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8 Tips to Get Your Personal Loan Approved in No Time

Clix November 16, 2021

 

Easy personal loans are excellent sources of finance during a financial crunch or emergency. You can avail them with minimal documentation and without any collateral, security, or guarantor. With numerous financial institutions offering instant personal loans conveniently, getting instant loan approval feels like a child’s play. However, when you apply for an instant personal loan online, you need to fulfil multiple eligibility requirements and formalities that may take some time.

Since many individuals apply for a personal loan when they require money urgently, it would be helpful to know how to get your personal loan approved in no time. These are a few tips that can accelerate your instant loan approval.

1.    Apply for an Instant Personal Loan Online

Online application is one of the fastest and safest ways of availing easy personal loans. Once you fill out the application form and provide the required details, you receive a loan offer from the lender. After checking your credit score and verifying your documents, the lender can offer you a loan amount at an appropriate interest rate. Since the entire communication is done online, you may get your instant loan approval in as little as 15 minutes*.

2.    Maintain a High Credit Score

Your credit score is a representation of your creditworthiness. A high credit score proves to be an added advantage to get faster loan approval. Therefore, to get your loan approval faster, you must maintain a high credit score as close to 900 as possible. Most lenders look at your credit score to evaluate your loan application, especially in the case of an unsecured personal loan. A high credit score projects you as a low-risk borrower, which means you have low chances of defaulting on your EMI payments. As a result, you not only get your loan approval quickly but also get a higher loan amount at lower interest rates.

To maintain a high credit score, you must pay your credit card bills and loan EMIs on time, diversify your credit profile, and keep your DTI ratio and credit utilisation ratio low. Setup e-mandate to pay your EMIs automatically from your bank account every month so that you never miss or delay your payment.

3.    Maintain a Good Bank Balance

Lenders check your average bank balance while checking your creditworthiness and repayment capacity. Maintaining a good balance in your account shows that you have a high repayment capacity. NBFCs offer instant loan approval to individuals who have a high average bank balance.

4.    Apply for a Loan from One Lender Only

When you need urgent money, you may apply for loans from multiple lenders, hoping that you will get approval from at least a couple of them. However, this is one of the biggest mistakes you can make while applying for a loan. Since lenders go through your credit report while evaluating your loan application, they can see that you have applied to several lenders recently. Such a scenario can pose you as a credit-hungry borrower in dire need of money.

Besides that, several loan applications result in multiple hard inquiries on your credit report, which eventually hurts your credit score. When multiple lenders reject your loan applications at a time, you further reduce your credit score, making it more difficult for you to avail a loan in the future. Therefore, do some research and compare lenders before finalising one lender that best suits your eligibility, requirements, and preferences.

5.    Check the Lender’s Eligibility Conditions Beforehand

You would not want to waste your time applying for a loan that you are not eligible for. Doing this will not only waste your time but also reduce your credit score due to loan rejection. Although most NBFCs have easy personal loan eligibility conditions, you must check them beforehand. For instance, before applying for a personal loan from Clix Capital, ensure that you meet these eligibility conditions:

    • You should be 25 to 58 years of age
    • You must be a citizen of India
    • You should be a salaried individual drawing a salary of at least ₹ 25,000 every month
    • You should be working with your current employer for at least 6 months, and you should have a total work experience of at least 12 months

6.    Keep Documents Ready

Most personal loan lenders have minimal documentation requirements these days. However, you still need to present some documents to prove your identity, address, and income. For instance, to apply for an instant personal loan online from Clix Capital, you need to provide the following documents:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
    • Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

You don’t need to upload or submit these documents anywhere. If your KYC is updated with Aadhar or PAN, you can get your documents verified online within minutes using your KYC details. Therefore, online verification of documents accelerates the loan approval process, which proves to be of great help when you quickly need money during an emergency.

7.    Provide Correct Information

Providing correct personal, professional, and income details will not only enhance your chance of getting the instant loan approval but also make the entire loan process hassle-free and smooth. For instance, keep your loan application free from errors or discrepancies and mention all your income sources.

8.    Apply for a Loan Amount You Can Easily Pay

Applying for a higher loan amount than you can afford often leads to loan rejection. Consider your income and DTI ratio before applying for a personal loan. If the lender perceives that you can conveniently repay the loan amount you have applied for, they will quickly approve your loan application.

Applying for a personal loan has become extremely easy these days. Lenders like Clix Capital claim to give instant loan approval in 15 minutes*. However, you can use these tips to accelerate your loan processing and get the required money in no time. Require money in an urgency? Apply for a personal loan of up to ₹ 25 lakhs at Clix Capital. We have easy eligibility conditions and minimal documentation requirements to make easy personal loans accessible to all.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

* T&C Apply

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