Personal loans are the most convenient ones to get quickly and that without any collateral. It sounds pretty impressive to get such an accessible financial. As instant personal loan approval for salaried persons and the disbursal of the loan amount is possible within a day through online credit platforms. But the possibilities of rejection of your loan application are still there. Well, it will be really heartbreaking to lose the hope of receiving money in such an accessible way. However, such a situation is avoidable if you apply instant personal loan in India carefully by keeping the following five tips in mind. Let’s dive into the factors affecting instant personal loan approval.
Table of content:
- Meet the Eligibility Criteria For Personal Loan.
- Submit Valid Documents.
- Have a Good Credit Score.
- Apply For A Reasonable Amount.
- Multiple Applications Are Bad For the Approval.
FAQs:
- What are my chances of getting an instant personal loan approval?
- How long it takes for instant personal loan approval?
- How can I get a personal loan immediately?
- Which bank offers the easiest instant personal loan approval?
- Which bank gives a loan easily?
- What is the minimum credit score for instant personal loan approval?
- Is it hard to get a personal loan from a bank?
- How can I check my instant personal loan status?
- Why is my personal loan application taking so long?
Meet the Eligibility Criteria For Personal Loan
It is okay to be in a rush to get financial help when you, but that does not justify your actions before applying for a personal loan. Online credit platforms are solely meant to provide you with a loan whenever you need it. However, you must check the eligibility criteria before applying for so. The criteria may differ from bank to bank and you should read them thoroughly to make sure that you meet the age restrictions, income requirement, credit score, etc., to be creditworthy in the eyes of the loan provider.
Submit Valid Documents
Submission of the supportive documents along with a flawless application form is mandatory to get an instant personal loan approval. Make sure that you have put authentic details about you and your creditworthiness. A minor mistake can be the reason for the rejection. Besides that, provide documents that can prove your identity, income, credit history, credit score, and make you a potential borrower.
Have a Good Credit Score
Your credit scores matter a lot in the instant personal loan approval. The least required credit score depends on the bank and the loan amount you’ve asked for. Applicants with a higher credit score have more possibilities to get a loan. In fact, a handsome credit score also makes you eligible for a pre-approved personal loan that your existing loan provider may offer you.
Read our full blog: Credit Score Checklist in India
Apply For A Reasonable Amount
The instant personal loan approval depends on your income to some extent. So be calculative before applying for an amount that is not reasonable, as after analyzing your income, the lender may reject the application. So always apply for a reasonable loan amount.
Multiple Applications Are Bad For the Approval
As it can be hard to wait for a personal loan application to get approved, you may end up sending applications to more than one loan provider. However, you may end up getting rejected by all of the providers. When you apply for a loan, the bank or financial institution check for your credit score, and that gets recorded on the portal. It means, your loan provider get to know about multiple loan application which can ruin your potential. They may think that you are in a severe financial crisis and might not find you eligible to repay the loan amount. Mr. P. Mitra from Chowringhee, Kolkata, did the same mistake around five months ago. Despite having a good credit score, sufficient income, and creditworthiness, his instant personal loan approval got rejected by three banks as he could not wait for the approval of his first application.
So, always keep these things in mind for instant personal loan approval and disbursal of your personal loan application. And don’t forget to compare the loans on online credit platforms. At Roopya, we are always there to guide and support you with financial assistance and loans.
FAQs
What are my chances of getting an instant personal loan approval?
The answer to the question lies in how successfully you have met the eligibility criteria of the respective lender. The eligibility criteria surely vary from lender to lender, and to assure your instant personal loan approval, you need to qualify accordingly. If you apply for a personal loan with such a lender who requires a 750 credit score for the instant personal loan approval and your credit score is lower than that, the rejection is unavoidable. Or if the minimum income requirement for an Rs. 10 lakh personal loan is Rs. 35,000 per month and your net monthly income is 25,000, then the lender won’t approve such a high loan amount. So reading the eligibility criteria thoroughly and meeting them ensures your instant personal loan approval.
How long it takes for instant personal loan approval?
Your instant personal loan approval takes enough time if you apply offline as the conventional process is quite slow. But if you apply for a personal loan online, then getting instant personal loan approval is possible. On Roopya’s web portal, the application process is agile and the lender takes a few minutes to crosscheck your initial credibility to approve the loan instantly. However, the verification process after that will take a few working days and if the lender finds everything is authentic, then they will process the loan amount into your bank account.
How can I get a personal loan immediately?
Getting an immediate personal loan is possible if you apply through Roopya. Roopya approves and disburses instant cash loan in 1 hour as there are multiple lenders available on Roopya’s platform. Here, the application process takes a few seconds to complete, instant personal loan approval is also possible, and you will get the same-day disbursal of the loan amount if you qualify for so.
Which bank offers the easiest instant personal loan approval?
Almost every Indian bank has separate personal loan criteria and the ease with which they approve the loan may vary. However, HDFC bank personal loan is comparatively easy to get. The bank has easy eligibility criteria for a personal loan and serves the loan amount within 24 hours. Besides, if you’re an existing customer of the bank, you might get pre-approved personal loan offers that take the least time to approve and process.
Which bank gives a loan easily?
Getting a personal loan easily depends on the eligibility requirements of the bank. But HDFC bank has the reputation for easy eligibility criteria and quick loan disbursal. The rate of interest is super affordable, repayment tenure is long enough, and they process personal loan to non-HDFC bank customers within 4 hours and pre-approved personal loans to existing customers within 10 minutes.
What is the minimum credit score for instant personal loan approval?
Usually, a credit score of 750 and above is incredibly excellent for your instant personal loan approval. It is so because due to your higher credibility, you’ve made such a credit score which is quite reliable and lenders won’t reject your loan application if you’ve met other key eligibility criteria too. And surprisingly, you will have more than enough lenders to provide you a personal loan at a comparatively lower rate of interest. However, people with a lower credit score than that will also find lenders such as a few NBFCs, but the rate of interest will commendably higher than usual as the lender can assume the risk of providing a loan to a customer with a poor credit score.
Is it hard to get a personal loan from a bank?
No, it’s not hard at all if you meet the eligibility criteria of the respective bank. However, getting a personal loan offline can be a lengthy process. On the contrary, online loan application processes are quite fast and you can get personal loan approval too. To get a personal loan from a bank easily, you have to compare their personal loan criteria, check the eligibility criteria and apply accordingly.
How can I check my instant personal loan status?
To check the personal loan status,
- You can dial the customer care number of the respective lender.
- Write an email to the official mail Id of the lender.
- Use your internet banking credential to know the application status.
- You can visit the nearest branch of the lender to know the status of your loan application.
Why is my personal loan application taking so long?
Usually, online lenders process a personal loan more quickly than offline lenders. But there are some factors that may slow down the speed of the process.
- If you’re self-employed, then the process can be slow. However, it totally depends on the respective lender.
- You should be prepared and aware enough of yourself while applying for a personal loan. Not keeping the required details handy, can slow down the application process.
- Poor credit score can also slow down the approval process and the lender might need some additional information to find you creditworthy.
Resources:
Nasdaq | WishFin | HDFC | Bajaj Finserv | Credit Mantri
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