A personal loan is one of the most simple and cost-effective financing options. With it, you can get instant cash, thanks to a quick digital application and an instant approval process.
However, any snag in your application can delay disbursal. This can happen due to several reasons, such as sending an incomplete application or not meeting the eligibility criteria.
By taking the necessary precautions before applying, you can ensure you get seamless access to cash. Read on to learn how to get faster approval on your personal loan application.
Choose Suitable Loan Terms
The first and foremost step to securing quick approval is applying with loan terms that fit your budget and eligibility. Doing so ensures you can repay the loan on time, making you a low-risk borrower. As such, the lenders can quickly process your application and give you access to the required funds.
To do this, you can check your eligibility using the personal loan eligibility calculator available online. This calculator gives an estimate of the amount you can borrow based on your income and other factors.
You can also use an EMI calculator to determine the ideal loan amount and tenure. In addition, you should ensure that you meet all the eligibility criteria the lender sets to hasten the approval process.
Improve Your Credit Score
Credit scores depend on variables like credit history, ongoing loans, credit mix, credit age and other factors. As such, it gives lenders information about your credit behaviour, based on which they decide whether to approve or reject your application.
Therefore, checking your score before applying is a must. Lenders generally need a score over 600[EW3] to ensure you can repay your loan on time. Applying with a high score will help secure faster loan approval and reduce the chances of rejection.
If you have a low score, you can consider adding a co-applicant to boost your eligibility and enjoy faster approval. This is because the lender considers your combined income when assessing eligibility. Therefore, if you have a low credit score, applying with a co-applicant with a strong credit score is wise to ensure speedy approval.
Keep all the Documents on Hand
After checking the eligibility, the next step is to get your documents in order for getting seamless approval. Here are the basic documents [EW5] you must have with you when applying for a personal loan:
- Identity proof such as an Aadhaar card, PAN card, voter’s ID card, passport, driving licence, etc.
- Address proof such as an Aadhaar card, voter’s ID card, passport, utility bill
- Income proof such as the last three months’ bank statement or salary slips months
- Latest passport-size photographs
Preparing documents and ensuring all your details are mentioned correctly will avoid last-minute hassles and delays in the loan application process.
Choose an Existing Lender
When you choose a lender with whom you already have a relationship, you can get quicker approval. This is because lenders already have the required details and can process your application in no time. Additionally, if you have repaid previous loans on time, you may get quicker approval.
Apply With Online Lenders
Many banks, NBFCs, and financial institutions offer personal loans online backed by AI and ML algorithms. Thanks to fintech advancements, you can enjoy instant approval with quick disbursals within 1-2 days.
In contrast, applying offline can be a time-consuming and tedious process with the underwriting process taking more time. So, if you want to enjoy speedier approval, apply online with lenders offering 100% digital processes. This way, you can also submit documents digitally and track your loan application with ease.
Additionally, you can easily check your eligibility, interest rates and other charges and compare lenders online. As such, you can secure the best personal loan offer with quick approval and disbursal.
Keeping these facts in mind can help you avoid delays during your personal loan application process. For quick and affordable personal loans, apply via the Bajaj Markets App. Through the app, you can apply online in just a few clicks and get access to funds just as quickly. Download the Bajaj Markets App now and apply for an instant personal loan!