Nowadays, in times of a financial crunch, getting access to funds has become more comfortable and convenient. One of the reason is the readily available instant personal loan from Banks and NBFCs. Unsecured personal loans have become a preferable mode of getting instant money in times of an emergency. Personal loan apps have reduced the time spent for availing a personal loan. However, getting a speedy unsecured personal loan depends upon multiple factors. These factors are what the banks and NBFCs list as eligibility criteria. Apart from the basic KYC details, each lender could have a different eligibility criterion which you will have to fulfil to get an instant personal loan. As an unsecured personal loan does not involve any collateral, it becomes imperative for the lenders to check whether or not you fulfil the eligibility criteria.
Here we share a few financial habits which can positively impact your personal loan eligibility when you apply for a personal loan.
1. Keep Your CIBIL Score in Check
The CIBIL score is an indicator of your credit history. When it comes to an unsecured personal loan, lenders make sure to check the CIBIL score of the applicant. This CIBIL score is found in the credit information report (CIR), which is formulated by TransUnion Cibil Ltd, a credit information bureau. The CIR is a record of your debt repayments and loan inquiries from the past. While the score can be anywhere within the range of 300-900, typically, a score of 700 and above is considered to be a good score by lenders.
2. Be Timely With Your Bills
Being timely with your bill payments shows discipline and control over your finances and is considered to be a healthy financial habit. So, whether it is paying EMIs of a loan, credit card bills or utility bills, make sure you pay them on time. This one habit can help you fulfil the personal loan eligibility criteria set by many lenders.
3. Avail A Personal Loan Only When Necessary
If you apply for a personal loan frequently, then this can reflect poorly on your credit history. Frequent loan means you have to pay frequent EMIs. This give the lenders and impression that you are a reckless spender and are unable to manage your finances properly. This will not only put your finances into disarray but also reduce your chances of being eligible for an instant personal loan.
4. Have a Low Credit Utilization Ratio
The amount of debt as compared to the available credit limit is something which you should keep track of. This becomes particularly true for credit card holders. If the credit utilization ratio is high, then it may lower your credit score. Hence, you need to use your credit limit wisely.
5. Avoid Owning Multiple Credit Cards
Having multiple credit cards leads to multiple debts to pay at the end of each month. This increases the possibility of forgetting a bill payment which reflects in your credit report as a default or late payment. This causes your credit score to go down. Hence, stick to one or two credit cards only so that you can manage to pay the credit bills on time.
There are many banks and NBFCs in India which provide an unsecured personal loan. Indiabulls Dhani provides speedy personal loan to loan borrowers via its mobile app. Indiabulls Dhani’s Personal loans app is designed to make personal loan applications smarter and more manageable. All you need to do is enter your PAN details, loan details, identity details and bank details. The personal loan interest rates by Indiabulls Dhani is also among the most competitive ones, starting at 1.17% p.m. Indiabulls Dhani also provides you with a personal loan EMI calculator to get an estimated amount of your EMIs. This can help you decide on the amount of your personal loan. In addition to this they have additional benefits you can avail such as earn reward points given on using Dhani App for transactions, playing games of referring people to Dhani etc. These rewards points are actually very valuable as 1 point= 1 rs, which mean when you get 1000 points you get 1000 Rs. This effectively makes your EMI cheaper and makes Dhani the most viable option for Personal Loan seekers. Dhani also offer instant credit line facility from the app which enables you to buy now and pay later in easy EMIs with zero interest. This product is also first of its kind as you can now shop anything and pay back in 3 easy EMI’s. You can shop online/offline, coffee or a mobile phone, hotel/bus tickets everything on EMI’s.
If you have all the above points in check, then there are high chances of you getting an instant approval and disbursal of a personal loan when you need it.