A lender carefully assesses your financial standing and your ability to repay loans whenever you apply for a personal loan. Some lenders have standard parameters to gauge a borrower while other lenders have stricter parameters. When you get in touch with trusted loan advisors at Saral Credit, the entire process of loan shopping will be made easy. They not only answer all your questions on loan eligibility, but also help your loan application get priority processed by lenders and offer you the best loan products at attractive interest rates.
It’s imperative for the borrower to ensure that they fit the lending criteria so that they can avail the best possible personal loan offers. Especially in these times of post-COVID, many lenders are very careful in screening borrowers and servicing personal loans. If you are perceived as a risky customer based on your past history of loan repayment, then your chances of getting a personal loan takes a hit.
However, there are some general guidelines that you can follow to show the lenders you’re capable of repayment. Follow these simple tips to increase your chances of getting the best personal loan offer –
Prove that you can afford the repayment
One of the best ways to securing a loan is by proving that you are capable of making EMI payments on time. If you can convince that you have a stable and regular job, then the chances of your loan getting approved are higher. Having an additional source of income can also work in your favour.
Apply for a lower amount
If you are being perceived as a high-risk candidate, then it is better to apply for a lower amount. This way, the lender will not fear the probability of you defaulting on the loan repayment. Also, repaying a lower amount would be far easier for you.
Get a guarantor or apply for a joint loan
If your loan repayment history is bad, then you must consider getting a guarantor or co-applicant with a good credit rating. This will help you in securing a personal loan at a faster rate. When the lender sees that your guarantor has a good credit score, it will certainly help you grab a better deal.
Resolve all the errors in your credit report
If you are having a hard time securing a personal loan, then it is possible that there may be some errors or misreporting in your credit report. This can also happen if your report has not been updated with the latest information. Review your credit report regularly and ensure that the errors are removed immediately. This will work in your favour as it will boost your credit score and make you a worthier candidate for a personal loan.
This is another great way of securing a personal loan with minimum hassles. Collateral serves just like a guarantor except that it is an asset that you attach to the loan. If you fail to make the payments on time, then the lender has the right to sell the collateral and recover the loan amount sanctioned to you.
Although these measures can help you secure a personal loan, you will still have to manage adequate funds to repay the loan on time. If you default, then your financial profile could worsen making you not eligible for future loans. So, the best thing you can do is focus on repaying loans on time and clearing off your old debts.