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5 simple tips to complete your Personal Loan process successfully

5-simple-tips-for-successful-personal-loan

There are times when you find that your earnings are not enough to meet urgent expenses. A personal loan may help you manage your situation better and save the day! Personal loans are known for their versatility as they can be used for various purposes such as a wedding in the family, renovation of your home, a medical emergency, or your child’s education. Sometimes, a personal loan may also help you clear multiple dues or plan any additional, unexpected expenditure. With an instant loan, especially when you need it the most, you have easy access to money.

You can get an instant loan easily if you meet all the requirements of the lender successfully. Here are the five simple tips that help simplify the personal loan process for you.

1. Check your credit score


Your chance of successfully applying for a personal loan depends on your credit score. Also called a CIBIL score, it is a three-digit number that shows your creditworthiness. A credit score ranges between 300 and 900, and it is derived using your credit payment history across various types of loans over a period of time. Most banks ensure that you have a good credit score, which is above 700 points, and you have the repaying capacity.

If you want to know your credit score, you can log into the official website of CIBIL and click on the ‘get CIBIL score’ tab, and follow the instructions. With a good to excellent score, you have a higher chance of having your loan application approved.

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2. Know the eligibility requirements set by the lender


Banks and other lending institutions have different eligibility criteria for personal loans. Though there are the standard ones such as the credit score, age limit, type of employment, three-month bank statement and minimum salary or income, some lenders may ask for additional requirements. For instance, IDFC FIRST Bank has its eligibility criteria on its official website to help you.

3. Know the borrowing options


It is possible that your financial requirement differs, and for this reason, most banks offer various borrowing options. You may need money to buy gold or buy a car. If you are doing business, you will need a business loan. Therefore, a financial solution varies from individual to individual. You can find specific loans such as a home loan, car or two-wheeler loan, consumer durable loan, pre-owned car loan, gold loan and personal loan. As for a personal loan, you can borrow money without providing any collateral or security.

If you want to apply for instant loan, a personal loan is an option that you can consider, for it is disbursed within a few days. IDFC FIRST Bank sanctions instant loans within a few hours or days depending on the applicant and loan application.

You can apply for an instant personal loan with IDFC FIRST Bank in just a few clicks without having to go to the bank.


4. Check your affordability to repay the loan


A personal loan is generally repaid in equated monthly instalments or EMIs, and banks want to know your repaying capability before approving your loan application online. For an instant personal loan via a completely digital journey, you need to upload:

  • Valid KYC documents such as a PAN Card and Aadhaar Card, Voter’s ID, Driving License or Passport
  • Your bank statement for the last 3 months
  • Debit Card or Net Banking details to set up an eMandate, and
  • eSignature or eStamp

When checking your affordability to repay the loan, it is better to keep your debt obligations in mind and not have any fresh ones. You need to plan your monthly budget to have a better picture of it. If you want to know the EMI amount you will have to pay, use a personal loan EMI calculator on the IDFC FIRST Bank website to find out.

5. Keep all the related documents ready


The approval of your personal loan application depends a lot on the relevant documents that you need to give in support of the information provided. You can check the lender’s website and prepare all the documents before applying.

An instant personal loan can be handy to meet an emergency like medical expenses. With IDFC FIRST Bank, you have a completely paperless personal loan procedure, attractive interest rates and flexible repayment options.

Via its 100% digital process, IDFC FIRST Bank offers a hassle-free, end-to-end online personal loan experience. You can apply for an instant personal loan with IDFC FIRST Bank in just a few clicks without having to go to the bank. Get in touch with us today and avail an instant personal loan for your needs.

 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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