If you are in the salary sphere, you are very well aware of the fact that your finances are predictable due to a fixed income every month. However, in the current dynamic world, being a salaried employee is also about facing situations when you need financial assistance. This is where an instant personal loan for salaried steps in.
Whether you’re using it to fulfil a dream family vacation, renovate your house, or pay your children’s tuition fees, a loan can provide the assistance you need. However, getting a loan requires careful planning and a strong financial profile.
Today, in this article, we’ll understand the top five expert tips to help you secure a personal loan in India with no hassle.
- Build a robust score
Remember your school or college days when your report card told everything about you? Well, as you grow up, it changes to a financial report card that demonstrates your credit score and financial habits. Lenders rely heavily on this score to assess your overall ability to repay a loan. In our country, a good cibil score typically falls above 750.
- Avoid Multiple Loan Applications
Submitting multiple applications within a short time frame can negatively impact your score. This ultimately showcases you as credit-hungry to lenders, which reduces your chances of approval. So, make sure that you research thoroughly, choose a suitable lender, and apply only to them for your own betterment.
(Tip: In case your application is rejected, find out the reasons behind it.)
- Manage Debt (If any)
A high debt-to-income ratio (DTI) clearly indicates that you are facing financial difficulties. This puts the lenders on high alert and gives them second thoughts on whether to provide you with a loan. Therefore, if there are ongoing debts, consider paying off smaller debts or consolidating them into a single loan before apply personal loan.
- Employment and Strong Income
Remember that the lender wants security and assurance. So, they prefer potential applicants who have a stable income source and a healthy income. Having a smooth work record with a reputable company demonstrates your financial stability and reduces overall risk for the lender. There is no need to worry about additional income streams like rental income or even freelance work; just disclose them in your loan application to boost it.Â
- Comparison
Don’t settle for the first loan offer you receive while hunting for the same. It is best to do your proper research and compare the best deals out there. The factors taken into consideration here are the rate of interest, processing fees, and repayment terms. The ones that suit your objectives the most, go for it!
Which is the best application to secure a personal loan in 2024?
If you are planning to avail such a financial facility, then ‘Stashfin’ is the right platform for you. It is one of the leading platforms in this industry, offering loans without charging any interest amount. This means you have to pay them back the exact amount you’ll borrow from them initially.
- Download the app from the Play Store/App Store
- Sign up using your mobile number
- Add your personal details to check your credit limit
- Complete KYC and you are good to go!
Final thoughts
If you follow these expert tips and demonstrate financial stability and responsibility, you can definitely increase your chances of securing personal loans for salaried employees without any hassle. Always keep in mind that maintaining a healthy credit score and responsible borrowing habits are essential to long term successful financial life.
