. Don’t Make Too Many Applications

While applying for a personal loan, it is definitely a good idea to shop around with multiple lenders, before arriving at a decision as to who your final loan provider will be. Everybody wants to get the best terms and interest rate on their loan, and there’s no reason you shouldn’t too. At the same time, be careful to not apply for too many loans over a short span of time. Every time you do so, it gets recorded as a credit inquiry on your credit report. Too many of such inquiries can make you seem desperate for a loan, and might even lead to your loan application being rejected by your lender.

Wrap Up

The points we have listed above are a few helpful tips you can use while applying for a personal loan. If you are on the lookout for a personal loan provider that offers fast and easy access to short-term funds, KreditBee is a good option you can consider. Apart from their easy-to-understand process and the minimal documentation required, their application process is also 100% online. All you need to do is download the app, complete your profile, and leave the rest to us. If you wish to learn more about our personal loans, write to us at [email protected] or simply call +080 44 292 200.