Today, everything is available online - from grocery and food to electronics and furniture. Even financial products like personal loans can be availed over the internet.
You can apply for an IDFC FIRST Bank personal loan in just four simple steps.
As you can see, the process is almost entirely online. This makes a personal loan convenient. However, to ensure that your loan application and approval is smooth, you need to ensure a few things:
Check your credit score
Your Credit Score is an important factor that can affect the chances of your loan being approved. If your credit score is low, lenders may reject your application or the personal loan interest rate levied may be high. Hence, it is advised to check your credit score before you apply for an instant personal loan.
Check your debt-to-income ratio
Lenders check your debt-to-income ratio to assess if you would be able to repay the loan. It can be calculated by dividing your total monthly outgo by your gross monthly income. The monthly outgo includes your rent, loan payments, credit card bills and other dues, except utilities and household expenses and taxes. The lower your DTI, the less risky you seem to lenders.
Get a co-signer
If your credit score is not up-to-the-mark or your DTI ratio is high, get someone to vouch for your trustworthiness. You can do this by getting a co-signer for the loan. You can choose a family member or a friend with a good CIBIL score. This can help in getting the loan approved.
Compare and choose a lender
The eligibility criteria for a personal loan of every lender is different. Compare the eligibility criteria and choose one that meets yours.
Keep the required documents at hand
Ensure that all your documents are ready for verification before you apply for the loan. Some commonly asked for documents include -
Keeping these documents at hand can help get the online personal loan approved in just a few clicks. Visit our website or download IDFC FIRST Bank Loans App to apply now.