Applying for a Personal Loan_ Tips to Get Approved for Personal Loans

1. Applying for a Personal Loan: Tips to Get Approved for Personal Loans Taking a personal loan seems the fastest credit solution when some emergency hits you. Since it’s a multipurpose loan and now you can apply for a personal loan online as well it’s even easier to get. Whether a medical requirement or educational or any other personal financial need; an instant loan is just a few steps away from you. You can use the o?cial websites or the mobile apps of the lender to get the loan. In the online lending market, multiple lenders are also available that give you to have a choice. Now you can decide based on your financial needs and repayment capacity and preferences which lender is suitable for you. The small application process, minimal and digital documentation, online verification, instant approval and quick credit; are all these things that make an online loan very easy. Simply by sitting in your comfort zone whether it is from your home or o?ce or even if you are travelling accessing some credit is no more a challenge. But often it is seen that the loan requests or rejected. Why does it happen? Has it happened to you too? What can you do to remove the hurdles in the approval of your loan? Well, here are the top five tips that can help in instant personal loan approval.

2. Top 5 Tips to Get Instant Approval on Your Personal Loan 1. Filling out the application form properly: Improper loan application could be a big “No-No” for you. An Online personal loan already has a short loan application. So, it is not a tiring process that you can be excused to be careless about. A proper application form filling can also show that you seriously need the money and not just take it for granted. The application form acts as the window between you as a borrower and the lender, utilising this window properly and carefully is advised to avoid personal loan rejection. 2. Provide complete Documents: Documentation is a crucial part while taking a personal loan. Documentation proves your eligibility, presence, and payback capacity. The lender gets to know you with them. Hence, having all the papers in proper format with clear information mentioned is important. Not having them in the proper condition or if you miss submitting any of the documents can be the reason for your personal loan rejection. Whereas if you maintain and present all the necessary documents in the full and fine state the instant approval on your personal loan has no wait. 3. Maintain a Sound Credit History: Past loans, their repayments, the number of loans you have now, income vs. liabilities, etc. are a few pointers that conjoin to making your credit history. If your credit history is clear and default-free approval on your personal loan will also follow instantly. On-time repayment of a loan helps in strengthening your credit score. Irrespective of the lender, it counts, and if there are multiple running loans, the chances of rejection go even higher. Hence it is recommended to pay o? the previous loans before applying for a new one. It leads to instant approval of your personal loan because it represents that you have been a responsible borrower in the past. 4. Stable Source of Income: Having regular income and a stable source of income tells about your payback capacity. If you are a salaried employee, in one year or in past years, inconsistency in your jobs could add to the failure of the approval of your loan. This is because it shows that you are

3. not serious on the grounds of finances, and the lenders don’t see such applicants as potential customers. Thus it is important to maintain a regular and continuous source of income to get instant approval on your personal loan. 5. Maintain a good credit score: A credit score is the first step to checking if your loan can be approved or not or approved but a small amount. Thus, it can be the primary factor to look into so that you can avoid personal loan rejection. The following are the few things that you can do to maintain a healthy CIBIL or credit score. ● Do not exploit more than 30% of your credit limit ● Keep monthly outgo of income ratio below 40% ● Make timely payments for your existing loans Considering these points can help you with the instant approval of your personal loan. When you are applying for an instant loan online it is also important that you check whether the app or the website is secured or not. It will save you from any compromise on the privacy of your records shared. Since many online lenders are available in the market you can make a choice based on your personal financial requirements and repayment preferences. As a salaried employee if you are looking for some instant credit helps FlexSalary can help you. FlexSalary is an NBFC-backed lender that gives the loan in form of a line of credit exclusively to salaried professionals. If your monthly income is Rs.8000 or above you can apply for a credit line of up to Rs. 2,00,000. Here, the minimum credit that you can borrow is Rs. 500 which makes it good for small cash needs as well. Here, no hard credit check is done and you can avail of the loan just based on your salary slips and bank statements. Documentation is minimal and digital which is completed by taking your Aadhar card, PAN card, Salary slips, bank statements and one passport-sized photograph. Before applying for the loan you can easily check all the terms and conditions and make an informed decision. Since it has an end-to-end encrypted platform for loaning you can apply for credit without any security

4. concerns. Within 24 hours of application, the disbursement is done hence making the FlexSalary credit line perfect for urgent cash needs as well