Loans are a convenient way to achieve your goals without dipping into your savings or liquidating investments. In fact, lenders these days offer various types of loans to cater to your unique needs. So, if you are in urgent need of funds, you may wonder what is the easiest loan to get? The answer is a personal loan, as it’s an all-purpose financing solution that you can use to meet both personal and professional needs. Read on to know more about a personal loan and how to enjoy quick approval.
How much personal loan do I qualify for?
personal loan purely based on your creditworthiness, repayment ability, age, income, existing debts, and other such factors. All these factors are of paramount importance as these factors help lenders in deciding whether they can give you the collateral-free loan. More specifically, the terms of a personal loan like amount, interest rate, and tenor are affected by this. Now that you have a fair idea about a personal loan, take a look at the right way to apply for one.
Steps to apply for a personal loan
- Before approaching the lender, evaluate your need and the amount you require, whether it’s to bridge your business’ working capital gaps or to finance an emergency surgery. This step will help prevent over-borrowing and keep the cost of loan to a minimum.
- Next, calculate your EMIs so you know how much the loan is going to cost you and the tenor that you should choose. To do this, use a personal loan EMI calculator. Depending on how comfortable you are with the result, you can either proceed or alter the principal or tenor to lower the EMI.
- Next, compare lenders, their offerings, and loan repayment terms to secure the best deal. For instance, Bajaj Finserv offers a
personal loan with a high sanction of up to Rs.25 lakh that is sufficient to meet big-ticket expenses. With affordable personal loan interest rates, your EMIs will be easy on the pocket too. Also, the flexi loan facility allows you to withdraw from the sanction in parts as per your various needs. The best part is that interest is only charged on the amount that you utilise.
- Once you decide on a lender, check the personal loan eligibility criteria and documents required to apply for loan. If you meet the criteria, you can go ahead and submit your loan application. But if you don’t, work on your shortcomings before applying. For instance, lenders prefer a credit score of 750 and above for personal loans. If your score is lower, chances are that you may have to face rejection or pay higher interest rates. So, improve your score before applying.
- Finally, when you meet the personal loan eligibility criteria and gather the required documents, you can apply for your personal loan either online or offline. When you apply online, personal loan applications are approved faster. For example, Bajaj Finserv approves your application in just 5 minutes. This instant personal loan is then disbursed within 24 hours of verification.