Applying for a Personal Loan? Read this to ensure 100% Approval!

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Applying for a Personal Loan? Read this to
ensure 100 Approval!
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Check whether you meet the eligibility criteria
or not

• This is the most important factor which decides
  your loan personal loan approval. Hence, before
  you apply for a Personal Loan, its essential to
  check for the eligibility criteria of different
  lenders. The general eligibility criteria with
  most of the lenders include a minimum age
  requirement of 21 years to a maximum of 60 years,
  a minimum amount as monthly income and job
  stability. However, the eligibility criteria vary
  from lender to lender. 
• So, if you want to ensure that your personal loan
  application gets approved, make sure to check if
  you meet its eligibility requirements for the
  lender. 

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Research well before you select one

• Not researching enough for several things before
  you apply for a personal loan can lead to several
  hassles in the future and can even be the reason
  for your loan application rejection.  
• Different lenders offer the same product at
  different interest rates and at different
  processing fees. So, before you decide to go with
  a particular bank/lender it is quite important to
  research well and compare all the available
  options/banks. Going with the first lender that
  you came across for your personal loan, can keep
  you deprived of the better offers from other
  lenders. 

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Knowing your CIBIL Score

• You might be aware of the fact that lenders check
  your CIBIL score before they approve your loan
  application. This is done to know your previous
  repayment history and to analyse your financial
  health. A CIBIL score of 750 and above leads to
  the approval of your loan application, while
  below this can lead to the rejection of your
  personal loan application. 
• So, its always wise to ensure that you have a
  good CIBIL score with all your finances in order.
• You can check your Credit Score on many of the
  lenders portal or you can do this with Experian,
  CIBIL or TransUnion. 

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Existing obligations

• You might ignore this, but your existing
  obligations and debt to income ratio play a major
  role in your loan application approval.
  Applicants with lesser obligations and low debt
  to income ratio get easily approved for the loan
  as compared to the ones who have more obligations
  and higher debt to income ratio. 
• So, in case if you have a higher debt to income
  ratio and want to get approved for a new personal
  loan then either you can wait for some of your
  loans to be closed or you can have a conversation
  with the lender and try them to convince them of
  the assured repayment and timely payments.

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Important tips-  

• Always apply after proper research.
• Apply only for the loan amount which is
  required. 
• Compare different lenders before you come to any
  conclusion.
• Take a loan by keeping your repayment capacity in
  mind.
• Remember you will have to repay the borrowed
  amount along with the interest.
• Last but not the least, your total EMIs for all
  your loans should not exceed 40-50 of your gross
  monthly income.

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Thank You!
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