What Are Some Good Tips and Tricks to Avail Instant Personal Loan?

Today, when everything is available instantly, why should availing of loans be a long and tedious process? Gone were the days when you had to queue up at the bank, fill up various forms, submit loads of documents, apply your signatures at multiple places, submit and then wait for your loan to be approved, which usually took about 7-8 working days.

With the advent of NBFCs and private financial institutions in India etc., getting loans is now an easier process. You can avail of personal loan, two-wheeler loans, car loans, medical emergency loans etc. from any of these lenders.

So, what are some tips and tricks that you can employ to receive instant personal loans?

Maintain a Good Credit Score

A credit score is the measure of your creditworthiness which is earned by timely and full repayment of earlier loans and credit card dues. The score is prepared by credit bureaus of India. It is a three-digit number that ranges between 300 and 900.

As a mandate, almost all lenders look into your credit score before evaluating your loan application. Hence, maintaining a good score helps lenders to make a quick decision regarding loan approval.

Use Technology to Apply for Loans

Instead of taking the traditional route of visiting the lender – either at a bank or the office of an NBFC, try and apply for loans online. This can either be done through the lender website or even through an instant App, like in the case of Herofincorp, where all you need to do is download the loan app, give in your details, upload documents, and click submit. Simply with your documents and bank details in hand you can apply for a loan from the comforts of your home, saving a lot of time and effort.

And most lenders too find it easier to assess a loan applicant via the computer, where everything is available at the click of a button, helping in making a decision quickly for loan approval and disbursal!

Also Read: 7 Insightful Self-Employed Personal Loan Tips

Use the EMI Calculator to Clear Repayment Doubts

When you are sure about taking an instant loan but worried about paying the EMIs every month. You can calculate and get a clear idea about the EMIs using a loan EMI calculator available on instant loan apps. This will give you a clear figure of the EMIs to be paid and simplify your decision of taking the personal loan.

Maintain a Good Bank Balance

One of the documents that a lender requires is your bank statement of the past six months. It would be beneficial if one can maintain a good bank balance that is your income should exceed your expenses. This puts you in a better position as it shows that you will be able to repay the monthly loan instalments on time and without fail. This will guarantee you a quick loan disbursal.

Show All Sources of Income

In case you have more than one source of income, then it is advisable to submit documents for all the sources of income.

For example, you may be a salaried person and you may also own a property from which you might be drawing an income. In such a case, if you show documents supporting both sources of income (rent agreement, bank statement, etc.) it can vastly help your loan application process to speed up.

If one can follow these simple tips and tricks, then availing of a personal loan instantly would be no big deal!